Which venture capital firms hold the most private fund assets and how concentrated is the market?

Key takeaways

• Andreessen Horowitz reports the most private fund assets of any VC firm: $103.6 billion in VC Catalog's data from its March 2026 Form ADV filing.
• Sequoia Capital ($92.6 billion) and Insight Partners ($92.2 billion) follow at about $92 billion each (2026 filings); Insight lists none of its 180 funds as venture funds in SEC adviser data (September 1, 2026), and part of Sequoia's total sits in public-equity and hedge-typed funds.
• The 10 largest of 2,537 asset-reporting VC firms hold 27.3% of the $2.21 trillion total, and the smallest half hold 3.0% (latest filings, 96% dated 2026).
• The median VC firm that reports assets on Form ADV holds $132.3 million (2,537 firms), while the 352 firms above $1 billion (13.7% of 2,575) hold 81.0% of the assets (latest filings).
• The median private fund of a VC adviser has 21 beneficial owners, and funds of funds own 20.7% of fund assets (filings dated 2025–26).
• 88.5% of the 2,703 VC advisers filing Form ADV are exempt reporting advisers, yet the 11.5% that are SEC-registered hold 45.3% of the assets (latest filings).

For emerging managers, LPs and researchers: who holds the most Form ADV fund assets, how concentrated they are, and typical firm and fund sizes, LP bases and minimums.

Which VC firms hold the most private fund assets?

Andreessen Horowitz holds the most: $103.6 billion of private fund gross asset value in VC Catalog's Form ADV data. Sequoia Capital ($92.6 billion) and Insight Partners ($92.2 billion) follow at about $92 billion each, though neither total is all venture money.

Form ADV is the registration and annual report investment advisers file with the SEC (the U.S. securities regulator); it lists each private fund's gross asset value (GAV), the paper value of its holdings, excluding money LPs (a fund's investors) have promised but not paid in.

Are Sequoia and Insight tied, and is it all venture money?

Their totals are $0.4 billion (under 0.5%) apart, both first reported on March 2026 annual filings (SEC adviser data file of April 1, 2026). Neither is all venture money: the SEC's adviser data file of September 1, 2026 lists none of Insight's 180 funds as venture funds (178 private equity, 2 hedge).

At least 33.0% of Sequoia's figure sits in funds typed hedge or private equity, mostly Sequoia Capital Fund, L.P. ($27.2 billion, filed as a hedge fund), rising to 44.2% when SCGE Management, its $10.4 billion public-equity adviser, is added. Counting only advisers that list a venture fund in that September file, which drops Insight and SCGE, the top three are Andreessen Horowitz ($103.6 billion), Sequoia ($82.2 billion) and Founders Fund ($58.9 billion).

To be fair, the top of the ranking holds up: the SEC's own total for Andreessen Horowitz is higher still, $106.5 billion, because the database holds 116 of its 119 funds.

How concentrated are VC firms' private fund assets?

Very concentrated. Among the 2,537 VC firms that report assets on Form ADV, the 10 largest hold 27.3% of the $2.21 trillion total, the largest 1% (25 firms) hold 38.8%, and the smallest half hold 3.0%.

The largest 10% of firms (254) hold 75.6%, and the top-10 share stays between 25.1% and 30.4% under eight alternative scopes (listed in the methodology).

An emerging manager's peers sit in the long tail, where the harder question is how often managers raise a next fund.

How big is a typical VC firm by assets?

The median VC firm that reports assets on Form ADV holds $132.3 million of private fund assets (n = 2,537; the median is the middle value: half are bigger, half smaller), against a mean of $872.5 million. Of all 2,575 firms, 1,351 (52.5%) report more than $0 and at most $150 million and together hold 3.6%, while 352 firms (13.7%) above $1 billion hold 81.0%.

How large are the funds that VC firms manage?

Most are small: about half of the 21,984 private funds VC advisers report (49.3%) hold $10 million or less and together 1.3% of fund assets, while the 396 funds above $1 billion hold 41.9%.

What is the median venture fund size?

There are two answers, because the database stores fund types only for funds it held before 2025. Funds with a stored venture type and assets above $0 have a median GAV of $19.8 million (n = 11,738), a subset that likely skews upward; adding likely venture funds (untyped funds at advisers listing only venture funds in the SEC's adviser data file of September 1, 2026) gives $13.8 million (n = 16,093). Both count funds above $0 only, exclude the nine small-vehicle advisers below, and are not committed fund size.

Why are there so many tiny funds?

Partly platforms and managers that run many small vehicles, such as SPVs (an SPV, or special purpose vehicle, is set up for a single investment). Nine such advisers (named in the methodology), including Microangel (843 funds) and Alumni Ventures (745 funds), file 11.5% of all funds but hold 0.2% of the assets. Without them, 43.5% of funds still hold $10 million or less.

Who invests in VC funds, and how much must they commit?

The median private fund of a VC adviser has 21 beneficial owners (investors as counted on Form ADV). Funds of funds own about a fifth of fund assets (20.7%), and about one fund in three (34.1%) states no minimum commitment.

A feeder fund or fund of funds (a fund that invests in other funds) counts as one owner, so the count can understate investors.

How many LPs does a venture fund have?

About 22 to 24, depending on which funds count as venture. Funds with a stored venture type have 24 (95% confidence interval, the likely range, 22–27), a subset that likely skews upward; including likely venture funds without a stored type gives 22 (20–24). Both include funds reporting $0 and the nine small-vehicle advisers.

How does the LP count change with fund size?

It rises with every step up in fund size, from 14 owners at $10 million or less to 52 at $150–500 million and 97 above $1 billion.

How much of the money comes from funds of funds?

Funds of funds own 20.7% of fund GAV (likely range 18.7–22.6%; filings dated 2025–26), from 6.8% in funds of $10 million or less to 20.3–23.1% above $150 million. Form ADV also reports the shares of the adviser and its related persons (7.1% of fund assets) and of non-U.S. persons, but no other LP type, such as pensions or endowments.

What is the minimum LP commitment for a VC fund?

Are most VC advisers registered with the SEC, and where are they based?

No: 88.5% of VC advisers (2,393 of 2,703) are exempt reporting advisers, but the 310 SEC-registered advisers (11.5%) hold 45.3% of the assets. California-based advisers alone hold 56.2% of U.S.-office assets.

An exempt reporting adviser advises only venture capital funds, or only private funds with under $150 million in the U.S., and files only part of Form ADV. Among advisers that report assets, each on its own fund list, the median registered adviser is about four and a half times larger: $510.3 million against $113.5 million.

Where are VC advisers based?

1,759 advisers (65.1%) have a U.S. office and hold 79.7% of the assets; within the U.S., California holds 56.2% (683 advisers), New York 18.4% and Massachusetts 10.5%. Another 524 (19.4%) list no office country and hold 4.7%; the SEC's adviser data file of September 1, 2026 flags 509 of them as private residences, whose address it withholds.

How was this measured?

VC Catalog added up the private fund values VC firms' advisers report on their latest Form ADV filings, counting each fund once: 2,575 VC firms, 2,703 advisers and 21,984 private funds.

The source is Form ADV Schedule D, the private fund list, in VC Catalog's database release of October 8, 2026. A VC firm is one the database classes as a venture capital firm, micro-VC or solo GP; 2,577 of its 13,241 VC firms (19.5%) have a Form ADV adviser. Membership comes from VC Catalog's firm classification, not from fund types: Insight Partners and Mubadala Capital are classed as VC firms, while firms classed as crossover or growth managers, such as Coatue ($84.3 billion on its November 2024 filing), and funds of funds, such as Adams Street and Horsley Bridge, are not counted.

Each adviser's latest filing is used; 96.3% are dated 2026. These are filing dates, not valuation dates, and an amendment can repeat an earlier annual filing's values.

Firm totals add up a firm's advisers and all private fund types; a fund listed by two advisers counts once, at the adviser with the later filing, then the one listing more funds. Three advisers are excluded by name on a list VC Catalog set: Corient IA (a wealth manager), WestBridge Capital (U.S.) and Westbridge Fund Managers (UK), together $22.8 billion. It is not a venture-share rule, so Sequoia's public-equity adviser SCGE stays in.

The nine small-vehicle advisers, each with more than 100 funds and a median fund under $25 million, are Microangel, Alumni Ventures, iAngels, FundersClub, Republic Deal Room, Singh Capital, Claritas Capital, PROOF and MVP Ventures. The eight alternative scopes: no exclusions; Bessemer also excluded; Sequoia without SCGE; directory-found firms only; SEC-created records dropped; mostly non-venture firms dropped; feeder- and master-named funds dropped; venture-typed funds only.

Against the SEC's own adviser data file of September 1, 2026, 96.9% of the 2,678 advisers compared are within 2%, each on its own fund list. Fund-level likely ranges come from resampling advisers 2,000 times, and the registered-versus-exempt gap passed a Mann-Whitney test, a statistical test that checks whether a difference could be chance.

What are the limits of this data?

The data covers only Form ADV filers, measures paper value rather than fund size or returns, and mixes filing dates.

What is the bottom line on who holds VC fund assets?

A few firms hold much of the money VC advisers report to the SEC, while most VC firms and funds are small.

• Andreessen Horowitz reports the most ($103.6 billion); Sequoia Capital and Insight Partners follow at about $92 billion each, neither all venture money.
• The 10 largest of 2,537 asset-reporting VC firms hold 27.3% of $2.21 trillion; the smallest half hold 3.0%.
• The median VC firm that reports assets holds $132.3 million, and about half of all funds hold $10 million or less.
• The median fund has 21 beneficial owners, funds of funds own about a fifth of fund assets, and the median stated minimum is $50,000.

Where to go next