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Andreessen Horowitz is aiming to raise about $10bn for new investments, as the Silicon Valley venture capital group seeks to replenish its coffers amid frenzied dealmaking for the top artificial intelligence and defence tech start-ups.
The California-based firm is seeking to raise roughly $6bn to invest in more mature companies, marking a near-doubling of its previous “growth” fund, said people familiar with the matter.
It is also targeting $1.5bn for each of its AI applications and AI infrastructure funds and more than $1bn for its “American Dynamism” defence and manufacturing-focused vehicle, two of the people said.
The combined target of $10bn would be Andreessen’s largest fundraise to date, marking a significant increase for the firm after raising $7.2bn in April last year in its latest haul. It would also be a step up from a $9bn raise during the tech boom in early 2022.
Andreessen’s rapid return to its institutional backers — known as limited partners — follows a period of prodigious industry-wide investments into AI which has led to VCs exhausting their previous funds faster than expected.
The firm has participated in a number of major start-up funding rounds since it last raised capital almost 18 months ago, including deals to back OpenAI and Elon Musk’s xAI.
Those businesses have vast capital requirements, and a large chunk of the new funding is likely to be spent on future rounds for start-ups already in Andreessen’s investment portfolio, said a person with knowledge of the matter.
Andreessen Horowitz did not respond to requests for comment.
The firm has risen to become one of the world’s top VC investors since it was founded in 2009, with $46bn of committed capital across its various funds.
Led by Marc Andreessen and Ben Horowitz, the firm has also become increasingly politically influential. The pair donated to President Donald Trump’s re-election campaign, and senior figures from the firm have left to serve in the new administration.
The firm’s former managing partner Scott Kupor now leads the US Office of Personnel Management, while its former partner Sriram Krishnan is the White House’s senior policy adviser for AI.
The firm has backed top AI and software start-ups including Databricks, and European leaders Mistral and Black Forest Labs. It also has been a backer of other highly valued tech groups such as cryptocurrency exchange Coinbase and the defence tech group Anduril.
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