The largest US venture capital advisers by gross private-fund assets at fair value, with SEC records.
Venture capital firm database
In the SEC's Form ADV data file of 2026-10-02, ~2,200 SEC-registered and exempt reporting advisers that report venture capital funds have a main office in the 50 states or DC. Each is an adviser firm, the company that manages the funds. Each row of the database is one firm's main office, with its Form ADV identifiers, the private fund types it reports, its website and the email it publishes there, the page where we found it and the date we last verified it. No row names a partner or employee. You can order it now, nationwide or by state.
What's in the list
| Column | What it holds | Format |
|---|---|---|
| firm_name, legal_name | The business name and legal name the firm files on Form ADV | text |
| crd_number, registration_type | The firm's CRD number, and whether it is an SEC-registered adviser or an exempt reporting adviser | CRD number; SEC-registered adviser or exempt reporting adviser |
| address, city, state, zip | The main office on Form ADV. Firms whose main office is a private residence are left out | main office; state as 2 letters, ZIP as 5 digits |
| phone | The main office number on Form ADV | text |
| website | The firm's own site, from Form ADV or found by us | URL |
| email, email_type | An email the firm publishes on its own website, marked role (info@, ir@) or personal (a named inbox at the firm's own domain). No free-mail addresses | email address; type is role or personal |
| email_status | valid, catch-all or unknown. Catch-all means the mailbox can't be confirmed; invalid emails are removed | valid, catch-all or unknown |
| email_source_url | The page or official register where the email was published | URL |
| email_last_verified | Date of the latest verification check | date, ISO 8601 (year-month-day) |
| fund_types | The private fund types the firm reports in Form ADV Item 7.B: private equity, hedge, venture capital, real estate or other | private equity, hedge, venture capital, real estate, other (Form ADV Item 7.B) |
| private_funds, gross_private_fund_assets | How many private funds the firm reports and their gross assets, from Schedule D. Gross assets are fair values, not fund size or capital raised | whole numbers; gross assets of reported private funds in US dollars, not fund size |
| adv_filing_date | Date of the firm's latest Form ADV filing in the SEC file | date, ISO 8601 (year-month-day) |
One row per adviser firm that reports at least one venture capital fund on Form ADV, at its main office in the 50 states or DC.
The data dictionary in every download describes each column in full.
In the public register
SEC-registered and exempt reporting advisers that report venture capital funds~2,200
Rounded count in SEC Form ADV, file of 2026-10-02: SEC-registered and exempt reporting advisers that report venture capital funds, with a main office in the 50 states or DC, minus suspect filings. It runs low, because the SEC withholds the address of advisers whose office is a private residence, and state-registered advisers are not in the SEC file.
States and DC44
States plus DC with at least one entry in the register.
Register file date2026-10-02
The date of the public file we counted.
How many venture capital firms are in the US?
The National Venture Capital Association counts 2,984 venture capital firms in existence at the end of 2025 in its 2026 Yearbook (data by PitchBook, released April 13, 2026). That was the first decline on record, down from 3,054 a year earlier. PitchBook decides which firms count as venture capital, so the figure doesn't match an SEC count.
The SEC's Form ADV file of 2026-10-02 has ~2,200 SEC-registered and exempt reporting advisers that report venture capital funds and have a main office in the 50 states or DC. Most of them are exempt reporting advisers: ~1,700, against ~470 registered with the SEC.
| Registration | Advisers |
|---|---|
| SEC-registered adviser | ~470 |
| Exempt reporting adviser | ~1,700 |
Counts are rounded.
The reason is the venture capital exemption. Federal law lets an adviser that advises only venture capital funds skip SEC registration, whatever its size, and file parts of Form ADV as an exempt reporting adviser instead. SEC Rule 203(l)-1 defines a venture capital fund as a private fund that tells investors it pursues a venture capital strategy, keeps no more than 20 percent of its capital in assets other than qualifying investments (shares bought directly from companies that are not publicly traded when the fund invests), limits borrowing to 15 percent of its capital for no more than 120 days, and gives investors no right to redeem except in extraordinary circumstances. Form ADV uses the same definition when an adviser marks a fund as venture capital. Some exempt advisers here use the other exemption instead, for advisers only to private funds with less than $150 million of assets under management in the US. An adviser that also runs other kinds of private funds loses the venture capital exemption, and generally must register once its private fund assets in the US reach $150 million.
What the count leaves out, and what it takes in:
- Left out: advisers registered only with a state, which are not in the SEC file; ~560 advisers whose main office address the SEC withholds because it is a private residence, so they can't be placed in a state; ~520 advisers based outside the 50 states and DC; and 11 exempt filings we removed as suspect in the file of 2026-10-02. The methodology explains the filter.
- Taken in: every adviser that reports at least one venture capital fund, even when most of its funds are of another type. Platform advisers that run single-deal vehicles for many investors count once each. Our ranking of the largest venture capital firms keeps only advisers whose venture capital funds are at least half of the private funds they report.
We publish no total of the assets these advisers report. A venture fund's gross assets are fair values that include gains not yet realized, and funds of funds report stakes that other advisers report again.
Advisers reporting venture capital funds, by state
California has ~810 advisers that report venture capital funds, more than New York, Massachusetts and Texas together, most of them in San Francisco, Palo Alto and Menlo Park. New York ranks number 2 with ~360, and Texas number 4 with ~120, led by Austin. Per resident, DC (3.3 per 100,000), Massachusetts (2.1) and California (2.0) are among the highest; Wyoming's high rate rests on a small count.
| State | In the public register | Per 100,000 residents | Share of US total |
|---|---|---|---|
| California | ~810 | 2.0 | 37% |
| New York | ~360 | 1.8 | 17% |
| Massachusetts | ~150 | 2.1 | 7% |
| Texas | ~120 | 0.4 | 5.4% |
| Florida | ~110 | 0.5 | 4.9% |
| Illinois | ~70 | 0.6 | 3.4% |
| Colorado | ~40 | 0.7 | 2% |
| Utah | ~40 | 1.2 | 2% |
| Connecticut | ~40 | 1.0 | 1.7% |
| Maryland | ~30 | 0.5 | 1.5% |
| Tennessee | ~30 | 0.5 | 1.5% |
| Pennsylvania | ~30 | 0.2 | 1.4% |
| Virginia | ~30 | 0.3 | 1.4% |
| Washington | ~30 | 0.4 | 1.4% |
| Georgia | ~30 | 0.2 | 1.3% |
| District of Columbia | ~20 | 3.3 | 1.1% |
| Nevada | ~20 | 0.6 | 0.96% |
| Ohio | ~20 | 0.2 | 0.87% |
| North Carolina | ~20 | 0.2 | 0.83% |
| Michigan | ~20 | 0.2 | 0.78% |
| Missouri | ~20 | 0.3 | 0.78% |
| New Jersey | ~20 | 0.2 | 0.73% |
| Wyoming | ~20 | 2.5 | 0.69% |
| Wisconsin | ~10 | 0.2 | 0.6% |
| Delaware | ~10 | 1.1 | 0.55% |
| Minnesota | ~10 | 0.2 | 0.55% |
| Arizona | 8 | 0.1 | 0.37% |
| Alabama | 7 | 0.1 | 0.32% |
| New Hampshire | 7 | 0.5 | 0.32% |
| Vermont | 6 | 0.9 | 0.28% |
| Kentucky | 5 | 0.1 | 0.23% |
| Oregon | 5 | 0.1 | 0.23% |
| Iowa | 4 | 0.1 | 0.18% |
| Idaho | 4 | 0.2 | 0.18% |
| Indiana | 4 | 0.1 | 0.18% |
| Louisiana | 4 | 0.1 | 0.18% |
| South Carolina | 3 | 0.1 | 0.14% |
| Hawaii | 2 | 0.1 | 0.09% |
| Kansas | 2 | 0.1 | 0.09% |
| Maine | 2 | 0.1 | 0.09% |
| Montana | 2 | 0.2 | 0.09% |
| New Mexico | 2 | 0.1 | 0.09% |
| Oklahoma | 2 | 0.0 | 0.09% |
| Rhode Island | 1 | 0.1 | 0.05% |
| Alaska | 0 | 0.0 | 0% |
| Arkansas | 0 | 0.0 | 0% |
| Mississippi | 0 | 0.0 | 0% |
| North Dakota | 0 | 0.0 | 0% |
| Nebraska | 0 | 0.0 | 0% |
| South Dakota | 0 | 0.0 | 0% |
| West Virginia | 0 | 0.0 | 0% |
Counts are rounded.
These are register counts, rounded, by the state of each adviser's main office. Branch offices are not counted. The list will hold fewer rows, because our checks leave out firms we can't confirm as current.
Largest venture capital firms
The largest venture capital firms in the US ranks the top 100 focused advisers by the gross assets of the private funds they report on Form ADV. That measure is a fair value that includes unrealized gains, so it is not fund size or capital raised.
Who buys a venture capital firm list
We expect two kinds of buyer: companies that sell to venture firms, and companies that want money from them. These are our assumptions about the market, not a list of customers:
- Fund administrators, auditors, tax firms and fund lawyers, who sell to managers by fund count and registration type.
- Banks and lenders that offer venture debt, capital-call lines and startup banking.
- Software vendors for fund accounting, cap tables, investor reporting and deal flow.
- Startup advisors, accelerators and investment bankers, who introduce companies to investors.
- Limited partners and fund-of-funds teams, who track who is raising.
The registration_type column will let you separate exempt reporting advisers from SEC-registered firms, and fund_types shows which firms also run private equity or hedge funds.
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Where the data comes from
The list starts from the SEC's monthly Form ADV data, file of 2026-10-02: the registered adviser file and the exempt reporting adviser file. We take the advisers that report a venture capital fund in Item 7.B and have a main office in the 50 states or DC, remove suspect filings, match each firm to its own website and record the emails published there, with the page URL. For each order we check each email with the receiving mail server before it goes into your file.
Full methodologySEC Form ADV
Questions about the venture capital firm list
Can I buy the venture capital firm list now?
Yes. Choose nationwide or up to 10 states in the order panel on this page. It costs $499 nationwide, and state files start from $39. Delivered within 24 hours, usually much sooner. Nationwide files are verified and sent within 48 hours.
Why are most venture capital firms not registered with the SEC?
An adviser that advises only venture capital funds is exempt from SEC registration at any size. It still files parts of Form ADV as an exempt reporting adviser, which is why it appears in the SEC's exempt adviser file and will appear in this database. Each row will say which of the two files the firm is in.
Does the list include angel investors or corporate venture arms?
Only if they file Form ADV as advisers to private funds. Individual angels don't, and corporate venture units that invest only their parent's money usually don't, so they will not be in the list. Angel groups and syndicates whose deals run through a platform adviser will appear only as that platform's row.
Does it include the funds or the startups they back?
No. Each row will be the adviser firm. Funds are listed under their adviser in Form ADV Schedule D, Section 7.B.(1), and the row will carry how many private funds the firm reports. Portfolio companies are not on Form ADV.
Does it include partners or associates?
No. The list will have one row per firm, with the firm's own contact details and the emails published on its website. It will name no individuals.
Is there a free venture capital database?
The SEC's Investment Adviser Public Disclosure site shows each adviser's Form ADV for free, one firm at a time, and the SEC publishes the monthly data files. Our list will add the firm's website, the emails it publishes there with their source pages, and an email check, in one file with a column for each field.
Can I send email to venture capital firms legally?
In the US, CAN-SPAM allows commercial email to businesses if you identify yourself, include a postal address and an opt-out, and honor opt-outs. This is general information, not legal advice. Read is buying an email list legal?
Sources
- National Venture Capital Association, 2026 NVCA Yearbook (data provided by PitchBook), released 2026-04-13, https://nvca.org/2026-nvca-yearbook/ (accessed 2026-10-04)
- SEC, Information About Registered Investment Advisers and Exempt Reporting Advisers, Form ADV data files ia100226.zip and ia100226-exempt.zip (file of 2026-10-02), https://www.sec.gov/data-research/sec-markets-data/information-about-registered-investment-advisers-exempt-reporting-advisers (accessed 2026-10-04)
- Electronic Code of Federal Regulations, 17 CFR 275.203(l)-1, Venture capital fund defined, https://www.ecfr.gov/current/title-17/chapter-II/subchapter-C/part-275/section-275.203(l)-1 (accessed 2026-10-04)
- SEC, Form ADV General Instructions and Instructions for Part 1A, Instruction 6 (private fund types) and Glossary term 19 (exempt reporting adviser), https://www.sec.gov/about/forms/formadv-instructions.pdf (accessed 2026-10-04)