Andreessen Horowitz has helped the US VC industry set a new annual fundraising record—$69.1 billion year-to-date—after the firm closed two funds at a combined $4.5 billion.

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Mega-funds of $1 billion or more are making up a growing share of the VC landscape, highlighting a disparity between established investors and those raising capital for the first time.

US venture capital funds have raised a combined $69.1 billion in 2020, edging past a 2018 record and defying the odds amid a pandemic-rattled economy. The high-water mark was set after Andreessen Horowitz announced a pair of mega-funds with $4.5 billion in commitments Friday.

The news reinforces the dominant theme of fundraising in 2020: Big investors have gotten bigger while smaller firms have struggled. The 2020 year-to-date fundraising total was set by just 287 funds, compared with 589 funds in 2018 >>> READ MORE ON PITCHBOOK