CAPITAL LANDSCAPE
The United States Venture Capital Firm Landscape
American venture capital now runs in two tiers. The largest platforms operate as SEC-registered investment advisers whose regulatory assets rival established buyout firms, managing multi-stage funds, crossover vehicles and wealth products while still writing seed checks through dedicated early-stage funds. Alongside them, storied partnerships have stayed deliberately small, filing as exempt reporting advisers and concentrating on early-stage conviction rather than asset gathering.
Geography still matters. Silicon Valley anchors the industry, from Sand Hill Road partnerships to San Francisco firms, but the map on this page runs through New York, Boston, Seattle, Chicago, Stamford and Austin, and several firms deliberately back founders far from the coastal hubs.
For founders and fund managers, Form ADV is the cleanest lens on the industry: it separates advisers who report regulatory assets from partnerships exempt from reporting, and it anchors every figure in this directory to a regulator-primary filing rather than to a survey or a press release.