Matt Levine's take is this is due to fact that "private markets are the new public markets"[0]. The lines between public and private markets are blurring so thi

Matt Levine's take is this is due to fact that "private markets are the new public markets"[0]. The lines between public and private markets are blurring so this is a prudent move by A16Z. TLDR; As companies stay private longer, and get bigger and raise more money while staying private: * The secondary market for private shares becomes more important. * VC's now may have more asymmetric information or more reasons to invest in public markets. * Mutual funds are competing with VCs in later private rounds so why should VCs be able to compete with Mutual Funds in public markets. * The obligatory crypto reference. Another one he doesn't touch on is maybe it's difficult to efficiently deploy > $10 billion in just private markets? [0] https://www.bloomberg.com/opinion/articles/2019-04-03/buying-the-good-stocks-can-be-bad https://www.bloomberg.com/opinion/articles/2019-04-03/buying...