一篇发表在Hacker News上的文章批评现代风险投资已演变为由少数亿万富翁控制的"癌症资本"1。根据作者基于个人创业融资经历的分析，这些超大基金通过规避监管、自我交易和政治献金等方式垄断权力，已不再是传统意义上的创新融资机制1。
在2024年中期选举周期中，Marc Andreessen和Ben Horowitz及其公司投入1.153亿美元的政治献金1，是当年早期6300万美元的近两倍1，超过包括Elon Musk在内的任何其他亿万富翁捐赠人1。Andreessen Horowitz单独占据所追踪加密和AI公司政治献金的20%以上1。文章指出，这些超大基金年管理费可达20亿美元（以管理500亿美元资产、按2%年费率计算），使得基金经理无论投资是否盈利都能获利1。
An entrepreneur's firsthand account of modern venture financing has sparked criticism of how venture capital has evolved, with prominent firms allegedly prioritizing political influence and regulatory circumvention over traditional innovation funding.1 According to the author's analysis, the industry is now dominated by a handful of billionaires wielding outsized power through mechanisms that depart significantly from venture capital's original purpose.1
Andreessen Horowitz, co-founded by Marc Andreessen and Ben Horowitz, emerged as a focal point of this critique. The firm and its founders invested $115.3 million in political donations during the 2024 midterm election cycle, nearly double their $63 million in contributions during the previous election year and exceeding donations from any other billionaire donor including Elon Musk.1 The firm alone accounts for more than 20 percent of all political donations tracked from cryptocurrency and artificial intelligence companies.1
The author argues that mega-funds have created a structural incentive misaligned with investor returns. With annual management fees reaching $2 billion on $50 billion in assets—calculated at the standard 2 percent annual fee rate—these firms profit regardless of investment performance.1 The critique extends to allegations of regulatory evasion, self-dealing, and the instrumentalization of capital allocation to advance political agendas rather than foster innovation.1 The article also claims Andreessen Horowitz has hired individuals connected to the Jordan Neely case as partners.1
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