Andreesen Horowitz Surpasses 20% of U.S. Venture Fund Fundraising

Andreessen Horowitz raised more than 20% of all US venture capital fundraising in the first three quarters of 2026, pulling in $23.8 billion according to PitchBook data cited by Contrary general partner Kyle Harrison. The concentration comes as AI companies absorbed 82.7% of total US venture investment over the same period, per PitchBook and the National Venture Capital Association's Q3 Venture Monitor. Harrison, writing in an October 31 column, argued that oversized funds distort deal selection, forcing investments to fit the fund's scale rather than the opportunity. The figures underscore growing capital concentration among a handful of mega-funds during the AI funding boom. Watch for whether Q4 fundraising data confirms the trend and how smaller funds compete for AI deal flow against a16z's scale advantage.