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It’s a hard time to be an emerging manager. But @MichelleVolz loves a challenge. The former Andreessen Horowitz investing partner is announcing in Newcomer today that she’s raised $50 million for her new venture fund Pax Ventures. Having spent time working at Palantir, Volz is deeply knowledgeable about the defense tech sector but she’s making investments in all sorts of startups that are trying to reinvent America’s industrial base. Volz is one of a number of investors to leave Andreessen Horowitz and start their own funds. Their ranks include Kristina Shen with Chemistry, Anne Lee Skates with Parable, Katie Haun with Haun Ventures, and Arianna Simpson. In a conversation, Volz ticked off Andreessen Horowitz’s strengths: “wonderful place,” “biggest brand,” and “lots of power,” she said. “It’s a big firm, big company — it has lots of firepower.” But, she said, “It’s very hard for a big firm to spend time on the earliest stages. It’s not worth the time relative to the check sizes.”