Venture capital firm a16z has generated a net return of $25 billion for its limited partners since its inception in 2009, with $11.2 billion of that achieved in 2021. The firm is now setting its sights on raising a $20 billion fund focused on artificial intelligence. Key exits in 2021, including Coinbase, Robinhood, Roblox, and Marqeta, contributed significantly to these returns. General Partner Leslie Feinzaig highlighted that a16z's fee structure might surpass industry norms, with management fees and carry potentially reaching 3% and 30%, respectively. The firm is increasingly recognized for its 'consensus capital' approach, prioritizing large-scale, predictable investments over traditional high-risk, early-stage ventures.