Andreessen Horowitz Launches World's Largest Crypto Fund
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June 24, 2021

Venture capital firm Andreessen Horowitz (a16z) has just announced it has completed fundraising for its third crypto fund in which it has attracted $2.2 billion. The company has reported on a press release:

"The largest crypto fund ever raised to date, Crypto Fund III is a validating moment for the ecosystem and another sign that crypto becoming an ever more mainstream part of our financial infrastructure."

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Just a few months ago it was known a16z was preparing to launch a new large crypto fund of between $1 billion and $2 billion. Previously, journalist Eric Newcomer wrote:

"Andreessen Horowitz's competitors claim the company wants to make money on fees. This is a generous reward that a company receives simply for taking money from other people. The crypto fund plans to charge about 2.5% fees for most of the first decade. Out of a $2 billion fund, its earnings in fees alone will amount to as much as $50 million annually."

A source familiar with the situation said the main investors were the limited partners of the previous a16z funds, for whom the company had provided high returns.

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