The Menlo Park, Calif.-headquartered financier, which also goes by a16z, “is now virtual, but can materialize physically on command,” co-founder Ben Horowitz wrote in a blog post announcing the move. (The Logic)

Talking point: The pandemic-enforced shift to remote work has “profoundly weakened” Silicon Valley’s network effect—the accumulation of startups and talent that attracted more to a given area—according to Horowitz, who noted that “concentrating all of those companies into one or two geographies cuts off great opportunities from anyone who can contribute, but cannot easily move.” The firm’s operational overhaul is designed to mirror that shift. But a16z isn’t venturing all that far. Its three new offices will be in Miami Beach, New York and Santa Monica—all U.S. tech hubs in their own right. Between 2020 and 2022, a16z did 86 per cent of its 529 deals in the U.S., with 298 of those in California alone. Other prominent Silicon Valley financiers have gone more global in recent years, with Sequoia and Accel both raising major Asia-focused funds.