Key Takeaways
- • Andreessen Horowitz leads the venture capital ranking with AUM above $90 billion, following a record $15 billion fundraise in early 2026 that the article says equaled roughly 18% of all U.S. venture capital dollars allocated in 2025.
- • Insight Partners (estimated AUM above $90 billion) and Sequoia Capital (approximately $56 billion) rank among the largest venture managers, with heavy exposure to AI companies including Anthropic, Databricks, OpenAI and xAI.
- • Just 12 firms captured more than 50% of venture capital raised in H1 2025, and the top 30 firms secured 74% of available capital, according to the article.
- • Limited liquidity remains a structural issue for the asset class, with a slow IPO recovery and M&A dominating exits.
- • Lightspeed Venture Partners completed a record $9 billion fundraise in late 2025, and Thrive Capital raised $10 billion for its largest-ever vehicle, Thrive X.
Summary
The venture capital market is highly bifurcated, with a small group of elite firms dominating investor portfolios while many startups struggle to raise capital. The article notes that deal volume remains below 2021 levels, investors are conducting more rigorous due diligence, and artificial intelligence has become the defining theme of venture investing. Capital is flowing into AI infrastructure, applications and hardware, and many firms have launched dedicated AI funds.
Concentration is a central feature of the market. According to the article, just 12 firms captured over 50% of capital raised in H1 2025, while the top 30 firms secured 74% of available capital. Limited liquidity is an ongoing challenge, largely because the IPO market has recovered slowly and M&A has dominated exits.
Andreessen Horowitz is ranked first with AUM above $90 billion after a record $15 billion fundraise in early 2026, which the article says is directed toward AI infrastructure and applications, biotech and its "American Dynamism" strategy. Insight Partners, with estimated AUM above $90 billion, is highly active in software, data and growth-stage AI, with recent investments in Anthropic, Databricks and cybersecurity company Torq. Sequoia Capital manages approximately $56 billion and has been an active post-seed investor, particularly in AI, with investments in Anthropic, OpenAI and xAI.
General Catalyst, with more than $43 billion in assets, has committed $5 billion over five years to the Indian startup ecosystem and is planning a $10 billion raise across multiple vehicles. Lightspeed Venture Partners, with about $40 billion AUM, completed a record $9 billion fundraise in late 2025 and has repositioned as an AI-first investor, backing more than 165 AI-native companies and committing over $5.5 billion to the category since 2012. Thrive Capital, led by Josh Kushner, reported $26.8 billion in AUM as of 2025 and raised an additional $10 billion for Thrive X, which the article describes as heavily oversubscribed.
The remaining profiled firms include Index Ventures (about $35 billion, undergoing a leadership transition), New Enterprise Associates (over $28 billion), Accel (over $20 billion) and Khosla Ventures ($17 billion, founded by Vinod Khosla). The article's figures are approximations drawn from AlphaSense platform insights and should be read as estimates rather than audited AUM data.
Concentration is a central feature of the market. According to the article, just 12 firms captured over 50% of capital raised in H1 2025, while the top 30 firms secured 74% of available capital. Limited liquidity is an ongoing challenge, largely because the IPO market has recovered slowly and M&A has dominated exits.
Andreessen Horowitz is ranked first with AUM above $90 billion after a record $15 billion fundraise in early 2026, which the article says is directed toward AI infrastructure and applications, biotech and its "American Dynamism" strategy. Insight Partners, with estimated AUM above $90 billion, is highly active in software, data and growth-stage AI, with recent investments in Anthropic, Databricks and cybersecurity company Torq. Sequoia Capital manages approximately $56 billion and has been an active post-seed investor, particularly in AI, with investments in Anthropic, OpenAI and xAI.
General Catalyst, with more than $43 billion in assets, has committed $5 billion over five years to the Indian startup ecosystem and is planning a $10 billion raise across multiple vehicles. Lightspeed Venture Partners, with about $40 billion AUM, completed a record $9 billion fundraise in late 2025 and has repositioned as an AI-first investor, backing more than 165 AI-native companies and committing over $5.5 billion to the category since 2012. Thrive Capital, led by Josh Kushner, reported $26.8 billion in AUM as of 2025 and raised an additional $10 billion for Thrive X, which the article describes as heavily oversubscribed.
The remaining profiled firms include Index Ventures (about $35 billion, undergoing a leadership transition), New Enterprise Associates (over $28 billion), Accel (over $20 billion) and Khosla Ventures ($17 billion, founded by Vinod Khosla). The article's figures are approximations drawn from AlphaSense platform insights and should be read as estimates rather than audited AUM data.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.