Historically, VC firms were too small to go public. But that may soon change.
Amid a massive upheaval in venture capital, the largest firms are starting to look more like public companies in size and structure. Among them, Andreessen Horowitz stands out. I predict it will prepare to go public as early as next year.
A public listing would accelerate an expansion at the firm that is already underway. In the past three years, Andreessen Horowitz has raised $12 billion, among the most for Silicon Valley VC firms, and is set to raise another $6.5 billion. The number of people working on its investment staff has increased 170% to 70 in the last four years, topping rivals like Sequoia Capital and Accel. And it has multiplied the number of funds focused on specific industries like crypto, biotech, and gaming.