Largest Venture Capital Firms by AUM: Top VC Firms (2026)

Venture capital (VC) is a form of private equity financing provided to early-stage startups and small businesses expected to deliver sustained growth. It typically comes from institutional investors, investment banks, and specialist funds, and involves considerably more than capital alone – most firms also provide operational support, hiring networks, and access to follow-on funding.

Several metrics help assess the scale and standing of a venture capital firm, including assets under management (AUM), number of investments, fund count, and exit track record. AUM in particular signals which firms can lead rounds, write large cheques, and support a company through successive funding stages.

In this article we rank the largest venture capital firms by assets under management, alongside their investment activity and fund base.

One trend frames everything below: concentration at the top has intensified sharply. Andreessen Horowitz raised $15 billion in January 2026, the largest single venture fundraise on record, equivalent to more than 18% of all US venture capital deployed during 2025. Just twelve firms captured over half of all venture capital raised in the first half of 2025. Scale increasingly begets scale in this industry.

Largest Venture Capital Firms by AUM

List of the Largest Venture Capital Firms by AUM (Top 5)

• AUM: $106.5 billion
• Across 119 funds
• Main industries by number of investments: software, information technology, fintech, AI, and crypto
• Notable exits include Pinterest, Airbnb, Coinbase, and PagerDuty

Andreessen Horowitz, founded by Marc Andreessen and Ben Horowitz and headquartered in Menlo Park, California, has a strong track record of backing startups that go on to define their categories. Its structure is distinctive: rather than a single flagship fund, a16z runs thematic vehicles across AI, crypto, bio, fintech, and growth-stage investing. In January 2026 it closed $15 billion in new funds, the largest single venture fundraise on record – a sum equivalent to more than 18% of all US venture capital deployed during 2025.

• AUM: $92.2 billion
• Across 181 funds
• Main industries by number of investments: enterprise software, SaaS, data infrastructure, cybersecurity
• Notable exits include Wiz, Shopify, Twitter, Qualtrics, and monday.com

Founded in 1995 and headquartered in New York, Insight Partners is a high-velocity investor focused on software and internet companies at the growth stage. It operates one of the broadest fund structures in the industry, spreading its capital across 181 vehicles – considerably more than any peer at comparable scale, which allows it to run parallel strategies across sectors and stages simultaneously.

Insight was among the backers of Wiz, the cybersecurity company acquired by Google for $32 billion – the largest acquisition of a venture-backed company on record, surpassing Facebook’s $21.8 billion purchase of WhatsApp in 2014. It also operates Insight Onsite, an in-house operating team providing portfolio companies with support across sales, marketing, and talent, which has become a differentiator in competitive growth rounds.

• AUM: $82.2 billion
• Across 60 funds
• Main industries by number of investments: software, information technology, internet
• Notable exits include Apple, Google, PayPal, WhatsApp, and Airbnb

Sequoia Capital is among the most influential venture firms in the industry’s history, having backed companies that shaped the modern technology sector across five decades. It operates an evergreen partnership model rather than the traditional fixed-life fund structure, allowing it to hold positions in public companies well beyond a typical fund’s horizon. That structure is part of why Sequoia’s AUM is reported so inconsistently elsewhere, with estimates ranging from $56 billion to $90 billion depending on methodology.

• AUM: ~$58.5 billion
• Across 15 funds
• Main industries by number of investments: software, fintech, e-commerce
• Notable exits include Alibaba Group, Redfin, and Facebook

Tiger Global Management, headquartered in New York, is known for a crossover strategy that blends public and private market investing, backed by a data-driven approach to deal sourcing. It deployed capital at an exceptional pace during the 2020-2021 boom, and while its venture activity has moderated since, it remains among the largest technology investors globally.

• AUM: ~$54.6 billion
• Across 9 funds
• Main industries by number of investments: healthcare, medical devices, biotechnology
• Notable exits include Lunit, Wish, and Bionano Genomics

Founded in 2001 and headquartered in Beijing, Legend Capital is among the largest venture firms outside the United States, with a portfolio weighted toward healthcare, biotechnology, and enterprise technology. As a Chinese firm outside SEC reporting requirements, its disclosure is more limited than its US peers – a reminder that Asian venture capital is systematically undercounted in rankings built from Form ADV data.

Bottom line

The venture capital landscape in 2026 is dominated by a clear top tier. Andreessen Horowitz leads with $106.5 billion in regulatory AUM following its $15 billion fundraise in January 2026 – a single raise representing over 18% of all US venture capital deployed during 2025. Insight Partners follows at $92.2 billion and Sequoia Capital at $82.2 billion, with Tiger Global Management completing the leading group.

Each pursues a distinct approach: a16z runs thematic, sector-specific funds across AI, crypto, bio, and fintech; Insight operates at high velocity across 181 vehicles focused on enterprise software; Sequoia uses an evergreen partnership model that lets it hold positions well beyond a conventional fund’s life; and Tiger Global blends public and private market investing through a data-driven crossover strategy.

Beyond the leaders, the firms in this ranking span diverse sectors – enterprise software and AI (Lightspeed, Bessemer, TCV), healthcare and biotechnology (NEA, OrbiMed, Deerfield, RA Capital), and consumer technology (Dragoneer) – with notable exits including Apple, Airbnb, Wiz, Pinterest, and Coinbase. Geographic reach is equally broad, with Legend Capital and Qiming Venture Partners representing the scale of Chinese venture capital.

Three caveats are worth applying to any AUM-based ranking:

• AUM is not performance. Several of the largest funds have carried significant markdowns on late-stage portfolios since 2022, while smaller, more focused firms have outperformed on an IRR basis. Size reflects fundraising success, not investment returns;
• AUM includes committed but undeployed capital. A firm’s headline size therefore measures how much capital it has raised rather than how much it has actually put to work;
• Asian and European firms are systematically under-represented in SEC-based rankings, since they typically do not file Form ADV. The European venture ecosystem alone is estimated at around $95 billion and barely appears in most US-origin lists.

One trend worth watching: concentration at the top has intensified sharply. Just twelve firms captured more than half of all venture capital raised in the first half of 2025, and the largest funds have grown faster than the market around them. That concentration is itself the story of venture in 2026, and it carries implications for founders and limited partners alike.

For founders specifically, the firm with the largest AUM is rarely the right answer to “who should I pitch?” What matters far more is stage focus, sector expertise, cheque size, and follow-on capacity – a firm managing $50 billion across thirty small funds behaves very differently from one deploying the same amount through a single flagship vehicle.

FAQs