Why is the DOJ investigating Andreessen Horowitz’s board seats?

为什么美国司法部要调查 Andreessen Horowitz 的董事会席位？

Andreessen Horowitz has two partners sitting on the boards of companies that now compete with each other: Ben Horowitz at Databricks and Martin Casado at Fivetran. Nothing too scandalous on the surface, except the Department of Justice has reportedly been investigating the arrangement for almost a year, dusting off a 112-year-old antitrust law that’s rarely used against VCs.

Andreessen Horowitz（a16z）有两位合伙人分别在两家现已形成竞争关系的公司担任董事：Ben Horowitz 在 Databricks 任职，Martin Casado 在 Fivetran 任职。表面上看这并没有什么丑闻，但据报道，美国司法部（DOJ）已对这一安排进行了近一年的调查，并翻出了一项已有 112 年历史、极少针对风险投资机构（VC）使用的反垄断法。

Board conflicts aren’t exactly new, and these companies weren’t necessarily direct competitors when a16z first invested in them. But as portfolio companies expand into each other’s markets, the DOJ’s scrutiny raises a much bigger question for venture firms: How do you manage board seats when the boundaries between your portfolio companies keep moving?

董事会利益冲突并非新鲜事，而且在 a16z 最初投资这些公司时，它们未必是直接竞争对手。但随着投资组合公司不断扩张并进入彼此的市场，司法部的审查为风险投资机构提出了一个更大的问题：当投资组合公司之间的界限不断变化时，该如何管理董事会席位？

On this episode of TechCrunch’s Equity podcast, Kirsten Korosec, Anthony Ha, and Sean O’Kane dig into the a16z probe, what it could mean for VCs, and more of the week’s headlines. Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.

在本期 TechCrunch 的《Equity》播客中，Kirsten Korosec、Anthony Ha 和 Sean O’Kane 深入探讨了针对 a16z 的调查、这对风险投资机构意味着什么，以及本周的其他头条新闻。欢迎在 YouTube、Apple Podcasts、Overcast、Spotify 及各大播客平台订阅《Equity》。你也可以在 X 和 Threads 上关注 @EquityPod。