Analysis
New VC funds kept closing this week even as nine-figure AI rounds continue to dominate venture headlines, according to fund-announcement tracking from Fund Momentum:
- Andreessen Horowitz (a16z crypto) -- $2.2B dedicated crypto fund, the firm's latest vehicle targeting digital-assets infrastructure and applications.
- Khwarizmi Ventures -- Fund II closed above a $70M first close, a sector-focused emerging manager raising a follow-on vehicle.
- AlphaDrive Ventures -- $100M fund, adding another mid-sized generalist vehicle to the market.
- Across Ventures x SBI Holdings -- $100M fund-of-funds, with Japan's SBI Holdings serving as anchor LP.
“- Andreessen Horowitz (a16z crypto) -- $2.2B dedicated crypto fund, the firm's latest vehicle targeting digital-assets infrastructure and applications.”
Across Ventures partnering with SBI brings a large, patient-capital allocator from Asia into the US venture ecosystem at a time when many domestic LPs are concentrating commitments into a shrinking number of brand-name AI-adjacent funds rather than diversifying across emerging managers.
New fund formation at this pace, even with individual vehicles far smaller than a single AI megaround, is a leading indicator of how much dry powder will reach seed and Series A deals over the next two to three years -- capital that doesn't show up in this week's funding headlines but determines how competitive the earliest stages of venture remain once the current AI financing cycle cools. a16z itself illustrates the split: its flagship funds write the nine-figure AI checks dominating headlines, while this dedicated crypto vehicle is a narrower, thesis-specific bet raised in parallel.
What's missing from the fund announcements themselves: none of this week's new vehicles has disclosed its full LP base, so it's not yet clear how much of this fresh capital is genuinely new money entering venture versus existing LPs reallocating commitments from funds that failed to hit their own targets this cycle. That LP-composition question matters more for the health of the broader market than the headline fund sizes themselves.