Top 50 Venture Capital Firms in the World
Welcome to the VCJ 50, PEI Private Equity’s annual ranking of the top venture capital firms in the world.
It ranks the 50 largest VC firms by capital raised for dedicated venture funds over a five-year period, which this year runs from 2021 to 2025, giving a clear view of which firms LPs are backing most heavily.
VCJ 50 | OVERVIEW
The largest venture funds in the world continue to defy the fundraising drought that has plagued the rest of the industry for the past three years. Our seventh annual VCJ 50 ranking shows that the world’s largest VC fundraisers hauled in a combined $219.8 billion over a five-year period (January 1, 2021, to December 31, 2025). That is an 8 percent increase from the $204.2 billion raised by the 50 firms in our 2025 ranking.
The very largest fundraisers are showing the most growth. Andreessen Horowitz, which tops the VCJ 50 once again, pulled in $26.3 billion over five years, a 20 percent increase from its tally last year. Coming in second place was General Catalyst Partners, which collected $9.9 billion, a 19 percent increase from the total recorded in our 2025 ranking.
Rounding out the top 10, with fundraising totals ranging from $5.2 billion to just over $9 billion, were HarbourVest Partners, HSG, ARCH Venture Partners, Bessemer Venture Partners, B Capital Group, OrbiMed Advisors, Flagship Pioneering and Oak HC/FT.
INSIDE THE VCJ 50
VCJ 50: The big get even bigger
1 July 2026
Who are the world’s largest venture capital firms? See the VCJ 50 for analysis and data in the venture capital fundraising environment.
TOP 10 VENTURE CAPITAL FIRMS
| Rank | Firm | Headquarters | Capital raised ($bn) |
|---|---|---|---|
| 1 | Andreessen Horowitz | Menlo Park | 26.27 |
| 2 | General Catalyst Partners | Cambridge | 9.94 |
| 3 | HarbourVest | Boston | 9.09 |
| 4 | HSG | Hong Kong | 8.01 |
| 5 | ARCH Venture Partners | Chicago | 7.92 |
| 6 | Bessemer Venture Partners | Redwood City | 7.74 |
| 7 | B Capital | Manhattan Beach | 7.71 |
| 8 | OrbiMed Advisors | New York | 6.97 |
| 9 | Flagship Pioneering | Cambridge | 5.98 |
| 10 | Oak HC FT | Stamford | 5.24 |
VCJ 50 | AN INTERACTIVE LOOK
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VCJ 50 | METHODOLOGY
How the ranking is determined
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 raisedounting 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 PEI Private Equity 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
VCJ 50: 2025
VCJ 50: Big firms defy fundraising downturn
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.
VCJ 50: 2024
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, PEI Private Equity’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.
VCJ 50: Fundraising downturn extends to biggest firms
VCJ 50: 2023
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.
VCJ 50: Extreme makeover edition
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VCJ 50: 2022
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.
Tracing the VCJ 50
VCJ 50: Can anything stop the fundraising beast?
VCJ 50: 2021
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.
VCJ 50 2021: The top venture fundraisers of 2021 are making…
Risers, fallers and other takeaways from the 2021 VCJ 50
VCJ 50 2021: Fundraising spikes in a virtual world
Too much, too fast: LPs fear fundraising pace is unsustainable
Chinese venture capital gains momentum
How we ranked the firms on the VCJ 50 2021
VCJ 50: 2020
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.
The VCJ 50 2020: Venture capital’s heavy hitters
Top takeaways from the inaugural VCJ 50
The VCJ 50 2020, visualized
VCJ 50 2020: The top 10
VCJ 50 2020: Firms 11-50
VCJ 50 2020 methodology
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:
