Andreessen Horowitz raised more than $15 billion across multiple funds, representing approximately 18% of all U.S. venture capital allocated in 2025.
The Silicon Valley firm's largest fundraise brings total assets under management to over $90 billion.
The capital will target AI and cryptocurrency alongside infrastructure, growth, and bio and health sectors.
What Happened
The $15 billion raise occurred during 2025's weakest venture capital fundraising environment since 2017.
U.S. venture firms collected $66 billion total last year, down 35% from 2024 and 70% below 2022's peak.
Andreessen Horowitz allocated $6.75 billion to its fifth growth fund, $1.7 billion each for infrastructure and apps, and $1.176 billion for American Dynamism.
Co-founder Ben Horowitz framed the fundraise around competition with China, stating the firm's mission focuses on "winning the key architectures of the future - AI and crypto."
The firm manages $7.6 billion in cryptocurrency-focused funds and has backed Coinbase, Uniswap (UNI), and Solana (SOL).
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Why It Matters
Capital concentration intensified as investors favored established firms during the prolonged IPO drought.
Lightspeed Venture Partners raised $9 billion in December, while Founders Fund closed $4.6 billion in April.
Andreessen Horowitz's explicit identification of cryptocurrency as a key architecture signals continued institutional commitment despite market volatility.
The firm's crypto portfolio spans $748 billion in market capitalization across holdings including Ethereum (ETH), XRP), and Solana.
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