TL;DR
Andreessen Horowitz announced it has raised just over $15 billion, pushing its assets under management past $90 billion. The new capital is earmarked across funds for growth, apps, infrastructure, biotech, and a large "American Dynamism" tranche focused on defense and industrial priorities, while the firm continues to deepen ties with global investors and political figures.
What happened
Andreessen Horowitz (a16z) disclosed a fresh haul of slightly more than $15 billion, which the firm says represents over 18% of venture capital allocated in the U.S. in 2025 and brings its assets under management to more than $90 billion—placing it alongside Sequoia in scale. The raised capital is split across five funds: $6.75 billion for growth, $1.7 billion each for apps and infrastructure, $1.176 billion for an "American Dynamism" strategy, $700 million for biotech and healthcare, and $3 billion for other venture strategies. The firm operates globally with hundreds of employees, five offices (three in California, plus New York and Washington, D.C.), and staff on six continents; it opened a Seoul office for its crypto practice in December. Public details about limited partners and the firm’s historical cash returns (DPI) remain limited; the firm has previously attracted a $400 million investment from CalPERS and is listed as a holding by Sanabil Investments, the venture arm of Saudi Arabia’s Public Investment Fund.
Why it matters
- Scale: The new raise cements a16z as one of the world’s largest venture firms, influencing deal flow and startup funding dynamics.
- Strategic focus: A sizable allocation to "American Dynamism" shifts capital toward defense, aerospace, manufacturing and other sectors tied to national-industrial priorities.
- Geopolitics and capital: Visible links to sovereign wealth funds and political actors raise questions about where venture capital intersects with foreign and domestic policy.
- AI and defense exposure: Broad bets across AI infrastructure, foundation models, applications and defense contractors position the firm at the center of high-stakes technology development.
Key facts
- Total new capital announced: a little more than $15 billion.
- Reported share of 2025 U.S. venture allocations: over 18%, per the firm.
- Assets under management: now reported above $90 billion, comparable with Sequoia.
- Fund breakdown: $6.75B (growth); $1.7B (apps); $1.7B (infrastructure); $1.176B (American Dynamism); $700M (biotech/healthcare); $3B (other strategies).
- Offices and footprint: five offices (three in California, plus New York and Washington, D.C.); employees on six continents; opened Seoul office for crypto practice in December.
- Limited-partner transparency: a16z declined to detail its LP roster or DPI; CalPERS invested $400 million in 2023 and Sanabil Investments lists a16z as a holding.
- Defense-linked portfolio companies cited: Anduril, Shield AI, Saronic Technologies, and Castelion.
- AI investments span infrastructure, foundation models and applications, including stakes in Databricks, Mistral AI, OpenAI, xAI and Character.AI.
- Notable past exits and portfolio scale: investments include Coinbase, Airbnb, Slack and GitHub; Tracxn reports 115 unicorns, 35 IPOs and 241 acquisitions in the firm’s portfolio.
What to watch next
- Transparency about limited partners and realized returns (DPI) — the firm has not fully disclosed these details.
- Performance and impact of the "American Dynamism" fund on defense supply chains and manufacturing capacity.
- Ongoing ties between a16z, sovereign investors, and political networks — how these relationships affect dealmaking and policy influence.
- not confirmed in the source
Quick glossary
- Assets under management (AUM): The total market value of investments that a firm manages on behalf of clients and investors.
- Limited partner (LP): An investor in a venture fund—often an institution or high-net-worth entity—that provides capital but does not manage day-to-day fund operations.
- DPI (Distributed to Paid-In): A measure of how much cash a fund has returned to investors relative to the capital they've contributed.
- Sovereign wealth fund: A state-owned investment fund that manages national savings or foreign-exchange reserves for long-term financial objectives.
- Foundation model: A large-scale machine-learning model pretrained on broad data that can be adapted to many downstream AI applications.
Reader FAQ
How much did Andreessen Horowitz raise?
A little more than $15 billion, according to the firm.
How is the new capital allocated?
Across five funds: growth ($6.75B), apps ($1.7B), infrastructure ($1.7B), American Dynamism ($1.176B), biotech/healthcare ($700M), and $3B for other strategies.
Who are the firm’s limited partners?
not confirmed in the source — the firm did not fully disclose its LP roster; CalPERS and Sanabil Investments are publicly noted investors.
Is a16z investing in defense and AI?
Yes; the firm has a dedicated "American Dynamism" fund focused on defense-adjacent sectors and broad investments across the AI stack.
Andreessen Horowitz just announced the firm has just raised a little more than $15 billion in new funding. The haul represents over 18% of all venture capital dollars allocated in…
Sources
- The venture firm that ate Silicon Valley just raised another $15 billion
- Private Equity Powers Across the Tech M&A Landscape
- This Week in Pre-IPO Stocks
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