Key Takeaways
- • PEI Private Equity's seventh annual VCJ 50 ranks the world's 50 largest venture capital fundraisers by capital raised for dedicated venture funds over 2021 to 2025, with the combined total reaching $219.8 billion.
- • The combined total rose 8 percent from the $204.2 billion raised by the 50 firms in the 2025 ranking, even as global VC fundraising has been in a multi-year downturn.
- • Andreessen Horowitz tops the list again with $26.3 billion raised over five years, a 20 percent increase from its prior-year tally.
- • General Catalyst Partners ranks second with $9.9 billion, up 19 percent from the 2025 ranking.
- • The top 10 also includes HarbourVest Partners, HSG, ARCH Venture Partners, Bessemer Venture Partners, B Capital Group, OrbiMed Advisors, Flagship Pioneering and Oak HC/FT, with totals from $5.2 billion to just over $9 billion.
Summary
PEI Private Equity has published the 2026 edition of its VCJ 50, its annual ranking of the largest venture capital firms worldwide, dated July 1, 2026. The ranking measures capital raised for dedicated venture capital funds that held a final close between January 1, 2021, and December 31, 2025, along with capital raised by funds still in market at the end of the period. According to PEI, the 50 firms collectively raised $219.8 billion, an 8 percent increase from the $204.2 billion recorded in the 2025 ranking. PEI notes that this contrasts with a broader fundraising slowdown in venture capital, where global VC fundraising has declined each year since its 2021 peak and reached a six-year low in 2025, when 865 funds raised $104.7 billion combined.
The largest firms showed the strongest growth. Andreessen Horowitz, ranked first, raised $26.3 billion over the five-year period, up 20 percent from its prior tally. General Catalyst Partners placed second with $9.9 billion, a 19 percent increase. The remainder of the top 10, with totals ranging from $5.2 billion to just over $9 billion, comprises HarbourVest Partners, HSG, ARCH Venture Partners, Bessemer Venture Partners, B Capital Group, OrbiMed Advisors, Flagship Pioneering and Oak HC/FT.
PEI's methodology excludes growth equity funds, funds of funds, recycled capital, and fund leverage, and counts only blind-pool closed-end vehicles in which the general partner has full discretion over investments. The ranking measures fundraising success rather than investment returns, and PEI states that firms do not pay for inclusion. The publication notes that the ranking excludes growth-stage capital, which distinguishes it from broader fundraising tallies.
The largest firms showed the strongest growth. Andreessen Horowitz, ranked first, raised $26.3 billion over the five-year period, up 20 percent from its prior tally. General Catalyst Partners placed second with $9.9 billion, a 19 percent increase. The remainder of the top 10, with totals ranging from $5.2 billion to just over $9 billion, comprises HarbourVest Partners, HSG, ARCH Venture Partners, Bessemer Venture Partners, B Capital Group, OrbiMed Advisors, Flagship Pioneering and Oak HC/FT.
PEI's methodology excludes growth equity funds, funds of funds, recycled capital, and fund leverage, and counts only blind-pool closed-end vehicles in which the general partner has full discretion over investments. The ranking measures fundraising success rather than investment returns, and PEI states that firms do not pay for inclusion. The publication notes that the ranking excludes growth-stage capital, which distinguishes it from broader fundraising tallies.
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