American venture capital firms raised $18.3 billion for 146 venture capital funds in the first six months of 2014, according to Thomson Reuters (publisher of Venture Capital Journal). Including previous fundraising periods, those funds have raised a total of just more than $22 billion.
Notably, the mega-fund trend continues to gather momentum. The five largest funds raised in the first half of the year collected $1 billion or more, led by Andreessen Horowitz, which closed on $1.7 billion for Andreessen Horowitz Fund Fund IV; Technology Crossover Ventures, which raised $1.36 billion for TCV VIII; and Norwest Venture Partners, which pulled in $1.2 billion for Norwest Venture Partners XII.
Also worth noting, the 10 largest funds raised a combined $8.9 billion in the first six months of the year, or nearly half of all the capital raised during that period. Looking at it another way, less than 7 percent of the total number of funds accounted for nearly 50 percent of the capital raised.
The last three years have been particularly busy for mega-funds, with 14 funds of $1 billion or more raising a combined $18.2 billion during that period.
During the past decade, 29 funds have raised $1 billion or more. Of that total, 11 funds collectively raised $19.5 billion from 2004 to the end of 2008, while 18 funds have raised about $23 billion since 2009.
Here are the 10 largest funds raised in the first half.
For a complete list of the fundraisers, click on the table attached to this story.
|Ten largest VC funds raised by U.S.-based firms in 1H 2014|
||Fund size ($M)||Amount raised in range ($M)||Location|
|1||Andreessen Horowitz Fund IV LP||Andreessen Horowitz LLC||$1,700.00||$1,700.00||Menlo Park, Calif.|
|2||TCV VIII LP||Technology Crossover Ventures||$1,588.38||$1,360.00||Palo Alto, Calif.|
|3||Norwest Venture Partners XII LP||Norwest Venture Partners||$1,200.00||$1,200.00||Palo Alto, Calif.|
|4||Founders Fund V LP||The Founders Fund||$1,015.20||$1,015.20||San Francisco|
|5||Accel Growth Fund III LP||Accel Partners & Co Inc||$1,000.00||$1,000.00||Palo Alto, Calif.|
|6||Lightspeed Venture Partners X LP||Lightspeed Venture Partners X LP||$950.00||$950.00||Menlo Park, Calif.|
|7||J.P. Morgan Digital Growth Fund II LP||JPMorgan Chase & Co||$797.33||$53.00||New York|
|8||Bain Capital Venture Fund 2014 LP||Bain Capital Venture Partners LLC||$715.00||$650.00||Boston|
|9||FTV IV LP||FTV Capital||$714.00||$348.14||San Francisco|
|10||GGV Capital V LP||GGV Capital||$621.92||$621.92||Menlo Park, Calif.|
|Source: Thomson Reuters|