Andreesen Horowitz’s most recent venture capital product is a16z Perennial Management, an evergreen fund managed by the firm’s newly formed advisory group focused on high-net-worth individuals.

Earlier this month, the a16z Perennial Venture Capital Fund filed registration documents with the Securities and Exchange Commission. The fund will be an open-ended, perpetual-life offering.

The business unit has 18 high-net-worth individuals as clientele. The fund will offer advisory services such as portfolio management for individuals, small enterprises, and pooled investment vehicles, as well as private fund managers, wealth management advisers, and financial planners.

Founded in 2009 by Marc Andreessen and Ben Horowitz, a16z invests in software entrepreneurs at all stages of capital development, from seed to venture to late-stage enterprises.

The $35 billion venture capital firm’s portfolio includes biotech and healthcare firms, consumer, crypto, enterprise, fintech, games, and companies.

The launch follows last year’s ambitious fundraise, which reached $9 billion in January 2022. These new funds included a crypto fund that closed at $4.5 billion in May 2022.

According to regulatory filings, the new management organization Perennial Management has $105 million in assets as of May 27. Other funds, such as a16z Perennial Real Assets, a16z Perennial Private Equity, and a16z Perennial Diversifying Investments, are mentioned in the same filings.