[iambateman]

This article is absurd. It says the 2011 fund return rate is 12%, which isn’t spectacular. That’s the whole point of the article.

Except the 2011 fund includes stakes in Airbnb and Stripe, two massive companies that have yet to go public.

So, sure, at the moment the returns aren’t awe inspiring. But give I can’t imagine anyone at AH is losing sleep over the long-term success of that fund.

[609venezia]

Those positions are still being valued according to some internal measure at AH, I think. So they should be factored in already.

[dpandya]

Please correct me if wrong, but these are likely measured via the book value of the investments which reflects the private market valuations of the companies you mentioned.

[irq11]

IRR takes into account the investor valuations of the unicorn investments. It would be absurd to do otherwise.