The megafunds boom of 2022 finished with a fizzle
35 venture funds raised $1 billion or more in 2022—more than three times as many as any year prior to 2021. Andreessen Horowitz alone closed four megafunds in 2022.
But the breakout years for megafunds aren’t likely to last. Our latest analyst note tracks 60 funds in 2021 and 2022 totaling more than $147 billion, driven by VC exit activity topping more than $1 trillion in the same time span. LPs were paying venture more attention and, in turn, fund managers were rushing to return to market at record speed. But as one-year performance fell and exits turned stale in mid-2022, the megafunds boom came to an end.
Table of contents
| Key takeaways | 1 |
| Introduction | 2 |
| Evolution of the fundraising market | 2 |
| Pace and size of fundraising | 5 |
| Billion-dollar fund profile | 7 |
| Is the era of billion-dollar funds subsiding? | 9 |