The 2020 VCJ 50 ranking is based on the amount of direct investment capital raised by firms for the purpose of venture investment. For this inaugural VCJ 50 tabulation, we looked at the capital raised between January 1, 2015 and June 30, 2020.
We gave highest priority to information that we received from or confirmed with the venture capital firms themselves. When firms confirm details, we seek to “trust but verify.” Some details simply cannot be verified by us, and in these cases we defer to the honor system. To encourage co-operation from firms that might make the VCJ 50, we do not disclose which firms have aided us on background and which have not.
Lacking confirmation of details from the firms themselves, we sought to corroborate information using firms’ websites, press releases, limited partner disclosures, find filings and so forth.
VC and capital defined
For the purpose of the VCJ 50, the definition of venture we used was capital raised for a dedicated program of investing directly into private businesses from seed to
late-stage venture.
Capital raised definitively means capital committed to a venture capital direct investment program. In the case of a fundraising, it means the fund has had a final or official interim close after January 1, 2015.
We counted the full amount of a fund if it has a close after this date. And we counted the full amount of an interim close (a real one, not a soft-circle) that has occurred recently, even if no official announcement has been made. We also count capital raised through
co-investment vehicles.
What counts?
Structures: Limited partnerships, co-investment funds, separate accounts, capital raised by venture capital firms that are publicly traded; seed capital and GP commitment. Strategies: Seed, early-stage, late-stage, multi-stage.
What does not count?
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, PIPE investments.