对于“独角兽”公司，其报告的核心观点是晚期大额融资实际上代替了IPO。它同时承认，这些公司需要外部“输血”来维持。相比之下，金融危机以来早期融资的规模一直较为稳定。

    该风投公司认为，这种情况意味着私募市场投资者正普遍意识到，2015年其投资组合实现的价值要远高于以往。可以作为佐证的是，共同基金和对冲基金等公开市场投资者也纷纷扎入一级市场以改善成本水平。

    As for the unicorns, Andreessen Horowitz essentially argues that all of these later-stage, high-dollar venture rounds are essentially substitutes for IPOs, which it acknowledges are on life support. The volume of early-stage funding, however, has remained somewhat stable since the financial crisis.

    What that means, according to the VC firm, is that private market investors are in line to recognize much more value from their 2015 portfolios than they were in past eras — as evidenced by public market investors like mutual funds and hedge funds dipping down to improve their cost bases.