DOJ’s probe into Andreessen Horowitz over board seats baffles VCs

The DOJ’s probe into Andreessen Horowitz over board seats has surprised some venture investors. They argue that conflicts can emerge naturally when portfolio companies pivot or expand into overlapping markets, especially at large firms.

The inquiry signals growing antitrust attention on VC governance and potential conflicts created by board representation. If regulators take a harder line, large venture firms may need stricter conflict reviews and could become more cautious about taking board seats.