I was reading funding news last week, and I came to a big realization: Andreessen Horowitz is not a venture capital fund.

A lot of people are thinking it. So there, I said it.

And it’s not just Andreessen. It’s all the big funds.

They started out as VC. They operate funds that invest in private early-stage companies. But they haven’t been VC funds for a very long time.

That’s not a knock on their success or influence, both of which are massive.

But to continue calling them venture capital is both disingenuous and damaging to how we understand our industry.

I vote we stop.

VC is not bifurcated. It’s two totally different strategies.

First off, it’s worth noting that all of these firms are legally not venture capital firms—they are registered investment advisers (RIAs). This means th

See Full Page