Andreessen Horowitz, which over its 14-year history has never raised capital from the major California pension funds, is changing its tune this year. The firm, also known as a16z, has raised $400 million from CalPERS for a new fund called California Innovation Opportunities, Fortune found in public records. The firm is also currently pursuing investments from CalSTRS, according to lobbying records.
It’s unclear at this time what the focus will be for a16z’s new fund. An a16z spokeswoman said the firm wouldn’t comment on fundraising or any other matter related to financials. A representative for CalPERS confirmed with Fortune that the pension plan was working with a16z and said it was as part of a new venture strategy the pension plan launched in 2022.
