fund strategy
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Value Add VC · United States · a16z closes $15bn Fund VII, the largest VC fundraise in Silicon Valley history
Analyses the split-vehicle structure: separate pools for AI infrastructure (largest slice), American Dynamism (defense tech), bio/health and crypto. Argues this is not a diversification bet but a signal that round sizes in each category are now too large for a single commingled fund to absorb without LP concentration problems.
“a16z's Fund VII is split across four strategy vehicles because AI infrastructure round sizes now exceed $1B, requiring separate pools.”