Largest Venture Capital Firms by Fund Assets (2024 Filings)

Andreessen Horowitz reports the most venture capital fund assets to the SEC, $43.2 billion, in Form ADV filings through December 31, 2024, and 73% of all venture capital fund assets are at advisers exempt from SEC registration. Sequoia Capital and Accel follow. According to SEC data, the ten largest firms hold 18% of the $1.57 trillion in venture capital fund assets that 2,586 advisers report.

The figures are counted fund by fund from Schedule D of Form ADV, which the SEC releases in full for periods ending December 31, 2024. Exempt reporting advisers are included: an adviser solely to venture capital funds may report to the SEC instead of registering, and ranked on registered advisers alone, 16 of the 25 firms below would not appear, according to SEC data.

The 25 largest venture capital firms

Ranked by the gross assets of the venture capital funds each firm advises, as its advisers reported them on Schedule D. "Reports as" says whether the firm's advisers are registered with the SEC or report as exempt reporting advisers. Feeder funds and funds of funds are left out so that no investor's money is counted twice, and a fund reported by two advisers counts once in every total and share.

Rank	Firm	Venture capital fund assets	Share	Funds	Reports as	Source
1	Andreessen Horowitz (filed as AH Capital Management)	$43.2 billion	2.8%	72	Registered	SEC
2	Sequoia Capital (2 advisers)	$38.1 billion	2.4%	64	Both	SEC
3	Accel (3 advisers)	$36.9 billion	2.4%	100	Both	SEC
4	EnCap Investments	$28.1 billion	1.8%	24	Exempt reporting	SEC
5	General Catalyst	$27.3 billion	1.7%	36	Registered	SEC
6	Lightspeed	$26.0 billion	1.7%	38	Exempt reporting	SEC
7	NEA	$25.9 billion	1.7%	18	Registered	SEC
8	Founders Fund	$22.3 billion	1.4%	35	Exempt reporting	SEC
9	Index Ventures	$21.1 billion	1.3%	28	Exempt reporting	SEC
10	Bessemer Venture Partners (filed as Deer Management Co.)	$17.5 billion	1.1%	26	Registered	SEC
11	Thrive Capital Management	$15.6 billion	1.0%	34	Registered	SEC
12	IDG Capital (2 advisers)	$13.8 billion	0.9%	28	Exempt reporting	SEC
13	Khosla Ventures	$13.6 billion	0.9%	26	Exempt reporting	SEC
14	AngelList	$13.3 billion	0.8%	17,722	Exempt reporting	SEC
15	Flagship Pioneering	$13.2 billion	0.8%	25	Exempt reporting	SEC
16	Banyan Capital Partners	$13.2 billion	0.8%	11	Exempt reporting	SEC
17	Spark Capital Partners	$12.8 billion	0.8%	25	Exempt reporting	SEC
18	Y Combinator Management	$12.2 billion	0.8%	14	Exempt reporting	SEC
19	Ribbit Management Company	$11.3 billion	0.7%	61	Registered	SEC
20	Kleiner Perkins	$10.8 billion	0.7%	36	Exempt reporting	SEC
21	Arch Venture Management	$10.6 billion	0.7%	13	Exempt reporting	SEC
22	Qiming Venture Partners (3 advisers)	$9.4 billion	0.6%	22	Exempt reporting	SEC
23	Greenoaks Capital Partners	$9.1 billion	0.6%	43	Registered	SEC
24	Matrix Partners China Management	$9.0 billion	0.6%	22	Exempt reporting	SEC
25	Momentum Capital Partners (2 advisers)	$8.8 billion	0.6%	10	Exempt reporting	SEC

Download this table (CSV), free. The full dataset, every registered and exempt reporting adviser with venture capital funds, by filing adviser, is one email away.

Most venture capital assets are at exempt advisers

An adviser that advises only venture capital funds is exempt from SEC registration under section 203(l) of the Advisers Act, and reports to the SEC on Form ADV as an exempt reporting adviser instead. Exempt reporting advisers complete the private fund section of Schedule D like registered advisers, so their funds can be counted the same way. According to SEC data, 2,230 exempt reporting advisers and 356 registered advisers report venture capital funds, and funds reported only by exempt reporting advisers hold 73% of venture capital fund assets. Funds at exempt advisers that checked the venture capital exemption, Item 2.B.(1), hold 65%, according to SEC data; the rest are at exempt advisers that did not check that box, most of them relying on the exemption for advisers solely to private funds.

How venture capital funds are counted

• According to SEC data, AngelList reports 17,722 venture capital funds, 50% of the venture capital funds counted here. So the median venture capital fund reports $712,000 in gross assets, and $9 million without that adviser's funds, according to SEC data.
• Investors outside the US own 30% of venture capital fund assets, weighting each fund's reported share of non-US owners by its size, according to SEC data.
• A venture capital fund of funds invests in other managers' funds, so its assets are already counted above under the managers it backs. According to SEC data, 729 venture capital funds of funds report $81.0 billion, led by Horsley Bridge Partners with $19.6 billion.

Rank	Manager	Venture capital funds of funds	Funds	Source
1	Horsley Bridge Partners	$19.6 billion	23	SEC
2	StepStone	$7.8 billion	32	SEC
3	HighVista	$4.5 billion	17	SEC
4	Industry Ventures	$3.7 billion	20	SEC
5	Next Legacy Management	$3.7 billion	18	SEC
6	Sapphire Ventures	$3.5 billion	9	SEC
7	Tiger Iron Capital	$2.9 billion	10	SEC
8	K5 Global Advisor	$2.7 billion	6	SEC
9	Foundry Group	$2.2 billion	5	SEC
10	Cendana Capital Management	$1.9 billion	10	SEC

What this means for technology buyers

A venture firm's systems follow its fund count more than its assets: each fund has its own capital calls, investor reports and portfolio of startups to track, and a firm that runs many small vehicles carries that work many times over. These guides compare the options:

• Investor relations and reporting platforms: what limited partners see each quarter.
• Subscription and capital call management: onboarding investors and calling capital fund by fund.
• NAV calculation and waterfall distribution: carried interest and distributions for private equity and venture funds.
• Deal sourcing CRM: tracking companies, co-investors and the pipeline.

Mapping the firm before choosing systems? The Private Equity Capability Model sets out what a private markets manager does, from fundraising to portfolio monitoring.

More from Finantrix Atlas

• Largest private equity firms by fund assets
• Largest private fund managers
• Who administers private funds

How this list was built

The universe is every private fund that an adviser reported on Schedule D, Section 7.B.(1) of Form ADV, in its latest filing up to December 31, 2024, from both registered and exempt reporting advisers. An adviser counts only if the SEC's own lists of registered and exempt reporting advisers for January 2, 2025 still include it: 1,309 funds of 454 advisers that the lists no longer include are left out, so funds that moved to a new adviser are not counted twice. A fund counts when its adviser classed it as a venture capital fund, which Form ADV defines as a fund meeting the definition in rule 203(l)-1. Of those, 182 feeder funds are left out because their assets are invested in a master fund that is reported as well, 1,061 funds that report no gross assets are left out rather than counted as zero, and funds of funds are ranked separately.

Form ADV gives each private fund one identification number, which every adviser to that fund must use. According to SEC data, 108 venture capital funds are reported by more than one adviser; each is credited to every firm that reports it and counted once in totals and shares.

The SEC's lists for January 2, 2025 also give each adviser's number of venture capital funds and the gross assets of all its private funds. For 2,703 of the 2,705 advisers counted here, both match this count, the gross assets to within 1%, according to SEC data, and every adviser in the table matches.

Advisers that file separately but share a firm's name are grouped under that firm, and a brand name is shown where the adviser files under another. The dataset lists every filing adviser with its own figures, so any grouping can be undone.

Limits

• Dated. Schedule D is published in full only for past periods, so this page describes filings through December 31, 2024, not today. Advisers update the private fund section in their annual amendment, so a fund's figures can be older than that.
• A regulatory definition. A venture capital fund on Form ADV is one that meets rule 203(l)-1, which limits how much of the fund can be held outside qualifying investments in private companies and how much it can borrow, and bars redemption rights in the ordinary course. It is not defined by the stage of the companies a fund backs, so firms not usually described as venture investors can rank here, and growth funds that do not meet the rule are filed under other fund types and are not counted.
• Gross assets include uncalled commitments. Form ADV asks for a private fund's gross assets on the basis used for regulatory assets under management: the fair value of what the fund holds plus investors' uncalled capital commitments, according to the SEC's instructions. It is neither the value of the portfolio alone nor the capital a firm has raised.
• Advisers on Form ADV only. Managers with no SEC registration and no exempt report, including many outside the US with no US investors, are not in this data set. Exempt reporting advisers do not report regulatory assets or clients, so neither is shown.
• Grouping is by name. A firm whose advisers file under unrelated names appears once per adviser.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

Andreessen Horowitz reports the most venture capital fund assets to the SEC, $43.2 billion, according to a Finantrix Atlas analysis of Form ADV filings through December 31, 2024.

Advisers exempt from SEC registration hold 73% of the venture capital fund assets reported on Form ADV, according to a Finantrix Atlas analysis of SEC data.

Suggested citation: Finantrix Atlas, "Largest Venture Capital Firms by Fund Assets," filings through December 31, 2024, from SEC Form ADV Schedule D. https://www.finantrix.com/articles/largest-venture-capital-advisers

Embed the chart:

<a href="https://www.finantrix.com/articles/largest-venture-capital-advisers"><img src="https://www.finantrix.com/atlas/largest-venture-capital-advisers.png" alt="The largest venture capital firms by fund assets, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/largest-venture-capital-advisers">Finantrix Atlas</a>, from SEC Form ADV data.</p>

Frequently asked questions

Q: What is the largest venture capital firm? A: By the venture capital fund assets its advisers report to the SEC, Andreessen Horowitz, with $43.2 billion in Form ADV filings through December 31, 2024. Sequoia Capital and Accel follow.

Q: How much is invested in venture capital funds? A: Registered and exempt reporting advisers report $1.57 trillion in venture capital fund gross assets across 35,450 funds to the SEC, not counting feeder funds or funds of funds, in filings through December 31, 2024.

Q: Do venture capital firms register with the SEC? A: Many do not have to. An adviser solely to venture capital funds is exempt from registration but still files parts of Form ADV with the SEC as an exempt reporting adviser. According to SEC data, those advisers hold 73% of venture capital fund assets.

Q: Why are some well-known venture investors missing? A: A fund counts only when its adviser classes it as a venture capital fund under rule 203(l)-1. Growth and crossover funds that do not meet the rule are reported under other fund types, such as private equity, and are not in this ranking.