Andreessen Horowitz plans to lift its first non-public fairness fund, in accordance with disclosures reviewed by Fortune, in yet one more signal of the enterprise capital large’s push into new companies.
The paperwork, filed with the Securities and Change Fee on the finish of March, say that the fund will probably be referred to as a16z Perennial Personal Fairness Fund, and that it’ll “spend money on the non-public fairness asset class,” with out revealing additional particulars or a launch date. It’s unclear whether or not the fund will make investments instantly in corporations or whether or not it’s going to spend money on third-party PE funds.
An a16z spokeswoman declined to remark.
The transfer into buyouts can be a notable shift for a16z, whose rise has been rooted squarely on the planet of early-stage enterprise capital, the place Marc Andreessen and Ben Horowitz made their preliminary wealth as founders in the course of the early days of the web, then later as traders. A16z has been increasing its scope into different areas, too, debuting a public investing technique and hiring lecturers and researchers to affect policymaking for the tech and finance industries. Another corporations, together with Bessemer Enterprise Companions, have additionally launched non-public fairness funds in recent times.
Andreessen Horowitz made the disclosure by its wealth administration arm, dubbed Perennial, which was arrange in 2022 with the purpose of managing the private wealth and philanthropy for the households of entrepreneurs and traders it had already constructed relationships with. Primarily based on its identify, the brand new non-public fairness fund could cater to these clients. It’s uncommon for corporations to run each a household workplace and VC agency in unison—although Iconiq Capital has for a decade operated this fashion.
Perennial was began by a16z’s longtime investor relations head Scott Kupor, and its investments are overseen by Michel Del Buono, a former chief funding officer on the multi-family workplace Jordan Park Group. Andreessen has already introduced on 14 folks into the brand new division, a lot of whom have backgrounds in household workplaces or ultra-high-net-worth wealth administration corporations like UBS or Jordan Park, to handle its purchasers’ cash, property planning, and philanthropic efforts, in accordance with a brand new web page on the a16z web site that first appeared final fall, in accordance with web site archives. The agency already has attracted roughly 19 purchasers and $822 million of property to handle, as of mid-Could, in accordance with the disclosures.
As a part of the disclosures, Andreessen additionally mentioned it anticipates within the “close to future” a primary shut of two new funds from its household workplace division: an actual property fund, which invests in actual property, in addition to a “diversifying investments” fund, which focuses on “income-producing and diversifying methods,” in accordance with the filings.
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