The 2/20 model doesn't go away because it is a signaling mechanism for quality during fundraising with LPs. A16Z actually raised their carry to 30%. Since only

The 2/20 model doesn't go away because it is a signaling mechanism for quality during fundraising with LPs. A16Z actually raised their carry to 30%. Since only 1/4 of VC funds actually outperformed the S&P Index in a Kauffman study, it doesn't pay to advertise yourself as the "cheap" VC.