You have to appreciate the audacity of some of the portfolio companies in Fund I for getting away hilariously bad business models. They literally fleeced Chris Dixon into funding Pied Piper (dfinity.org) and crypto kittens and he actually bought it. There's definitely some massive sunk cost effect going on with this new fund on a scale we haven't seen before. Anderssen used to be the smart money in VC and now they're doing this fund.