Andreessen Horowitz, which has $35 billion in assets under management and has backed successful companies like Airbnb, Coinbase, Facebook, and Slack, is one of Silicon Valley's largest venture capital firms. The firm has nearly 100 AI-related startups in its portfolio. The talks have not yet been finalized and no other potential parties to the discussions have been identified.
Key takeaways:
- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is reportedly in talks with American venture capital firm Andreessen Horowitz to create a $40 billion fund for investing in artificial intelligence.
- The partnership, which has been under discussion for months, would involve one of Silicon Valley's largest venture capital firms and Saudi Arabia's $925 billion PIF.
- Saudi Arabia's PIF has been actively investing in international companies as part of an effort to diversify the kingdom's revenues away from oil, in line with Crown Prince Mohammed bin Salman's Vision 2030 initiative.
- Andreessen Horowitz, which has $35 billion in assets under management, has backed successful companies including Airbnb, Coinbase, Facebook and Slack, and has nearly 100 AI-related startups in its portfolio.