Venture capitalfunds
Limited partners deploying into your stage and sector this cycle, evidenced one by one, for emerging and established managers.
- 01Raises
- Fund I to Fund IV
- 02Allocators
- Family offices · Funds of funds · Endowments · Foundations
- 03Evidence
- A comparable commitment this cycle
- 04Delivery
- Booked LP meetings
Firms on their fourth fund or later took 88.2% of US venture capital raised this year.
Through September 2026, 81 first-time US venture funds closed on $4.9bn, on pace for the fewest in a decade, and the median fund size fell for a fifth straight year to $10m.
Of US VC raised in 2026 went to firms on Fund IV or later, a record
First-time US VC funds closed through Q3 2026, the fewest in a decade
LPs in the median $100–250m fund in H1 2026, against 83 in 2022
Distinct emerging firms closing a fund in 2026, against 927 in 2022
Fewer managers funded, by fewer LPs each
US venture fundraising has recovered in dollars and collapsed in breadth. Funds of $500m or more took 78.1% of capital from 6% of the funds closed.
The LP base of each fund is shrinking too: the median $100–250m fund closed with 44 LPs in the first half of 2026. Each LP that commits matters more, and each one that passes is harder to replace.
Who backs venture managers below Fund IV
Below Fund IV the LP base is mostly private capital: families, individuals, funds of funds and a minority of endowments and foundations with emerging-manager programmes. Public pensions rarely come in before a third fund.
| Allocator | Appetite | Typical cheque | Decision cycle | Where deployment shows first |
|---|---|---|---|---|
| Single-family officesDirect and through funds | High | $1–10m | Weeks to months; principal-led | Fund-close announcements naming LPs, co-investments, hires |
| Individuals and angel networksFounders, operators, executives | Active | $100k–1m | Days to weeks | Prior-fund LP disclosures, syndicate activity |
| Funds of funds and emerging-manager programmesSpecialist allocators | Selective | $5–25m | 3–9 months | Fund-of-funds filings and announced commitments |
| Multi-family offices and RIAsThe wealth channel | Selective | $1–5m pooled | Quarterly committees | Platform approvals, Form ADV schedules |
| Endowments and foundationsInstitutional | Cautious | $5–25m | 6–12 months; consultant-led | Annual reports, 990-PF schedules, committee minutes |
| CorporatesStrategic LPs | Selective | $5–20m | Months | Corporate venture announcements |
| Public pensionsInstitutional | Rare before Fund III | $25m and above | 6–18 months; consultant-led | Board minutes, consultant memos |
Limited partners active in your strategy, this cycle
We start from the managers most like you (stage, sector, fund size, vintage) and work outward to the allocators that backed them in the last cycle, then confirm each allocator's current pacing and decision-maker by hand.
The public record of allocation
- Pension board packets, minutes and consultant memos
- Fund-close announcements that name their LPs
- Insurer, foundation and adviser filings
- DFI disclosures, hires and liquidity events
Fit to the mandate
- Strategy, sector and stage
- Cheque band against fund or round size
- Pacing, vintage and programme limits
- Emerging-manager and first-close appetite
Dated, per allocator
- Most recent comparable commitment
- Managers or companies backed this cycle
- Named decision-maker and route in
- The source, cited on the row
Booked, not broadcast
- Approach framed to the allocator's thesis
- Consent obtained before your calendar
- Materials sequenced to their process
- Follow-through into diligence
Committed to two seed-stage Fund IIs in climate softwareManager announcements
Launched a dedicated emerging-manager sleeveFirm press release
Partner set out 2026 pacing for new managersIndustry interview
Illustrative record. Details are composite and do not describe a real allocator.
Comparable managers first
Allocators are found through the managers they backed, which is how a fit is proven rather than asserted.
Sequenced for the first close
Anchors and fast decision-makers are approached first; consultant-led institutions are scheduled for the later closes.
What a venture manager is choosing between
Placement agents rarely take Fund I and II mandates. Databases list who allocated historically. The gap is a current, evidenced list and the meetings that follow.
| QuantiverseEvidence-led, booked | Placement agentsFull-service fundraising | LP databasesAllocator data platforms | Fundraising agenciesOutreach as a service | Own networkThe GP's relationships | |
|---|---|---|---|---|---|
| Available to first-time and emerging raises | Yes | Above a size floor | Yes | Yes | Yes |
| Allocators deploying now, not historically | Dated in the last cycle | Partly | Periodic refresh | No | Partly |
| Evidence attached to every allocator | Source and date cited | Held privately | Profile fields | No | No |
| List built for this sector and this raise | Yes | Yes | Filters | Partly | No |
| Conversations booked | Yes | Yes | Self-serve | Partly | Yes |
From general partners
Specific to this raise. General questions are answered on the practice page.
01We are raising Fund I with no institutional track record. Can you help?
Yes. First funds are raised mostly from families, individuals and specialist programmes. We find the ones that backed first-time managers like you this cycle and lead with your attributable track record.
02Can you help find an anchor?
Anchors are approached first, from allocators whose recent commitments show they take that position, and the terms they have accepted before are noted on the record.
Limited partners in deployment, this cycle
- 01The fundTarget size, first-close date and commitments to date.
- 02The strategyStage, sector, geography and attributable track record.
- 03The LPsWho you have met, who passed, and why.