Andreessen Horowitz hits $90 billion in assets with $15 billion raise

Andreessen Horowitz has raised a little more than $15 billion in new capital, representing over 18% of all US venture capital allocated in 2025, according to co-founder Ben Horowitz. This brings the firm’s assets under management to more than $90 billion. The firm employs many hundreds of people across five offices—three in California, plus New York and Washington, D.C.—and opened its first Asia office in Seoul in December.

The newly committed capital is split across five distinct strategies:

• $6.75 billion for growth investments
• $1.7 billion for apps
• $1.7 billion for infrastructure
• $1.176 billion for American Dynamism (the firm’s investment thesis focusing on defense, aerospace, public safety, housing, education, and manufacturing)
• $700 million for biotech and healthcare
• $3 billion for other venture strategies

This American Dynamism strategy aligns the firm with US defense priorities through portfolio companies like Anduril, Shield AI, Saronic Technologies, and Castelion. The firm notes the US would exhaust its entire missile inventory in something like 8 days in a conflict with China over Taiwan.

To fund this, the firm leverages relationships with sovereign wealth funds, including at least one from Saudi Arabia; Sanabil Investments (the venture arm of Saudi Arabia’s Public Investment Fund) lists the firm among its holdings. In 2023, Horowitz and co-founder Marc Andreessen discussed their $350 million investment in Adam Neumann’s venture, Flow, at a Saudi-backed conference. Meanwhile, Marc Andreessen has spent time at Mar-a-Lago following President Donald Trump’s November 2024 election victory, helping shape tech policy and vetting candidates for Elon Musk’s Department of Government Efficiency. Scott Kupor, the firm’s first employee in 2009, was sworn in as director of the U.S. Office of Personnel Management this past summer.

The firm remains opaque regarding its limited partners and its distributed-to-paid-in capital ratio (DPI). In 2023, CalPERS (the California Public Employees’ Retirement System) invested $400 million in the firm. According to market intelligence firm Tracxn, the portfolio includes 115 unicorns, 35 IPOs, and 241 acquisitions. Notable exits include Coinbase ($25 million investment, valued at $86 billion at its 2021 IPO), Airbnb (public at over $100 billion), Slack (acquired for $27.7 billion), and GitHub (acquired by Microsoft for $7.5 billion).

In a blog post published Friday morning, Ben Horowitz wrote that “as the American leader in Venture Capital, the fate of new technology in the United States rests partly on our shoulders,” framing the mission as ensuring America wins the next 100 years of technology. This has drawn attention from rival firms, some of which have been around closer to 50 years.

Why it matters

The $15 billion raise cements a16z as a leading venture titan, fueling its ‘American Dynamism’ strategy that aligns private capital with US defense and geopolitical priorities.