The top venture capital firms by AUM and sector in 2026

The top venture capital firms in 2026, ranked by assets under management and portfolio performance, include Andreessen Horowitz ($90B AUM), Insight Partners ($90B AUM), Tiger Global Management ($58.5B AUM), Sequoia Capital ($56B AUM), and General Catalyst ($43B AUM). These firms have collectively backed companies responsible for more than $1 trillion in exit value, from enterprise SaaS to healthcare to fintech. Below, we rank the 20 largest venture capital firms, break down the top investors by sector, and explain what separates the best from the rest.

What you'll learn:

• The 20 largest VC firms ranked by AUM, with portfolio data and notable exits
• Which firms lead in SaaS, fintech, healthcare, and AI investing
• How the venture capital landscape shifted in 2025–2026, including funding totals, exit trends, and LP liquidity pressures
• What criteria distinguish top-performing firms from the rest
• How to evaluate a venture capital firm's track record, sector expertise, and value-add

The top 20 venture capital firms at a glance

AUM is the clearest signal of which firms can lead rounds, write the biggest checks, and stay with a company through every follow-on. The 20 firms below sit at the top of that list. AUM figures reflect publicly reported or estimated fund totals as of early 2026.

What makes a venture capital firm "top"?

Ranking venture capital firms is not as straightforward as sorting a spreadsheet by returns. The industry lacks a single, standardized performance metric, and the best firms tend to distinguish themselves across four dimensions that compound over time.

Assets under management

AUM reflects the capital a firm has raised from limited partners and is the most visible measure of scale. A larger fund base gives firms the flexibility to lead rounds, write larger checks, and support portfolio companies through follow-on financing across multiple stages. But AUM alone does not equal performance. Some of the highest-returning funds in venture history have been smaller, concentrated vehicles. Scale matters most when paired with the discipline to deploy it selectively.

Portfolio performance and exits

Returns are what LPs care about, and exits are where returns are realized. The number and quality of a firm's IPOs, acquisitions, and secondary sales reveal whether they can pick winners and help them reach liquidity events. Metrics like total value to paid-in capital (TVPI) and distributions to paid-in capital (DPI) matter more than portfolio size, though these figures are rarely public. The exits listed in the table above, companies like Shopify, WhatsApp, SpaceX, and Wiz, represent billions in realized value.

Sector expertise

Generalist firms and specialist firms both appear on the top-20 list, but the strongest performers tend to develop deep conviction in specific sectors. Sequoia Capital's long record in enterprise SaaS, NEA's healthcare portfolio, and Founders Fund's concentration in frontier technology all reflect deliberate sector strategies. Sector expertise allows firms to evaluate deals faster, provide more relevant operational support, and build reputations that attract the best founders in a given category.

Value-add beyond capital

Capital is a commodity. What separates top firms is what they provide after the wire hits. Recruiting support, customer introductions, regulatory guidance, and LP networks that can accelerate a portfolio company's trajectory. These are the services that justify premium valuations and preferred access to competitive rounds. Data from Affinity's 2025 investment benchmark report shows that top firms are increasingly selective, prioritizing fewer higher-quality investments and leaning on existing relationships rather than expanding broadly. When deal volume declined in 2024, the best-performing firms doubled down on portfolio support, using their networks to connect founders with customers, vendors, and domain experts.

The venture capital landscape in 2025–2026

Global venture funding totaled $512 billion in 2025, the second-highest annual total on record, according to PitchBook. But the headline number obscures real concentration and structural shifts beneath the surface.

AI dominated capital deployment

Artificial intelligence companies absorbed a disproportionate share of venture dollars. Mega-rounds for AI infrastructure, foundation model companies, and enterprise AI applications pushed the sector's share of total VC funding well above historical norms. This concentration has created a two-tier market: well-funded AI companies raising at elevated valuations and non-AI startups competing for a shrinking pool of available capital.

The exit environment remained constrained

Despite strong fundraising, exits have not kept pace. PitchBook-NVCA Venture Monitor data shows 995 acquisitions versus just 62 IPOs across the venture landscape, reflecting continued public-market hesitancy toward new listings. The IPO window opened briefly in late 2025, but most firms are still holding assets longer than planned. This matters because exits drive the recycling of capital: LPs need distributions to re-commit to new funds.

LP liquidity pressures are reshaping fundraising

Limited partners face what the industry calls the "denominator effect": private market allocations that are oversized relative to total portfolio value because public equities have grown more slowly. The result is that many institutional LPs are at or above their target allocations to venture capital, making it harder for emerging and mid-tier managers to raise new funds. Top-tier firms with strong track records continue to raise oversubscribed vehicles, while newer managers face a more challenging environment.

Fewer deals, higher conviction

Deal volume declined year over year, even as total dollar volume held near records. Firms are writing fewer, larger checks, a shift toward concentration that reflects both capital availability and increased competition for the best opportunities. According to Carta, venture investment is growing more concentrated among fewer firms, which compounds the advantage of established platforms.

Top venture capital firms investing in SaaS

Software-as-a-Service remains the largest sector for venture investment. According to Dealroom, SaaS startups raised $167.1 billion in 2025, and SaaS now accounts for nearly two-thirds of global venture capital. The sector's recurring-revenue model, high gross margins, and scalable distribution create the kind of predictable economics that VCs value.

Here are seven of the top firms with the highest concentration of SaaS companies in their portfolios.

Sequoia Capital

Sequoia Capital is a major player in SaaS investment, with a strong focus on enterprise software. Headquartered in Menlo Park, California, the firm has built its reputation by backing companies across finance, energy, healthcare, and the internet.

With a portfolio of over 2,000 companies, Sequoia's SaaS holdings include Dropbox, Loom, Zoom, Drift, and Notion.

• AUM: $56B
• Founded: 1972
• Total funds: 34
• Exits: 422
• Total investments: 2,141
• Stages: Seed, early stage, late stage
• Deal size range: $50K–$30M

Sources: Crunchbase, Dealroom

SV Angel

SV Angel is a San Francisco-based firm that primarily invests in U.S. software-focused companies in the consumer and enterprise sectors. Known for investing early in companies like Airbnb and Slack, SV Angel does not take board seats in the companies they fund.

Notable SaaS companies in their portfolio include Gusto, Slack, Zapier, GitHub, and Asana.

• AUM: N/A
• Founded: 1992
• Total funds: 7
• Exits: 478
• Total investments: 1,467
• Stages: Seed, early stage, late stage
• Deal size range: $7.5M–$25M

Sources: Crunchbase, Dealroom

Accel

Accel is a global venture capital firm that invests in both early and growth-stage startups. With over 40 years of experience supporting SaaS companies, Accel provides entrepreneurs with the resources they need to build category-defining businesses.

Successful companies in Accel's portfolio include Atlassian, Braintree, Cloudera, DJI, Dropbox, Slack, and Squarespace.

• AUM: $20B
• Founded: 1983
• Total funds: 38
• Exits: 395
• Total investments: 2,197
• Stages: Seed, early stage, late stage
• Deal size range: $1M–$100M

Sources: Crunchbase, Dealroom

Lightspeed Venture Partners

Lightspeed Venture Partners is a global venture capital firm that invests in enterprise, fintech, health, and consumer sectors, with notable investments in companies such as Grab and Grubhub. As a leading player in the venture capital space with over 20 years of experience, Lightspeed has over 1,500 investments and more than 250 exits in its portfolio.

• AUM: $40B
• Founded: 2000
• Total funds: 28
• Exits: 252
• Total investments: 1,502
• Stages: Seed, early stage, late stage, private equity
• Deal size range: $5M–$50M

Sources: Crunchbase, Dealroom

Bessemer Venture Partners

Bessemer Venture Partners, one of the oldest venture capital firms in the United States, invests in technology startups globally. The firm funds startups at all stages, from seed to growth, across a range of technology and services segments.

With early investments in companies like Yelp, LinkedIn, Shopify, and Skype and more than 145 IPOs, Bessemer has built a strong track record in identifying high-potential startups in the consumer technology space.

• AUM: $20B
• Founded: 1911
• Total funds: 14
• Exits: 315
• Total investments: 1,473
• Stages: Seed, early stage, late stage, IPO
• Deal size range: $100K–$75M

Sources: Crunchbase, Dealroom

FundersClub

FundersClub is an online venture capital firm that invests in early-stage startups and funds less than 2% of the startups they review. Their portfolio companies have gone on to raise more than $6 billion in follow-on capital from other firms.

FundersClub made early investments in companies like Instacart, Coinbase, and GitLab and has over 540 investments.

• AUM: N/A
• Founded: 2012
• Total funds: 7
• Exits: 109
• Total investments: 541
• Stages: Seed, early stage
• Deal size range: Not available

Sources: Crunchbase, Dealroom

Founders Fund

Founders Fund invests in companies building transformative technology, typically in aerospace, biotech, advanced software, energy, and the internet. They were the first institutional investor in SpaceX and Palantir Technologies, as well as an early investor in Facebook.

Founders Fund invests across all stages, sectors, and geographies. Within SaaS, notable portfolio companies include Palantir, Stripe, Figma, and Asana.

• AUM: $17B
• Founded: 2005
• Total funds: 13
• Exits: 156
• Total investments: 954
• Stages: Seed, early stage, late stage
• Deal size range: $30M–$100M

Sources: Crunchbase, Dealroom

Top venture capital firms investing in fintech

Venture firms have become the primary engine of fintech innovation, funding the companies rebuilding payments, lending, insurance, and capital-markets infrastructure.

According to Dealroom, fintech startups raised $56.8 billion in VC funding in 2025 alone, and the sector has generated hundreds of billions in acquisition value over the past decade.

Here are five of the top firms with deep fintech portfolios.

Tiger Global Management

Tiger Global Management focuses on public and private enterprises within the internet, software, consumer, and fintech sectors worldwide. With more than 150 successful exits, the firm has gained a reputation for notable investments in high-profile financial services companies such as Revolut, Coinbase, Chargebee, and Credit Karma.

• AUM: $58.5B
• Founded: 2001
• Total funds: 15
• Exits: 173
• Total investments: 1,207
• Stages: Early stage, late stage, post-IPO
• Deal size range: $50M–$200M

Sources: Crunchbase, Dealroom

Index Ventures

Index Ventures is a global venture capital firm that invests in sectors ranging from fintech and AI to entertainment and healthcare. Headquartered in San Francisco, Index Ventures invests in companies at all stages of development, from seed to explosive growth.

The firm has a diverse portfolio, including fintech companies such as Robinhood, Revolut, Funding Circle, Credit Benchmark, and Prodigy Finance.

• AUM: $35B
• Founded: 1996
• Total funds: 21
• Exits: 261
• Total investments: 1,217
• Stages: Seed, early stage, late stage, IPO
• Deal size range: $50K–$75M

Sources: Crunchbase, Dealroom

Andreessen Horowitz (a16z)

Andreessen Horowitz was founded by Marc Andreessen and Ben Horowitz in 2009. The firm provides startups with access to expertise in executive and technical talent acquisition, market intelligence, regulatory affairs, business development, and marketing.

Andreessen Horowitz invests across fintech, AI, bio and health, consumer, crypto, enterprise, and games. With a fintech portfolio that includes Robinhood, Carta, Stripe, and OpenInvest, the firm has consistently backed companies reshaping financial services.

• AUM: $90B
• Founded: 2009
• Total funds: 30
• Exits: 249
• Total investments: 1,696
• Stages: Early stage, late stage
• Deal size range: $30M–$75M

Sources: Crunchbase, Dealroom

500 Global

500 Global is a San Francisco-based venture capital firm and seed accelerator that funds early-stage, fast-growing technology companies. Their portfolio includes more than 35 companies valued at over $1 billion and more than 160 companies valued at over $100 million.

The firm invests globally and closed $143M in financing in 2023 for its Southeast Asia early-stage fund. Among its fintech investments are Aviva, Clip, Chipper, Mercury, and Konfio.

• AUM: $2.4B
• Founded: 2010
• Total funds: 32
• Total investments: 3,182
• Stages: Seed, early stage
• Deal size range: Not available

Sources: Crunchbase, Dealroom

SoftBank Vision Fund

SoftBank is headquartered in Tokyo and invests globally in early to late stage and post-IPO companies. SoftBank Group's Vision Fund is the world's largest tech-focused VC fund, investing in companies that aim to accelerate the global transition to an AI-driven economy.

They invest across education, enterprise, consumer, fintech, and healthtech. SoftBank's fintech portfolio includes Klarna, Revolut, Aleo, and M1 Finance.

• AUM: $100B+
• Founded: 1981
• Total funds: 3
• Total investments: 347
• Stages: Early stage, late stage, post-IPO
• Deal size range: $30M–$100M+

Sources: Crunchbase, Dealroom

Top venture capital firms investing in healthcare

Investment in healthcare and life sciences is accelerating as populations age and healthcare costs rise globally. In 2024, healthcare deals accounted for 16.5% of all venture capital deals, according to PitchBook.

Companies in the healthcare sector, particularly biopharmaceutical and medtech companies, typically require large amounts of capital to support research and development. The following firms have built deep expertise in backing healthcare innovation.

New Enterprise Associates (NEA)

With nearly 50 years of experience, New Enterprise Associates (NEA) is a global venture capital firm that has invested in and partnered with companies working on transformational innovations in healthcare and technology.

NEA invests across all stages. Since its inception in 1977, their portfolio companies have yielded over 270 IPOs, 450 M&A transactions, and 99 billion-dollar businesses. Healthcare portfolio highlights include Strive Health, Neuehealth, Bright Health Group, Eargo, and American Pathology Partners.

• AUM: $28B
• Founded: 1977
• Total funds: 16
• Total investments: 2,241
• Stages: Early stage, late stage, IPO
• Deal size range: $20M–$50M

Sources: Crunchbase, Dealroom

Khosla Ventures

Khosla Ventures offers strategic advice and venture assistance to entrepreneurs working on highly innovative technologies. The firm currently invests in consumer, enterprise, fintech, frontier, healthcare, and sustainability companies.

In the healthcare space, Khosla Ventures focuses on medtech and diagnostics, digital health, and therapeutics companies with the potential to reshape existing markets.

• AUM: $17B
• Founded: 2004
• Total funds: 11
• Total investments: 1,296
• Stages: Early stage, late stage
• Deal size range: $15M–$50M

Sources: Crunchbase, Dealroom

General Catalyst

General Catalyst is a Cambridge, Massachusetts-based venture capital firm that backs ambitious founders looking to transform their industries.

According to PitchBook, General Catalyst (alongside Andreessen Horowitz) has been the most active VC investor in the digital health sector in 2024. They have healthcare-specific investment strategies, including Health Assurance and HATCo, focused on funding and partnering with companies working toward a more affordable and equitable healthcare system.

General Catalyst invests across early and growth-stage companies, including Cityblock Health, Adonis, Hippocratic AI, and Osana.

• AUM: $43B
• Founded: 2000
• Total funds: 16
• Total investments: 1,470
• Stages: Seed, early stage, late stage
• Deal size range: $25M–$100M

Sources: Crunchbase, Dealroom

Top venture capital firms investing in AI

Artificial intelligence has become the dominant sector for venture capital deployment, with AI infrastructure, foundation models, and enterprise applications absorbing an outsized share of global funding in 2025. The following firms have built dedicated AI investment practices and hold sizable portfolios in the space.

Andreessen Horowitz (a16z)

Andreessen Horowitz has committed heavily to AI across multiple dedicated funds. The firm launched a $4.2B fund specifically for AI and infrastructure investments and has backed companies across the full AI stack, from foundation models to application-layer software. Their AI portfolio includes investments in Mistral AI, Databricks, and Anyscale, alongside broader platform bets. With $90B in AUM, a16z has the capital to lead competitive rounds in the most sought-after AI companies.

Sequoia Capital

Sequoia was among the earliest major VCs to invest in AI, with positions in companies that became category leaders well before the current wave of attention. The firm's AI investments span enterprise applications, developer tools, and infrastructure. Sequoia's pattern-recognition advantage, built from over 50 years of technology investing, gives them a differentiated view on which AI applications will reach enterprise adoption and which will remain science projects.

Founders Fund

Founders Fund has concentrated on frontier AI and deep-tech applications, consistent with the firm's thesis that the most valuable companies solve hard technical problems. Their portfolio includes investments in companies applying AI to defense, healthcare, and industrial automation, areas where the technology has high barriers to entry and durable competitive moats. With $17B in AUM, Founders Fund tends to take concentrated positions with longer holding periods.

Thrive Capital

Thrive Capital, led by Joshua Kushner, gained visibility through its investment in OpenAI, participating in multiple funding rounds for the foundation model company. Beyond OpenAI, Thrive has built a portfolio of AI-native companies across productivity, developer tools, and enterprise applications. The firm's willingness to write large checks in competitive rounds has positioned it as a go-to investor for AI companies seeking growth capital.

Lightspeed Venture Partners

Lightspeed has focused its AI investments on enterprise applications, the layer where AI capabilities translate into business outcomes. Their portfolio includes companies building AI-native tools for sales, engineering, and operations, as well as infrastructure companies that power the broader AI application layer. With $40B in AUM and a global presence, Lightspeed has the scale to support AI companies from early stage through growth.

For a deeper look at which firms are leading AI investments and how the sector's funding landscape is evolving, see Affinity's full AI VC breakdown.

How to evaluate a venture capital firm

Whether you are a founder choosing an investor, an LP selecting a fund manager, or an analyst benchmarking the industry, evaluating a venture capital firm requires looking beyond AUM and brand recognition. Four factors matter most.

AUM and fund size

A firm's AUM determines the size and number of checks it can write, its ability to lead rounds, and its capacity for follow-on investment. Larger funds offer more support through multiple financing rounds, but they also need larger exits to generate meaningful returns. A $100M fund that returns 5x has produced $500M in value. A $10B fund that returns 5x has produced $50B, a much harder outcome to achieve. Match fund size to the stage and type of investing you are evaluating.

Track record: exits and DPI

Past performance is the closest thing venture capital has to a report card, even though it is imperfect. Look at exit counts, IPO rates, and (when available) DPI (distributions to paid-in capital), which measures how much cash a fund has actually returned to LPs. A firm with many paper markups but few distributions may be less proven than one with a consistent record of returning capital.

Sector expertise versus generalist breadth

Specialist firms tend to evaluate deals faster, provide more relevant operational support, and attract better dealflow in their focus areas. Generalist firms offer broader networks and the ability to invest across market cycles. Neither model is inherently superior. What matters is whether a firm's sector focus matches the opportunity set and whether they have the team to support companies in that domain.

Value-add: recruiting, network, and operational support

The best firms provide more than capital. Recruiting support, customer introductions, regulatory guidance, and strategic advice are among the most valuable services a VC can offer. Ask portfolio founders what their investor actually did beyond writing a check. Relationship management tools built for venture capital can help firms track and draw on their networks, but the underlying question is whether a firm has the people, relationships, and institutional knowledge to accelerate a company's trajectory. As Caroline Haun, Operations Director at 8VC, describes it: "We invest in transformative companies, technologies and entrepreneurs, and Affinity gives us the visibility to translate our network and relationships into investments."

Key takeaways

• By AUM, the five largest venture capital firms in 2026 are SoftBank Vision Fund ($100B+), Andreessen Horowitz ($90B), Insight Partners ($90B), Tiger Global ($58.5B), and Sequoia Capital ($56B).
• In SaaS, Sequoia Capital, Accel, and Bessemer Venture Partners lead the sector, which accounts for nearly two-thirds of global VC investment.
• In fintech, Tiger Global, Index Ventures, and Andreessen Horowitz have collectively backed companies across a sector that raised $56.8B in 2025 alone.
• In healthcare, NEA, Khosla Ventures, and General Catalyst have built dedicated strategies in a sector that accounted for 16.5% of all VC deals in 2024.
• In AI, Andreessen Horowitz, Sequoia, Founders Fund, Thrive Capital, and Lightspeed are deploying heavily into AI infrastructure and enterprise applications.
• The 2025–2026 market saw $512.6B in global funding, but exits remained constrained (995 acquisitions vs. 62 IPOs), and LP liquidity pressures are reshaping which firms can raise new funds.
• When evaluating a firm, look beyond AUM to track record (exits and DPI), sector expertise, and the tangible value-add they provide to portfolio companies.

Venture capital continues to reshape industries by connecting high-growth companies with the capital, expertise, and networks they need to reach their potential. For firms looking to build or strengthen their own investment practices, managing relationships and data effectively is what separates consistent performers from the rest of the field. For a deeper look at how leading firms approach relationship management and operational infrastructure, explore this guide to VC management software.