Andreessen Horowitz made his debut on Monday with an investment fund of $ 300 million, which will specialize in cryptanalysis and projects that are built on block circuits-a distributed book that supports virtual currencies such as Bitcoin and Ethereum.
The well-known venture company Silicon Valley on Monday also added another general partner to its ranks, which will lead the new fund: Katherine Hawn, a former federal prosecutor, best known for her work against corrupt agents related to the drug market on the Silk Road.
The new Andreessen Horowitz fund, called "a16z crypto", includes a subset of the limited partners of the main fund, and it will be managed by a team of 8 people, the firm said. Chris Dixon, a longtime general partner who in recent years has become the leading cryptographic investor of the firm, is appointed the head of the fund.
"There are some regulatory restrictions, we ran into this limit how many times we could make different investments in our core fund" said Dixon Fortune, referring to non-traditional deals that include the purchase and storage of cryptographic tokens. The new fund will be registered as a registered investment adviser, a legal regime for hedge funds ("traditional venture capitalist regime", "Released accounting consultants" or "ERA").
The new classification should give the fund "maximum flexibility" for decision-making, Haun said. She noted that the fund will rely on long-term investments, rather than turning over digital coins.
Andreessen Horowitz was one of the earliest and most prolific advocates of cryptovariants. The main fund of the company invested more than $ 100 million in companies such as online exchange Coinbase, hedge fund Polychain Capital, and recently - social payment application Celo.
"Having our LP choose a new thing, it's important to have your own set of risks and rewards," Dixon said. All new crypt investment will be managed within the framework of the new fund, although past investments will continue to be managed within the core, previously existing fund of the firm. Dixon said that each fund will continue to receive the same support that the firm offers to all entrepreneurs.
Dixon and Hawn first met last year, speaking as members of the board of directors of Coinbase, the largest US cryptoexchange and portfolio of Andreessen Horowitz. Hawn later invited Dixon to speak on the Stanford University course on cryptotherapy, which she taught.
"Part of this is to focus and create a separate team, and the other part is doubled," Dixon said of the reasoning behind.