Benchmark's Everett Randle says Andreessen Horowitz can't promise 5x net returns — and the VC world fires back
Nov 12, 2025
Key Points
- Benchmark's Everett Randle directly challenges Andreessen Horowitz's ability to deliver 5x net returns to LPs, arguing even a16z's top partners cannot credibly commit to that target across a basket of pari passu funds.
- Randle positions Benchmark as more honest about achievable returns, claiming the firm can target returns higher than 5x and point to historical track record as proof.
- The challenge exposes tension between a16z's brand power and the market conditions facing mega-VCs, with LP confidence now hinging on whether historical returns justify continued backing despite competitor skepticism.
Summary
Everett Randle at Benchmark is challenging Andreessen Horowitz's ability to deliver on promises of 5x net returns to LPs. He argues that even the top partners at a16z—Rabbi Nossenson, Hemant Taneja, Ben Horowitz, and Mark Andreessen—cannot credibly commit to 5x net returns across a basket of funds deployed on a pari passu basis.
Randle frames Benchmark's advantage as the inverse. The firm tells LPs it is targeting returns higher than 5x net and points to historical track record as proof. A16z, despite its brand power and deal flow, is being held to a different standard than it may have set for itself. Randle believes that standard is unsustainable given current market conditions.
The claim amounts to a direct challenge to one of Silicon Valley's most powerful firms, positioned by a competitor as more honest about what is achievable. Whether it resonates depends on whether LPs believe Benchmark can actually deliver on that promise and whether a16z's historical returns warrant continued confidence despite Randle's skepticism.