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Marc Andreessen. Photo: Chip Somodevilla/Getty Images

Venture capital firm Andreessen Horowitz is changing up its fundraising strategy, moving away from multi-stage, multi-sector flagship vehicles, Axios has learned from multiple sources.

Why it matters: This is part of a broader alt assets trend toward specialized funds, in terms of both sector and stage. Most institutional investors seem to prefer this strategy, as it plays nicely with their own asset allocation plans, although some larger LPs still prefer to make single commitments to preferred managers.

  • The history: Andreessen Horowitz has raised five flagship funds, most recently a $1.5 billion vehicle in mid-2016. But it began experimenting with sector-specific funds one year earlier, raising $200 million for a biotech-focused vehicle and a $450 million successor last year. Then, earlier this summer, it raised $300 million for a fund that both backs blockchain-focused startups and buys crypto-assets.
  • What's next: Expect Andreessen Horowitz early next year to raise around $750 million for an early-stage fund dedicated to consumer and enterprise software companies. It also will raise a growth equity fund, able to invest across sector.

No comment from the Silicon Valley-based firm, natch.

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Google's chief health officer Karen DeSalvo on vaccinating America

Google on Monday became the latest Big Tech company to get involved with COVID-19 vaccinations. Not just by doing things like incorporating vaccination sites into its maps, but by helping to turn some of its offices and parking lots into vaccination sites.

Axios Re:Cap goes deeper into what Google is doing, and why now, with Dr. Karen DeSalvo, Google's chief health officer who previously worked at HHS and as health commissioner for New Orleans.

Biden signs order overturning Trump's transgender military ban

Photo: Tom Brenner/Getty Images

President Biden signed an executive order on Monday overturning the Trump administration's ban on transgender Americans serving in the military.

Why it matters: The ban, which allowed the military to bar openly transgender recruits and discharge people for not living as their sex assigned at birth, affected up to 15,000 service members, according to tallies from the National Center for Transgender Equality and Transgender American Veterans Association.

GOP Sen. Rob Portman will not run for re-election, citing "partisan gridlock"

Photo: Drew Angerer/Getty Images

Sen. Rob Portman (R-Ohio) announced Monday he will not run for a third term in the U.S. Senate in 2022, citing "partisan gridlock."

Why it matters: It's a surprise retirement from a prominent Senate Republican who easily won re-election in 2016 and was expected to do so again in 2022, creating an open Senate seat in a red-leaning swing state.