Welcome to Venture Capital Journal’s VCJ 50 ranking, showcasing the world’s top venture capital fundraisers.
VCJ 50 | OVERVIEW
The 2023 edition of the VCJ 50, our ranking of the 50 largest venture capital firms, has gotten a major revamp. For this year’s list, we refined our methodology to focus on capital raised for classic venture capital funds and excluded capital raised for growth equity.
We believe the revised methodology more accurately reflects the VC industry. At its heart, venture capital is about investing in companies at the very earliest stages, often before there is a commercially viable product. It is a highly risky endeavor that, when done successfully, produces outsized returns.
This means a shakeup in the rankings. Some big, familiar names – Tiger Global and Insight Partners, for example – are now absent, while others – such as Andreessen Horowitz – have shot up the list. See our full coverage below for more.
TOP 10 VENTURE CAPITAL FIRMS
Rank | Firm | Headquarters | Capital raised ($bn) |
---|---|---|---|
1 | Andreessen Horowitz | Menlo Park | 17.68 |
2 | Bessemer Venture Partners | Redwood City | 9.72 |
3 | General Catalyst Partners | Cambridge | 9.59 |
4 | Arch Ventures Partners | Chicago | 7.18 |
5 | Qiming Venture Partners | Shanghai | 6.90 |
6 | New Enterprise Associates | Chevy Chase | 6.80 |
7 | Lightspeed Venture Partners | Menlo Park | 6.18 |
8 | OrbiMed Advisors | New York | 5.90 |
9 | B Capital Group | Manhattan Beach | 5.35 |
10 | Sapphire Ventures | Austin | 4.86 |
VCJ 50 | AN INTERACTIVE LOOK
VCJ 50 | METHODOLOGY
The 2023 VCJ 50 is based on the amount of direct investment capital raised by firms for the purpose of investing in seed-, early- and multi-stage deals (but excluding growth deals). For this fourth annual tabulation, we counted capital raised for funds that closed between January 1, 2018, and March 31, 2023.
Limited partnerships, co-investment funds, separate accounts, capital raised by VC firms that happen to be publicly traded, and seed capital for GP commitment across seed, early- , late- and multi-stage strategies, but excluding growth funds.
Definitions
“Venture capital” is defined as capital raised for a dedicated program of investing directly into private businesses. Capital raised definitively means capital committed to a venture capital direct investment program.
“Fundraising” means a fund has had a final or official interim close between January 1, 2018, and March 31, 2023, as well as capital raised for funds that were in market at the end of the counting period, even if no official interim close was held but actual commitments by LPs were made. Capital raised through co-investment vehicles is also included.
Expected capital commitments, public funds, capital raised from retail investors, contributions from sponsoring entities, capital raised for funds of funds, secondaries vehicles, real assets funds, debt funds (including mezzanine funds), hedge funds, capital raised on a deal-by-deal basis, leverage and PIPEs.
The VCJ 50 is not a performance ranking. It calculates VC fund managers’ success in attracting LP capital for dedicated venture capital funds, but it does not measure how successful GPs are in generating returns for their LPs.
The R&A department of Venture Capital Journal conducted extensive primary and secondary research to obtain the data. Where it was unable to obtain primary information relevant to the ranking, R&A confirmed information via publicly available sources, such as SEC filings, LP documents and press releases.
Firms do not pay to be included in the VCJ 50, and participation in the ranking does not increase the likelihood of a higher placement on the list.
VCJ 50 | PREVIOUS RANKINGS
OTHER RANKINGS
In addition to the VCJ 50, our sister titles also produce their own industry rankings covering private equity, infrastructure investing and private debt.
To view the latest rankings from PERE, Private Equity International, Infrastructure Investor and Private Debt Investor, simply navigate through the sections below: