U.S.-based venture capital firms raised $18.3 billion for 146 venture capital funds in the first six months of 2014, with mega-funds leading the charge.
The five largest funds raised in the first half of the year collected $1 billion or more, led by Andreessen Horowitz, which closed on $1.7 billion for Andreessen Horowitz Fund Fund IV; Technology Crossover Ventures, which raised $1.36 billion for TCV VIII; and Norwest Venture Partners, which pulled in $1.2 billion forNorwest Venture Partners XII, according to Thomson Reuters (publisher of peHUB).
Notably, the 10 largest funds raised a combined $8.9 billion in the first six months of the year, or nearly half of all the capital raised during that period. Looking at it another way, less than 7 percent of the total number of funds accounted for nearly 50 percent of the capital raised.
Mega-funds are growing in popularity. Over the past 10 years, 29 funds have raised $1 billion or more. Of that total, 11 funds collectively raised $19.5 billion from the start of 2004 to the end of 2008, while 18 funds have raised about $23 billion from 2009 to today.
Here are the 10 largest funds raised in the first half.
|Ten largest VC funds raised by U.S. firms in 1H 2014|
|Rank||Fund Name||Firm Name||Fund Size (USD Mil)||Amount Raised in Range (USD Mil)||Fund Location|
|1||Andreessen Horowitz Fund IV, L.P.||Andreessen Horowitz LLC||$1,700.00||$1,700.00||Menlo Park, Calif.|
|2||TCV VIII, L.P.||Technology Crossover Ventures||$1,588.38||$1,360.00||Palo Alto, Calif.|
|3||Norwest Venture Partners XII, L.P.||Norwest Venture Partners||$1,200.00||$1,200.00||Palo Alto, Calif.|
|4||Founders Fund V, L.P.||Founders Fund, The||$1,015.20||$1,015.20||San Francisco|
|5||Accel Growth Fund III, L.P.||Accel Partners & Co Inc||$1,000.00||$1,000.00||Palo Alto, Calif.|
|6||Lightspeed Venture Partners X, L.P.||Lightspeed Venture Partners X LP||$950.00||$950.00||Menlo Park, Calif.|
|7||J.P. Morgan Digital Growth Fund II, L.P.||JPMorgan Chase & Co||$797.33||$53.00||New York|
|8||Bain Capital Venture Fund 2014, L.P.||Bain Capital Venture Partners LLC||$715.00||$650.00||Boston|
|9||FTV IV, L.P.||FTV Capital||$714.00||$348.14||San Francisco|
|10||GGV Capital V, L.P.||GGV Capital||$621.92||$621.92||Menlo Park, Calif.|
|Source: Thomson Reuters|
This story first appeared in Reuters Venture Capital Journal. Subscribers can click here to read the original story, which includes a complete list of all funds raised in 1H 2014. To subscribe to VCJ, click here for the Marketplace.
Photo: Marc Andreessen, co-founder and partner of Andreessen Horowitz, speaks at the Milken Institute Global Conference in Beverly Hills, California, on April 29, 2013. REUTERS/Fred Prouse
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.