Research · Fund managers
What are the historical re-up rates for venture capital managers raising consecutive funds?
Summary
About half of 1,076 directory-listed VC managers in VC Catalog's data filed for a next main fund within four years of their first main fund on record: 52.3%, for first funds from 2010 to mid-2022. A Form D filing, the SEC notice of a private fund sale, is the visible sign of a raise, though 40% of counted filings never reported a sale; counting those differently gives 31.6% to 52.3%.
For LPs (fund investors) and GPs (fund managers), filings through June 2026 show a break: managers with a 2021 first main fund on record came back far less often, 36% within four years against 66% for 2019–2020. It coincides with a 2023–2025 slowdown; the data cannot separate the two.
Key takeaways
- 52.3% of directory-listed VC managers with a 2010 to mid-2022 first main fund on record filed for a next main fund within four years (563 of 1,076); counting only funds with a first-sale date on record gives 31.6%.
- 36.2% of directory-listed managers with a 2021 first main fund on record filed for a next one within four years, against 65.5% for 2019–2020; about 3 in 10 of those 2021 funds state a fund number of II or higher.
- Where both Form D amounts sold were reported (333 directory-listed pairs, first funds on record 2010–2024), the median next main fund sold 1.62 times the first; looser pairing rules give about 1.5 times.
- 67.6% of directory-listed 2015–2021 managers with no next main fund by mid-2026 had a dated record in 2024–26, mostly a routine Form ADV filing (84.9% of those that came back).
It covers SEC Form D filings to June 2026 for VC managers in VC Catalog's database, for LPs and GPs asking how often and how fast managers file again.
How long does it take a VC manager to file for a next fund?
Managers that came back usually took about three years: for directory-listed managers with a 2010–2018 first fund on record, a median 33.7 months among those back within five years and 36.5 months among all returns by mid-2026.
Key facts: time to the next filing
- Half of all 2010–2018 managers, returners or not, had filed by 42–46 months (a survival estimate).
- No next main fund by mid-2026: 19.0% of 2010–2018 managers (98 of 516).
- Filed within 36 months: 38.5% for 2019–2021 first funds; 16.5% so far for 2022–2023 (266 firms, 137 still followed at three years).
Did managers with a 2021 first fund on record come back less often?
Yes. 36.2% of directory-listed VC managers with a 2021 first main fund on record filed for a next main fund within four years (85 of 235), against 65.5% for 2019–2020 first funds (152 of 232).
Managers from 2019 and 2020 came back at least as often as 2013–2018 first funds (58.0%). About 3 in 10 of the 2021 first funds (70 of 235) state a fund number of II or higher.
Show the data
| First main fund | Directory-listed: filed | Directory-listed: rate | Directory-listed: likely range (95%) | Built from SEC filings: filed | Built from SEC filings: rate |
|---|---|---|---|---|---|
| 2010 | 21 of 36 | 58.3% | 42.2–72.9% | 5 of 61 | 8.2% |
| 2011 | 29 of 50 | 58.0% | 44.2–70.6% | 8 of 51 | 15.7% |
| 2012 | 22 of 42 | 52.4% | 37.7–66.6% | 6 of 54 | 11.1% |
| 2013 | 17 of 31 | 54.8% | 37.8–70.8% | 10 of 54 | 18.5% |
| 2014 | 21 of 44 | 47.7% | 33.8–62.1% | 10 of 67 | 14.9% |
| 2015 | 32 of 55 | 58.2% | 45.0–70.3% | 11 of 78 | 14.1% |
| 2016 | 41 of 77 | 53.2% | 42.2–64.0% | 8 of 82 | 9.8% |
| 2017 | 50 of 84 | 59.5% | 48.8–69.4% | 13 of 79 | 16.5% |
| 2018 | 64 of 97 | 66.0% | 56.1–74.6% | 18 of 106 | 17.0% |
| 2019 | 80 of 116 | 69.0% | 60.1–76.7% | 19 of 122 | 15.6% |
| 2020 | 72 of 116 | 62.1% | 53.0–70.4% | 20 of 140 | 14.3% |
| 2021 | 85 of 235 | 36.2% | 30.3–42.5% | 28 of 260 | 10.8% |
| 2022 H1 (provisional) | 29 of 93 | 31.2% | 22.7–41.2% | 14 of 127 | 11.0% |
Where does the break fall?
Within 24 months, 32.3% of managers whose first fund is dated to the second half of 2020 had filed again (21 of 65), against 12.1% for the first half of 2021 (14 of 116). Their windows ended in late 2022 and early 2023, which fits a market turn, though a vintage effect would look the same.
Show the data
| First main fund | Within 24 months | Within 36 months | Within 48 months |
|---|---|---|---|
| 2016 H1 | 3 of 39 = 7.7% | 10 of 39 = 25.6% | 20 of 39 = 51.3% |
| 2016 H2 | 4 of 38 = 10.5% | 14 of 38 = 36.8% | 21 of 38 = 55.3% |
| 2017 H1 | 8 of 45 = 17.8% | 16 of 45 = 35.6% | 24 of 45 = 53.3% |
| 2017 H2 | 7 of 39 = 17.9% | 17 of 39 = 43.6% | 26 of 39 = 66.7% |
| 2018 H1 | 8 of 48 = 16.7% | 20 of 48 = 41.7% | 33 of 48 = 68.8% |
| 2018 H2 | 8 of 49 = 16.3% | 25 of 49 = 51.0% | 31 of 49 = 63.3% |
| 2019 H1 | 11 of 62 = 17.7% | 33 of 62 = 53.2% | 42 of 62 = 67.7% |
| 2019 H2 | 11 of 54 = 20.4% | 35 of 54 = 64.8% | 38 of 54 = 70.4% |
| 2020 H1 | 13 of 51 = 25.5% | 27 of 51 = 52.9% | 32 of 51 = 62.7% |
| 2020 H2 | 21 of 65 = 32.3% | 37 of 65 = 56.9% | 40 of 65 = 61.5% |
| 2021 H1 | 14 of 116 = 12.1% | 28 of 116 = 24.1% | 48 of 116 = 41.4% |
| 2021 H2 | 8 of 119 = 6.7% | 21 of 119 = 17.6% | 37 of 119 = 31.1% |
Was it the market or the vintage?
The data cannot say. From 2023 to 2025, directory-listed managers 1–5 years past their first fund filed for next funds about 45% less often than in 2014–2020: 13.8 against 25.2 per 100 manager-years (one manager followed for a year while it could still file).
Most managers at risk in 2023–2025 had 2021–2022 first funds, so this view mixes period and vintage. A model with only time since the first fund and calendar year predicts the 2021 outcome closely; whether adding vintage improves the fit depends on how vintage is grouped.
Show the data
| Year | Directory-listed: per 100 | Directory-listed: likely range (95%) | Directory-listed: filings / manager-years | Built from SEC filings: per 100 | Built from SEC filings: filings / manager-years |
|---|---|---|---|---|---|
| 2013 | 14.82 | 7.66–25.89 | 12 / 81.0 | 2.91 | 4 / 137.3 |
| 2014 | 28.65 | 19.04–41.41 | 28 / 97.7 | 7.23 | 13 / 179.8 |
| 2015 | 29.13 | 19.51–41.83 | 29 / 99.6 | 4.41 | 9 / 203.9 |
| 2016 | 21.2 | 13.72–31.29 | 25 / 117.9 | 7.05 | 15 / 212.8 |
| 2017 | 22.0 | 14.85–31.41 | 30 / 136.3 | 4.6 | 11 / 238.9 |
| 2018 | 21.76 | 15.32–30.0 | 37 / 170.0 | 3.79 | 10 / 263.7 |
| 2019 | 26.18 | 19.61–34.24 | 53 / 202.5 | 3.37 | 10 / 296.6 |
| 2020 | 27.66 | 21.34–35.25 | 65 / 235.0 | 4.13 | 14 / 338.7 |
| 2021 | 39.78 | 32.26–48.52 | 97 / 243.9 | 8.1 | 30 / 370.2 |
| 2022 | 29.93 | 23.97–36.92 | 87 / 290.7 | 4.89 | 23 / 470.1 |
| 2023 | 14.95 | 11.44–19.21 | 61 / 407.9 | 2.81 | 18 / 640.1 |
| 2024 | 13.36 | 10.2–17.2 | 60 / 449.0 | 3.39 | 25 / 738.2 |
| 2025 (provisional) | 13.33 | 10.14–17.19 | 59 / 442.7 | 3.5 | 30 / 858.0 |
How much larger is the next fund than the first?
When directory-listed managers did file again, the median next main fund sold 1.62 times as much as the first (333 pairs, first funds 2010–2024). About a quarter (26.7%) were smaller.
Size is the Form D amount sold, as last updated; a pair needs both amounts above zero and a next fund dated by June 2025. Looser rules for main and next funds give about 1.5 times, with about 70% of next funds larger, so the size depends on the definition.
| First main fund | Pairs | Next fund larger | Likely range (95%) |
|---|---|---|---|
| 2010–2015 | 113 | 78.8% | 70.3–85.3% |
| 2016–2018 | 93 | 80.6% | 71.5–87.4% |
| 2019–2021 | 115 | 60.0% | 50.9–68.5% |
| All, 2010–2024 | 333 | 72.1% | 67.0–76.6% |
Fewer 2019–2021 next funds were larger: 60.0%, against 80.6% for 2016–2018, and the gap points the same way under the looser rules. Only 333 of 697 eligible managers report both amounts, some possibly first-close figures, so treat the gap's size as indicative.
What happened to managers that did not file for a next fund?
Most still report to the SEC, which does not show they still invest. Of 256 directory-listed managers with a 2015–2021 first main fund on record and no next main fund by mid-2026, 67.6% had a dated record in 2024–26, mostly a routine Form ADV filing, against 84.9% of the 524 that came back.
A dated record is a Form ADV filing in 2025–26, a 2026 publication, or another fund vehicle, such as an SPV, dated to 2024–26. Form ADV is the registration and annual report that investment advisers, including most U.S. VC managers, file with the SEC every year while they manage funds.
Only 2.0% (5 of 256) say on their website that they are not investing.
Show the data
| Signal | Did not file for a next fund | Filed for a next fund |
|---|---|---|
| Any dated 2024–26 record | 173 of 256 = 67.6% | 445 of 524 = 84.9% |
| Form ADV filing dated 2025–26 | 156 of 256 = 60.9% | 424 of 524 = 80.9% |
| Website works (Sep 2026 check) | 234 of 256 = 91.4% | 486 of 524 = 92.7% |
| Published anything dated 2026 | 39 of 256 = 15.2% | 94 of 524 = 17.9% |
| Other vehicle dated 2024–26 | 26 of 256 = 10.2% | 135 of 524 = 25.8% |
| ADV lists a later same-family fund | 15 of 256 = 5.9% | 140 of 524 = 26.7% |
| Website says not investing | 5 of 256 = 2.0% | 1 of 524 = 0.2% |
To be fair, a missing filing is easy to over-read: 5.9% of non-returners list on Form ADV a later, higher-numbered fund of the same name with no Form D, a likely unseen re-up.
How was this measured?
Of the 13,241 VC firms in VC Catalog's database (version 5.3), 6,348 have a dated Form D fund filing. From these, 7,915 main funds dated 2000 to June 30, 2026 were kept, covering 3,640 managers whose first one on record falls in 2010–2025.
- Main and next main fund. A fund the database labels a main fund, minus side-vehicle names and LLCs with neither "fund" nor a fund number in the name; a next one is filed 12 or more months later and is not a parallel vehicle of the same fund. These filters remove 39% of labelled main funds (5,034 of 12,949); word list below.
- First main fund on record. The earliest seen in filings from 2008 on.
- Offering date. The first-sale date in the notice or any amendment, else the first filing date.
- Windows. A manager counts in a 36-, 48- or 60-month window only once it has fully passed; open windows use a survival estimate (Kaplan–Meier) cut at December 31, 2025.
Statistical tests checked whether a difference could be chance (for the vintage model, a likelihood-ratio test); only differences clearing a strict bar are findings. Separately coded rebuilds on the previous database release, with their own name rules, came within about 2 points on headline rates, but single years moved by up to about 5 points and half-years by up to 11; the 2021 break held in all.
Show the name rules
A labelled main fund is left out when its name contains SPV or special purpose; co-invest; opportunity, opportunities or opportunistic; parallel; feeder; annex; sidecar or side fund; overage; affiliate(s); entrepreneur(s); select; warehouse; continuation; series or "a series of"; GP or general partner; employee(s); friends, friends and family, F&F or a trailing FF; syndicate; scout; deal; holding(s); carry or carried interest; SLP; follow-on; principal(s); CEO; executive(s); advisor(s); strategic partners; founder's fund; AIV; blocker(s); extension; manager(s) fund; direct; or access. A word that is part of a directory-listed firm's own name does not count.
What are the limits of this data?
The figures describe a sample of Form D filings linked to VC firms in VC Catalog's database, not the whole U.S. market, and the level depends on definitions.
- A filing is not a closed fund. 40.1% of counted re-ups (226 of 563) rest on a next fund whose Form D, original or amended, never reported a first sale (54.1% for 2021 first funds); other readings of the date fields give 34% to 54%. 39.8% report no amount sold on Form D, and 9.1% show no money in Form D or in Form ADV values for the fund or a same-name fund.
- Some counted next funds are not real ones. In a hand check, 44 of 50 random re-ups were genuine (88.0%); the true share of wrong ones, mostly single-company vehicles, could be 5.6% to 23.8%. Most of those managers also had a genuine next fund, so the rate is overstated by about 1–4 points, up to about 7.
- Some re-ups are missed, such as funds listed only on Form ADV. Upper-bound checks move the headline by 1.7 points or less.
- U.S. offerings only. Managers headquartered outside the U.S., or unknown, came back at 44.5%, against 53.6% for U.S.-headquartered ones.
- The first fund is the first on record. 37% of the 1,076 state a fund number of II or higher (21–67% by year); the 575 with a strict first-time fund give 54.1%, close to 52.3%.
- The database merges same-name firm records. A wrong merge would combine two managers' fund histories.
- Survivorship. Firms had to exist when the directory list was compiled, which can push older groups upward; a gradual bias cannot explain the sharp 2020–2021 break.
- Vintage and calendar period cannot be separated.
Bottom line: what should LPs and GPs take from this?
About half of directory-listed VC managers in this sample filed for a next main fund within four years; 2021 first funds sit far below.
- 52.3% within four years, or 31.6% counting only funds with a first-sale date on record: quote it with its definition.
- Returning managers usually filed about three years after their first fund (median 33.7–36.5 months, 2010–2018 first funds).
- 2021 first main funds on record: 36.2%, against 65.5% for 2019–2020; vintage and market timing cannot be separated.
Frequently asked questions
What does a re-up mean for a VC fund manager?
In this study, a "re-up" means a VC manager's SEC Form D filing for a next main fund at least 12 months after its first main fund on record; the filing is not proof of a closed fund. In common usage the term also means an LP recommitting to a manager's next fund. In VC Catalog's data, 52.3% of 1,076 directory-listed managers with a 2010 to mid-2022 first fund on record filed one within four years.
What share of VC fund managers do not file for a next fund?
In VC Catalog's data, 47.7% of 1,076 directory-listed managers with a 2010 to mid-2022 first main fund on record did not file for a next one within four years. Not filing does not mean the firm is gone: 67.6% of 2015–2021 non-returners still had a dated record in 2024–26, mostly a routine Form ADV filing, which shows the adviser still reports to the SEC, not that it is still investing.
How long after their first fund on record do VC managers usually file for a next one?
Directory-listed managers with a 2010–2018 first main fund on record that came back took a median 33.7 months if back within five years, or 36.5 months counting all returns by mid-2026. Half of all managers, returners or not, had filed by 42–46 months.
Did VC managers with a 2021 first fund on record struggle to file for a next one?
Yes, in this sample: 36.2% of directory-listed managers with a 2021 first main fund on record filed for a next one within four years, against 65.5% for 2019–2020; about 3 in 10 of those 2021 funds state a fund number of II or higher. The drop coincides with the 2023–2025 slowdown; the data cannot tell whether market, vintage or both explain it.
Is a VC firm's next fund usually bigger than its first one on record?
Usually. Among 333 directory-listed managers with both Form D amounts sold reported, the median next main fund sold 1.62 times the first and 72.1% were larger; looser pairing rules give about 1.5 times, with about 70% of next funds larger. For 2019–2021 first funds, 60.0% were larger, against 80.6% for 2016–2018.
If a VC firm does not file for a next fund, has it shut down?
Not necessarily. Of 256 directory-listed managers with a 2015–2021 first main fund on record and no next main fund by mid-2026, only 2.0% said on their website that they were not investing. 67.6% had a dated record in 2024–26, mostly a routine Form ADV filing that shows the adviser still reports to the SEC, not that it still invests.
Where to go next
Next steps
- Browse the VC firm dataset: see the funds and SEC filings behind each manager in this study.
- Compare two VC managers side by side: check fund histories before an LP meeting or a next-fund pitch.
- Search for a specific fund manager: find a firm's first and later main funds.
- See all VC Catalog research: other studies built on the same database.
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