On November 20, 2020, Andreessen Horowitz (a16z) announced the closing of two different venture funds: a $1.3 billion early-stage fund and a $3.2 billion growth-stage fund. The firm said the closes brought its total assets under management to nearly $16.5 billion—a figure for that 2020 announcement, not a current AUM total.
What a16z announced in November 2020
Scott Kupor, an a16z investing partner, announced the closes in a post dated November 20, 2020: “Today we are excited to announce the closing of two new funds, bringing our total assets under management to nearly $16.5 billion.” The precise wording matters: the firm said “nearly” $16.5 billion.
The two vehicles raised $4.5 billion combined. They were designed for different company stages and were not interchangeable pools with identical mandates: Fund VII focused on seed and early-stage investments, while Growth II targeted companies further along in their development.
How Fund VII and Growth II differed
| Fund | Size announced in 2020 | Stage and focus |
|---|---|---|
| Fund VII | $1.3 billion | Seed and early-stage investments in consumer, enterprise, and financial-services technologies. |
| Growth II | $3.2 billion | Later-stage investments across consumer, enterprise, financial technology, bio, and crypto. The fund targeted businesses that had demonstrated product-market fit and wanted to expand their go-to-market footprint. |
Fund VII: seed and early-stage companies
Fund VII was the earlier-stage vehicle. Its stated remit covered consumer, enterprise, and financial-services technology businesses, with investments at seed and early stages.
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Growth II: later-stage expansion
Growth II was aimed at businesses that had demonstrated product-market fit and were seeking to broaden their go-to-market reach. It could back companies already funded by a16z’s early-stage funds, as well as businesses in which the firm had not previously invested. Its stated sectors were consumer, enterprise, financial technology, bio, and crypto.
Why the $16.5 billion figure needs a date
The nearly $16.5 billion figure describes a16z’s reported AUM after these two closes in November 2020. It should not be presented as the firm’s current assets under management. Later fundraising announcements use different dates and scopes, and the figures do not establish an October 2026 AUM total.
For dated context, a16z said in January 2026 that it had raised over $15 billion in 2025 across specified strategies. In August 2026, the firm announced a $1.1 billion Machine Age Fund and said its fifth Growth fund had expanded to $8.5 billion. TechCrunch reported $90 billion in AUM at the time of a16z’s January 2026 fundraising announcement; that is a reported figure tied to that time, not a current October 2026 total.
Quick Recap
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Sources
- Andreessen Horowitz, “Fund VII and Growth Fund II,” November 20, 2020 — the firm’s announcement of the fund sizes, strategies, and nearly $16.5 billion AUM figure.
- TechCrunch, “A16z is now managing $16.5 billion, after announcing two new funds,” November 20, 2020 — contemporaneous coverage reporting the $4.5 billion combined fund total.
- Andreessen Horowitz, “Why Are We Here? Why Did We Raise $15B?”, January 9, 2026 — the firm’s later fundraising context.
- Andreessen Horowitz, “The Machine Age Fund,” August 28, 2026 — the later $1.1 billion fund announcement.
- Andreessen Horowitz, “Expanding the a16z Growth Fund and Platform,” August 31, 2026 — the fifth Growth fund expansion announcement.
- TechCrunch, “a16z brings growth fund to $8.5B days after launching new $1.1B fund,” August 31, 2026 — reporting the $90 billion AUM context attached to the January 2026 announcement.
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