Andreessen Horowitz raises $15B across five funds, representing 18% of all US VC dollars in 2025

Summary

Andreessen Horowitz closed a $15 billion fundraise across five funds, bringing its total assets under management to $90 billion. The capital raise represents 18% of all US venture dollars deployed in 2025.

Growth drew $6.75 billion, American Dynamism 2 added $1.176 billion (bringing that strategy to $1.776 billion across two funds), Apps 2 raised $1.7 billion, Infrastructure 2 secured $1.7 billion, Bio & Healthcare closed at $700 million, and other strategies captured $3 billion. Crypto and Games funds operate on separate fundraising cycles and were not part of this round.

Ben Horowitz framed the raise around American technological dominance, writing that "as the American leader in venture capital, the fate of new technology in The United States rests partly on our shoulders." The firm used Mount Everest imagery in its announcement, a choice that drew some online commentary about the mountain's location straddling China and Nepal, though the metaphor was plainly about scale and market position.

Scale shift

The raise underscores a structural shift in venture capital toward mega-funds with outsized dry powder. While overall VC fundraising declined in 2025, platform firms like a16z have consolidated capital at scale. At $90 billion AUM, a16z now operates less like a traditional venture fund and more like an alternative asset manager capable of keeping companies private indefinitely, acquiring entire businesses, and rolling up strategic assets. The comparison points are no longer other VCs but financial institutions like BlackRock or Blackstone, each valued at $170–190 billion. Josh Wolfe has predicted that one or two large platform funds will eventually go public, suggesting a16z could be headed toward a pre-IPO capital raise in the years ahead.