Entering into the world of venture capital has never been easy, especially as a first-time fund manager. But it’s especially daunting right now.
According to PitchBook data, firms raising their fourth fund “or later” captured a whopping 88.2% of U.S. VC fundraising dollars through the first three quarters of this year, while first-time funds captured a measly 4.5%. Just 81 first-time funds closed in the first nine months of 2026. That puts the year on track to be the worst for first-time managers in at least a decade, according to PitchBook’s estimate.
