The venture firm that ate Silicon Valley just raised another $15 billion | TechCrunch

"The haul represents over 18% of all venture capital dollars allocated in the United States in 2025, according to firm co-founder Ben Horowitz, but even more jaw-dropping is that it brings the organization to more than $90 billion in assets under management, putting it neck-and-neck with Sequoia Capital as among the largest venture firms in the world. Which is fitting, since a16z appears to be very friendly with actual sovereign wealth funds, including at least one from Saudi Arabia."

"That newly committed capital breaks down across five funds: $6.75 billion for growth investments, $1.7 billion each for apps and infrastructure, $1.176 billion for "American Dynamism" (more on that shortly), $700 million for biotech and healthcare, and another $3 billion for other venture strategies. It's the kind of money that makes you wonder where it all comes from and, more importantly, where it all goes."

"When we asked a16z this week about its limited partners and its distributed-to-paid-in capital ratio - the DPI, or how much actual cash the firm has returned to investors over its 16-year history - the firm didn't respond. What we do know is that CalPERS invested $400 million in 2023, marking the first time in a16z's history it took money from a major California pension fund,"

Andreessen Horowitz raised just over $15 billion in new funding, lifting assets under management to more than $90 billion and positioning the firm alongside the largest global venture firms. The new capital is allocated across five funds, including $6.75 billion for growth, $1.7 billion each for apps and infrastructure, $1.176 billion for "American Dynamism," $700 million for biotech and healthcare, and $3 billion for other strategies. The firm operates globally with offices in California, New York, Washington D.C., and a newly opened Seoul office for its crypto practice, and reports hundreds of employees across six continents. The firm has historically declined to disclose its limited partners and distributed-to-paid-in ratio, though CalPERS invested $400 million in 2023 and ties to Saudi-linked Sanabil Investments are noted.

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