a16z 撰文：私募市场中科技风投表现持续跑赢科技并购基金
a16z 的 Jen Kha 用一堆数据说风投又在跑赢并购基金了，想搞懂为啥技术浪潮利好风投的可以看看。
a16z 的 Jen Kha 发文对比风险投资与并购基金在科技浪潮中的回报差异。2026 上半年风投基金将科技持仓上调估值 16%，并购基金则下调 4%。2025-2026 年被止赎的债务中 70% 来自 2021 或 2022 年完成的交易。2007-2016 年间头部 5% 风投基金现金回报为 5.3 倍，头部 5% 并购基金为 3.5 倍。文章认为并购依赖可预测的商业模式借债运作，新技术浪潮出现时优势转向风投。
Top-quartile venture beat top-quartile buyout through the internet buildout and again through mobile and cloud, and a16z's Jen Kha argues we're at the start of the next wave. Tech buyouts have long been the "safe" bet in private markets. Now the stress is showing: - In the first half of 2026, venture funds marked their tech holdings up 16%, while buyout funds marked theirs down 4% - 70% of the debt foreclosed in 2025 and 2026 came from deals done in 2021 or 2022 - A typical buyout now needs 10 to 12% EBITDA growth a year to make 2.5x in five years, up from about 5% in 2015 - Top 5% venture funds from 2007-16 returned 5.3x their capital in cash, versus 3.5x for top 5% buyout funds "Tech buyout is a late-cycle asset class. It's most effective once a technology wave has settled and when business models are predictable enough to borrow against. When a new technology wave drops, all bets are off. By contrast, that's when venture shines." Full piece from a16z's Jen Kha: a16z.news/p/is-private-e… Not an offer or solicitation. None of the above should be taken as investment advice or an advertisement for investment services. Please see a16z.com/disclosures for more information. Jen Kha @jkhamehl x.com/i/article/2117… 🔗 View Quoted Tweet 💬 0 🔄 0 ❤️ 6 👀 3468 📊 1 ⚡
