a16z is right about scale. Here's what they left out.

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Venture funds didn't get larger because investors lost discipline. They got larger because the companies did. If more value is created before IPO, and building category leaders requires more capital, then the venture model naturally shifts.

That's the argument a16z made this week, and it's correct. But it's only half the picture. The real question isn't whether venture should scale - it's whether the infrastructure underneath private markets can scale alongside the capital.