Top 50 Venture Capital Firms in the World

The 2026 VCJ 50 ranking is based on the amount of dedicated capital raised for venture capital funds that held a final close between January 1, 2021, and December 31, 2025, as well as capital raised for venture funds that were actively fundraising at the end of the counting period.

We define venture capital funds as funds that invest in businesses that have no proven business model (further product development
needed) and are not profitable at time of investment. We do not count growth equity-dedicated funds that invest in firms with proven unit economics where only product scaling/enhancement/extension is needed.

For the purpose of the rankings, we count closed-end funds for which the fund manager has full discretion over the investment process, from selection over management to exit. As a consequence, we only accept blind-pool funds in which LPs cannot exercise investment decisions and have no liquidity options before the end of the (multiple years long but finite) fund life, without approval from the GP. Funds must invest solely into private assets, and GP commitments (for interest alignment only) can be included, too. Capital committed by affiliated entities as well as fund leverage is not eligible. Finally, we do not count funds of funds, as well as recycled or rolled-over capital from previous fundraises.

We also count capital raised for co-investments and separately managed accounts, as long as they either fulfill the above criteria, or serve as an “extension” of the main fund’s fundraise, even if the above criteria is not fully met. “Extension” is here defined as vehicles that invest alongside a selection of the portfolio assets of their respective main funds. We do not accept deal-by-deal fundraises.

For funds in market, capital raised via actual LP commitments that were made before the end of the counting period can be included, too. We cannot include commitments made after the end of the counting period nor do we accept targets or expected commitments. For open-end funds that launched prior to the beginning of the counting period, we only count capital raised entirely within the five-year counting period.

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.

Our sixth annual VCJ 50 ranking shows that the world’s biggest venture capital fundraisers raised $204.2 billion from January 1, 2020, to December 31, 2024. It’s an increase of 9 percent from the $186.7 billion revealed in last year’s ranking – which measured fundraising from January 1, 2019, to December 31, 2023.

The 2025 VCJ 50 runs counter to the overall fundraising narrowing in venture capital. Global VC fundraising has declined each year since the peak year of 2021, reaching a six-year low last year, when 865 VC funds raised $104.7 billion combined.

Of the firms on this latest VCJ 50, 23 showed gains in fundraising over the preceding period, 15 posted smaller totals, six were flat and six were newcomers without prior totals.

The downturn in fundraising has been difficult on smaller and less established firms, and the biggest venture capital fundraisers have faced this challenge. It’s a noteworthy takeaway from 2024’s VCJ 50, Venture Capital Journal’s list of the 50 largest VC fundraisers based on the amount of direct investment capital raised during the last five years (January 1, 2019, to December 31, 2023). This fifth annual ranking is just our second to focus on capital raised for seed-, early- and multi-stage deals and doesn’t include capital raised for growth deals.

The 2023 edition of the VCJ 50, our ranking of the 50 largest venture capital fundraisers, 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.

2022’s version of the VCJ 50 demonstrates that the big firms just keep getting bigger. But how this robust fundraising activity impacts LPs and venture fundraising in the years to come remains to be seen.

In 2022’s ranking, the top 50 largest venture firms collectively raised $309.2 billion from the start of 2017 to mid-2022. That’s a 46 percent increase from our 2021 ranking and an 88 percent jump from the inaugural list in 2020.

This year’s version of the VCJ 50 demonstrates that the big firms just keep getting bigger. But how this robust fundraising activity impacts LPs and venture fundraising in the years to come remains to be seen.

One thing is for certain in this, our second annual ranking of the 50 largest venture fundraisers worldwide. And that is we can clearly see that firms are riding a crest of success when it comes to securing commitments.

Welcome to our inaugural VCJ 50! Here, we debut our first ever ranking of the top 50 venture fundraisers worldwide based on the previous five years of activity.

As you’ll see in our coverage, the top 10 managers on this debut VCJ 50 are name brand firms, and collectively they’ve raised more than $82 billion in the past five years. Those 10 firms have raised as much as the other 40 for a staggering total of more than $164 billion.