Individual VCs continue to break out on their own, despite an ongoing shift of institutional LP commitments away from first-time funds.
Why it matters: These investors see an opportunity to stand out through a focus on specialized sectors.
Driving the news: Former Sequoia partner Matt Miller announced in April he was raising a $300 million fund focused on Series B and C rounds in European AI and B2B startups.
- In November 2024, general partner Sriram Krishnan left Andreessen Horowitz and Michelle Volz announced her departure the following month.
- In March, Deep Nishar, Kyle Doherty and Adam Valkin exited General Catalyst.
- Gaurav Ahuja left Thrive Capital in January 2024 and launched Timeless Ventures.
- Flagship general partner David Berry left in January 2024 to co-found the firm Bedford Bridge with his brother.
- Alex Cook departed Tiger Global in July 2024.
Between the lines: Last year, PitchBook reported that nine firms collected half of all money raised by U.S. funds, half of which identified above have seen major departures.
- PitchBook data indicates the LP shift has created opportunities for high-net-worth individuals and wealth managers to expand their venture allocations.
Reality check: Q1 2025 saw $10 billion raised across 87 VC funds, setting a pace for the lowest year of fundraising in a decade.
