Also, his first two funds were self-financed. He did well enough on those that when he started Khosla Ventures III he was able to raise $1Billion in LP money.

Not true. Yes he takes what appears to be big risks but he hedges by insisting on insane terms. Then it's his and only his company. A good guy he is not. Smart, yes. He does deals no one else will. There's value there but mostly to him and his LPs. The founders are mere employees.

One easy test is the lack of YC companies in his portfolio. Another is the lack of big name founders he created. It's all about Vinod.