Fortune Term Sheet: Tuesday, August 14

Good morning, Term Sheet readers.

VC firm Andreessen Horowitz is raising a new $15 million fund “targeted at black celebrities, athletes and media figures,” according to the WSJ. Basketball star Kevin Durant, actor Will Smith and Essence magazine publisher Richelieu Dennis are among the first limited partners to commit. The article does not elaborate on what type of founders the fund would invest in, the size of the average investment, or how long it took to raise this fund. (Andreessen declined to comment for this story.)