The 18 largest VC managers now oversee $828.2B
A scan of current manager disclosures produced 18 firms with $15.6B or more in AUM. Andreessen Horowitz leads at $106.5B; however, comparable public fund-return figures remain scarce, so AUM, stage, vintage and realized exits should be assessed together.
AUM separates the top three from the field
What matters beyond capital
Stage focus changes what AUM means. The list mixes early-stage specialists, multi-stage platforms, late-stage investors and healthcare managers; direct comparisons require stage-adjusted return and loss-rate data. dealroom.net
Exit evidence is more available than fund returns. Public reporting commonly highlights acquisitions, IPO counts and buyer values, but seldom exposes consistent net IRR, TVPI and DPI at the manager level. dealroom.net
Return figures need vintage and measurement dates. The four surfaced figures describe individual landmark funds or estimates, not whole-firm averages, and should not be ranked as though they share a reporting basis. valueaddvc.com
The useful diligence schema is broader. Add latest fund size, dry powder, check size, ownership target, reserves/follow-on policy, geography, sector, partner attribution, portfolio count, loss ratio, realized/unrealized split and net DPI/TVPI/IRR by vintage.
Manager shortlist
Returns are deliberately left blank when no specific public fund metric surfaced. The figures shown are secondary-source approximations for individual funds and are not directly comparable.
| # | Firm | AUM | Founded | Stage | Base | Notable investment / exit evidence | Surfaced fund return |
|---|---|---|---|---|---|---|---|
| 1 | Andreessen Horowitz | $106.5B | 2009 | Multi-stage | Menlo Park | Wiz $32B; GitHub $7.5B; Instagram $1B | Fund I (2009): ~7.0× TVPI; ~42% net IRR source |
| 2 | Insight Partners | $92.2B | 1995 | Growth / late | New York | Wiz $32B; Qualtrics $8B; Cylance $1.4B | — |
| 3 | Sequoia Capital | $82.2B | 1972 | Multi-stage | Menlo Park | Wiz $32B; WhatsApp $21.8B; GitHub; Qualtrics | Fund XI (2003): ~8.0× TVPI; ~43% net IRR source |
| 4 | Tiger Global | $78.0B | 2001 | Growth / late | New York | Credit Karma $8.1B; Moveworks $2.85B | — |
| 5 | Founders Fund | $58.9B | 2005 | Multi-stage | San Francisco | Oculus $2B; Credit Karma $8.1B; Postmates $2.65B | Fund VI (2016): ~5×+ TVPI; ~35%+ net IRR source |
| 6 | Thrive Capital | $50.5B | 2009 | Multi-stage | New York | Wiz $32B; GitHub $7.5B | 2022 AI bets: ~3×+ estimated TVPI; IRR TBD source |
| 7 | Lightspeed | $50.0B | 2000 | Multi-stage | Menlo Park | Wiz $32B; AppDynamics $3.7B; Moveworks $2.85B | — |
| 8 | Accel | $46.8B | 1983 | Early-stage | Palo Alto | Qualtrics $8B; Slack $27.7B post-listing | — |
| 9 | General Catalyst | $45.5B | 2000 | Multi-stage | Cambridge | HATCo acquisition of Summa Health, $515M | — |
| 10 | Dragoneer | $37.0B | 2012 | Growth / late | San Francisco | Strategy holds investments through public listings | — |
| 11 | NEA | $35.6B | 1977 | Multi-stage | Menlo Park | 270+ portfolio-company IPOs firm-wide | — |
| 12 | Index Ventures | $25.3B | 1996 | Multi-stage | SF / London | Wiz $32B; Duo Security $2.35B | — |
| 13 | TCV | $22.5B | 1995 | Growth / late | Menlo Park | 82 IPOs and 80 strategic exits | — |
| 14 | Khosla Ventures | $21.7B | 2004 | Early-stage | Menlo Park | Cylance $1.4B | — |
| 15 | OrbiMed | $20.6B | 1989 | Healthcare | New York | Regular strategic sales to large pharma | — |
| 16 | Bessemer | $20.2B | 1911 | Multi-stage | Redwood City | Auth0 $6.5B | — |
| 17 | Deerfield | $19.1B | 1994 | Healthcare | New York | Therapeutics sales to large pharma | — |
| 18 | Battery Ventures | $15.6B | 1983 | Multi-stage | Boston | Glassdoor $1.2B | — |