Largest venture capital firms in the US

The largest venture capital firm in the US by this measure is Andreessen Horowitz, followed by Sequoia Capital and Founders Fund, in the SEC's Form ADV file of 2026-10-02. We rank advisers whose venture capital funds are at least half of the private funds they report, by the gross assets of the private funds the adviser reports, not fund size or assets raised. Venture funds report those assets at fair value, so the figure rises with their startups' valuations before any exit. The median adviser that reports venture capital funds reports $178 million.

What fair value does to the order

Form ADV's instructions tell an adviser to report a private fund's assets at current market value or fair value, plus the contractual amount of any uncalled commitment. A venture fund's holdings are mostly private shares with no market price, so it reports the fair value its manager puts on them. When a portfolio company raises money at a higher valuation, the fund's gross assets grow, though no cash has come back to investors.

Two effects follow. A firm with a few very highly valued startups can outrank firms that raised more money. A firm that has just closed a large fund ranks on commitments it has not yet invested.

Who else passes the focus rule

The fund type in this table is the adviser's own classification on Form ADV, shown as filed. Form ADV points to the definition in SEC Rule 203(l)-1, but we don't test each fund against it, and some filings sit outside the classic venture model:

• Funds of funds. Horsley Bridge Partners describes its business as "funds of carefully selected private equity partnerships", investing with "the world's foremost venture capital and growth buyout teams". A fund of funds reports the value of its stakes in other managers' funds, which those managers report again. Rule 203(l)-1 counts only shares bought directly from companies as qualifying investments, not stakes in other funds.
• Energy and other sectors. EnCap Investments, whose site calls it a "Leading Provider of Growth Capital to Independent Energy Companies", reports all of its private funds as venture capital funds.
• Mixed managers. A firm qualifies with exactly half of its funds filed as venture capital, so some rows report other fund types too. Avoro Capital Advisors reports one venture capital fund of two private funds.

Most rows are what a founder would call a venture firm: 70 of the 100 report only venture capital funds. California is the main office of more than half of the rows, led by San Francisco, Menlo Park and Palo Alto, and Massachusetts and New York follow. Apple Tree Venture Management is the only row that reports a single private fund.

What this ranking doesn't show

• Capital raised. Gross assets include unrealized gains and uncalled commitments, so they are not a fundraising total.
• Fund size. No single fund is shown, and gross assets are summed across all of an adviser's private funds.
• Returns or exits. Performance is not on Form ADV, and an unrealized gain is not a return to investors.
• Deal count or portfolio companies. Form ADV has no field for either.
• A market total. We publish no sum of this table, because funds of funds and the funds they invest in report the same assets.
• Advisers based abroad, state-registered advisers and residence-flagged filers. None of them is ranked.

Sources

1. 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)
2. SEC, Investment Adviser Public Disclosure, firm summary pages (one per ranked adviser, linked by CRD number in the table), https://adviserinfo.sec.gov/ (accessed 2026-10-04)
3. SEC, Form ADV General Instructions and Instructions for Part 1A, Instruction 5.b (market or fair value, uncalled commitments) and Instruction 6 (venture capital fund definition), https://www.sec.gov/about/forms/formadv-instructions.pdf (accessed 2026-10-04)
4. SEC, Form ADV of Transpose Platform Management, LLC (CRD 287674), Schedule D Section 7.B.(1), https://reports.adviserinfo.sec.gov/reports/ADV/287674/PDF/287674.pdf (accessed 2026-10-04)
5. AngelList, Disclosures, https://www.angellist.com/disclosures (accessed 2026-10-04)
6. Horsley Bridge Partners, home page, https://www.horsleybridge.com/ (accessed 2026-10-04)
7. EnCap Investments, home page, https://www.encapinvestments.com/ (accessed 2026-10-04)