Fund Structure
Fund Size
The total capital committed by LPs to a venture fund, which determines the fund's investment capacity and check size range.
Fund size is the total amount of capital that LPs have committed to a venture fund — the pool from which the GP makes investments. Fund size directly determines strategy: a $50M fund makes $1-3M seed investments; a $500M fund writes $20-50M Series A/B checks; a $5B fund focuses on late-stage growth. Larger funds need larger outcomes to return the fund — a $5B fund needs a $10B+ exit just to return 2x. This is why large multi-stage funds must focus on companies that can become enormous. First-time funds are typically smaller ($20-100M) as GPs establish their track record. Fund size is a key factor LPs evaluate when committing capital.