When we and others reported that Netscape co-founder Marc Andreessen (pictured, right) and ex-Opsware executive Ben Horowitz were looking to raise $250 million for their first VC fund, many bloggers questioned the odds. They cited the tough economy and the fact that it’s a lot of money for a fund that’s focused on relatively small $500,000 bets. But, according to Private Equity Insider (a subscription newsletter), not only will the pair meet their goal, they will likely close the fund at a higher figure.
According to the publication, the two have been hustling to round up investors and are set to finish their marketing efforts in June. The investor mix runs the gamut of fund-of-funds, endowments and individuals, including Horsley Bridge Partners, which came on as an early investor. Andreessen has been a prolific angel investor since he sold Netscape to AOL (NYSE: TWX) for $4.2 billion in 1998, with stakes in startups like Digg, Twitter and Yelp.
Photo Credit: Flickr/Joi