Emerging VC managers - get ready to manage a lot of LP relationships.
Data below shows the percent of US VC funds on Carta by their LP count, with each row representing a different tier of fund size (obviously a fund with $8M AUM functions a little differently than a $200M AUM fund).
But even small funds end up juggling a large number of LPs. The median LP count for a $10M is already 24 - and that jumps to 40 for a fund of $25M.
Of course it also matter who those LPs happen to be. At smaller fund sizes, the LP base is comprised of accredited investor individuals alongside a smattering of family offices, LLC partnerships, etc.
At the larger end, more professional investors such as endowments, institutional capital, and larger family offices tend to come into play. But there remains a strong presence of HNW individuals as well.
Interesting to see that a cohort of funds can raise pretty big dollar figures (say $250M) from a tiny set of investors. A $200M venture fund with 5 LPs sounds pretty great (although maybe the anchor LP has a little too much sway in that situation...pros and cons).
Expect a lot more data on venture fund composition, economics, and performance from us in the coming weeks leading up to the release of our Carta Fund Performance report in mid-March. Full data on IRR, TVPI, and DPI for 2,000+ US funds.
#venturecapital #emergingmanagers #VCmanager #VCfunds #limitedpartners
If you want to reserve a copy of that Fund Performance report in advance, give me a shout in the comments or a DM.
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
