- Andreessen Horowitz (a16z) raised over $15B across five funds, its largest fundraising to date.
- The capital skews to later-stage and core software bets, led by a $6.75B growth fund plus $1.7B each for apps and infrastructure.
- Smaller pools target American Dynamism ($1.176B) and biotech & health ($700M), with $3B set aside for other venture strategies.
- The haul equals over 18% of 2025 U.S. VC dollars, underscoring capital concentration and a16z’s national-interest and China-competition themes.
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The $15 billion raise is a major inflection point for both a16z and the broader VC market. By securing such a large proportion of total U.S. venture capital deployment—over 18% in 2025—this move underlines a major concentration of investor capital into a few large, experienced firms. For a16z, it not only boosts its financial firepower but signals to portfolio companies, competitors, and policy makers that it is doubling down on multiple strategic vectors.
The fund allocations give insight into where a16z expects growth and risk. The $6.75 billion growth fund targets companies already scaling, suggesting confidence that mature startups can still deliver outsized returns despite a tough exit environment. Meanwhile allocations toward Apps, Infrastructure, and especially American Dynamism reflect bets on areas tied to national priorities—defense tech, housing, manufacturing, and domestic supply chains. The Bio & Health allocation shows they still see opportunity in life sciences amid high regulatory and development risk.
Strategically, this raises several implications for ecosystem dynamics. First, competition for deals in sectors traditional venture capital may shy away from—defense, infrastructure, supply chain resilience—will intensify. Second, early-stage and seed investors may face pressure on valuations and deal flow, as firms with massive funds can outcompete smaller funds in later rounds. Third, a16z’s emphasis on national interest aligns with rising geopolitical tension in technology, likely attracting regulatory and political attention. And lastly, the optics of capturing nearly a fifth of U.S. VC dollars could prompt scrutiny over concentration and LP exposure risks.
Open questions remain: how will these funds be deployed over time? What will be the firm’s target return thresholds in sectors like American Dynamism versus biotech, given different risk‐return profiles? How will the “other venture strategies” capital be defined and managed? Also, with limited public data on a16z’s past DPI (distributed to paid-in capital), LPs may push for greater transparency as expectations rise.
Supporting Notes
- a16z raised over $15B across five new funds; the largest fundraising effort to date.
- Fund breakdown: $6.75B growth; $1.7B for infrastructure; $1.7B for apps; $1.176B American Dynamism; $700M biotech & health; $3B other venture strategies.
- This raise represents more than 18% of all U.S. venture capital dollars allocated in 2025.
- a16z now manages over $90B in assets under management.
- Strategic focuses include U.S. national interests—defense, housing, supply chain—and competition with China.