Investor David J Phillips has listed the fifteen largest venture capital firms in the Bay Area based on estimated assets under management. The list presents approximate figures and is based on asset management scale, not on annual investment counts or exit returns.

The top three are Andreessen Horowitz (a16z) at approximately $90 billion, Sequoia Capital at approximately $56 billion, and Lightspeed at approximately $40 billion. Public compilations push a16z to about $90 billion after raising over $15 billion in early 2026, while Sequoia's main venture capital entity is about $56 billion, which could be higher if including its wealth management arm.

The second tier includes Accel at approximately $20 billion to $26 billion, Bessemer Venture Partners at about $20 billion, Khosla Ventures at around $17 billion, Greenoaks Capital at about $15 billion to $18 billion, Greylock at approximately $16 billion, and Founders Fund at around $12 billion to $17 billion.

Following them are Ribbit Capital at about $10 billion, IVP at around $8 billion to $10 billion, and Kleiner Perkins at approximately $7 billion to $9 billion. Benchmark and First Round Capital each at about $3 billion to $4 billion, and Craft Ventures at around $3 billion. The brand weight and management scale diverge significantly in this segment.

Globally, New York's Insight Partners is also around the $90 billion mark, and Cambridge's General Catalyst is about $43 billion. The Bay Area list excludes these super-large firms headquartered outside the Bay Area. The asset management scale includes the appreciation of invested portfolios and does not equate to immediately available capital.

In market mechanics, the buyers are pension funds, sovereign funds, and university endowments, while the sellers are fund shares from multi-stage platforms in the Bay Area. The events are driven by large rounds of artificial intelligence funding, concentrating capital on a few platforms capable of writing very large checks; benefiting are the top fundraising machines, while under pressure are boutique funds with only several billion in management scale, yet still priced based on brand.

Source: Public Information