Venture capital funds raised $8.9 billion in new commitments for 58 funds in the first quarter, surpassing the amount of capital raised in the fourth quarter of $4.9 billion for 53 funds and more than double the $4.4 billion raised in the first quarter of last year for 48 funds, according to data released on Monday by the National Venture Capital Association and Thomson Reuters.
Twenty-five of the 58 venture capital funds raising capital were new funds, up dramatically from 17 out of 53 total funds in the fourth quarter and 10 out of 48 total funds in the first quarter of last year. The remaining funds were subsequent or “follow-on” funds.
The largest venture capital funds raised in the first quarter were the $1.38 billion TCV VIII, managed by Technology Crossover Ventures and $1.01 billion Founders Fund V. The five largest venture capital funds accounted for 60% of new commitments in the first quarter.