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

Summary

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 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. The firm, which employs approximately hundreds of people across five offices – three in California, plus New York and Washington D.C. – has become a globe-spanning operation with employees on six continents. In December, it opened its first Asia office in Seoul for its crypto practice. 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. The “where it comes from” question is one the firm has historically declined to answer. 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, probably because institutions with transparency requirements don’t really align with the firm’s preference for opacity. We also know that Sanabil Investments, the venture arm of Saudi Arabia’s Public Investment Fund, lists Andreessen Horo...