
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 $23 billion since 2009.
Here are the 10 largest funds raised in the first half.
For a complete list of the fundraisers, click on the table attached to this story.
Ten largest VC funds raised by U.S.-based firms in 1H 2014 | |||||
---|---|---|---|---|---|
Rank | Fund |
Firm |
Fund size ($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. |
Total | $10,301.83 | $8,898.26 | |||
Source: Thomson Reuters |