a16z partner Martin Casado says more money in private markets creates greater TAM and value, and he does not understand zero-sum thinking in venture capital
Andreessen Horowitz partner Martin Casado replied on X on November 6 that he disagreed, saying that more money in private markets means a larger TAM and value created in private markets. He said he simply does not understand the zero-sum thinking in venture capital, and asked whether the entire belief structure is not that innovative technology creates net new value.
Casado has repeatedly expressed similar views in recent podcasts and discussions. He said that private markets are not zero-sum, and that more capital entering them creates more investable opportunities and value. He pointed out that over the past 20 years, funding in private markets has increased sharply, while the value of private companies has also grown in tandem, and companies can remain private for longer.
Casado believes venture capital should believe that technology creates net new value, rather than think that capital is only competing in a fixed pool. He previously said on a podcast that private markets are efficient, prices basically reflect risk-adjusted value, and chasing non-consensus undervalued trades is often investors’ self-delusion.
Original source:
Title: I don’t agree. More money in private markets means more TAM and value created in private markets... Publisher: martin_casado (@martin_casado) Publication date: 2026-11-06 URL: https://x.com/martin_casado/status/2118974691453132907 Nature of source: social media original post Verification status: This reading of the original post and related podcasts confirmed it, verification date 2026-11-06 Supporting content: Supports all core points in the body and the zero-sum thinking statement
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Andreessen Horowitz partner Martin Casado said on November 6 that more money in private markets means a larger TAM and value created in private markets. He said he does not understand zero-sum thinking in venture capital, and stated that innovative technology creating net new value is the entire belief structure.
On the capital and market path, Casado has repeatedly expressed similar views in recent podcasts. He said that over the past 20 years, funding in private markets has increased sharply, while the value of private companies has also grown in tandem, and companies can remain private for longer. He pointed out that private markets are efficient, prices basically reflect risk-adjusted value, and chasing non-consensus undervalued trades is often self-delusion.
Compared with the view that venture capital is too crowded and returns are diluted by competition, Casado emphasizes that capital creates TAM. The common point is that both focus on capital and returns; the key difference is that he sees more capital as a factor that expands the investable market, rather than zero-sum competition. He also previously discussed how AI allows capital to be directly converted into progress, with engineering bottlenecks reduced.
For venture capital, Casado’s view challenges the common notion that too much capital will dilute returns. For private markets, he emphasizes that companies can remain private for longer because private capital is abundant. For technology investing, he reiterates that innovative technology creates net new value, rather than redistributing within a fixed pool.
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Casado said that more money in private markets creates greater TAM and value, and he does not understand zero-sum thinking.
He said that innovative technology creates net new value, which is the core belief of venture capital.
Over the past 20 years, funding in private markets has increased, private company values have grown in tandem, and companies can remain private for longer.