Welcome to Venture Capital Journal’s VCJ 50 ranking, showcasing the world’s leading VC firms.
VCJ 50 | OVERVIEW
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, Venture Capital Journal’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.
The 2024 participants raised a combined $186.7 billion, which is a 2 percent increase from the $183.1 billion raised during the period that preceded it (January 1, 2018, to March 31, 2023). Even so, a close look at 2024’s VCJ 50 shows over half of the firms reported that their five-year totals decreased or were about the same as the totals for the preceding period.
INSIDE THE VCJ 50
TOP 10 VENTURE CAPITAL FIRMS
| Rank | Firm | Headquarters | Capital raised ($bn) |
|---|---|---|---|
| 1 | Andreessen Horowitz | Menlo Park | 17.41 |
| 2 | General Catalyst Partners | Cambridge | 8.21 |
| 3 | Bessemer Venture Partners | Redwood City | 7.87 |
| 4 | Qiming Venture Partners | Shanghai | 6.90 |
| 5 | New Enterprise Associates | Menlo Park | 6.80 |
| 6 | ARCH Ventures Partners | Chicago | 6.38 |
| 7 | Index Ventures | Geneva | 5.40 |
| 8 | Flagship Pioneering | Cambridge | 5.29 |
| 9 | B Capital Group | Manhattan Beach | 5.19 |
| 10 | Sapphire Ventures | Austin | 4.87 |
VCJ 50 | AN INTERACTIVE LOOK
VCJ 50 | METHODOLOGY
The 2025 VCJ 50 ranking is based on the amount of private real estate direct investment capital raised by firms for funds closed between January 1, 2020, and December 31, 2024, as well as for funds that were in market at the end of the counting period.
For the purpose of the ranking, we only 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 fund 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 funds’ 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 raised via actual LP commitments that were made before the end of the counting 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.
In line with previous years, only funds that invest in venture capital are considered. This is defined as investments into businesses that have no proven business model (further product development needed) and are not profitable at time of investment. What does not count are growth equity dedicated funds that invest in firms with proven unit economics where only product scaling/enhancement/extension is needed.
VCJ 50 | PREVIOUS RANKINGS
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:
