Pretty unlikely when a fund invests 1/6th of its total capital in a single deal, the namesake of the fund is not intimately involved. Most funds have a cap of 10% of total equity in a single deal to avoid concentration risk and even if this was 15% for a16z, they were still above this limit.
Note: since this $300MM fund, a16z has gone on to raise enormous funds many multiples of the size.