Q1 2026 Fundraising: The Biggest PE and VC Closes of the Quarter

The first quarter of 2026 delivered a strong fundraising environment for both private equity and venture capital, with several marquee closes that underscored continued institutional appetite for alternative assets. Despite elevated interest rates and geopolitical uncertainty, top-tier managers had little trouble attracting capital, while emerging managers found the environment more challenging.

Headline PE Closes

Veritas Capital closed its Fund IX strategy at $15.3 billion, one of the largest technology-focused buyout fundraises in history. The firm, which specializes in technology investments serving government and institutional customers, exceeded its initial target by more than $3 billion, reflecting strong LP demand for specialized, thesis-driven strategies.

Several other large-cap PE managers also completed or advanced significant fundraises during the quarter. The trend toward mega-funds continued, with the top 10 PE fundraises of Q1 collectively raising over $80 billion. This concentration of capital among the largest managers has reignited the debate about whether scale creates or destroys value in private equity.

Venture Capital Highlights

In venture capital, Andreessen Horowitz made headlines with a $15 billion fundraise across five funds, its largest capital raise to date. The new funds span AI infrastructure, American Dynamism, crypto, bio and health, and a flagship growth fund. The raise signals that institutional capital continues to flow toward venture strategies anchored in AI and deep tech themes.

Other notable VC fundraises included continued momentum from Thrive Capital, General Catalyst, and Lightspeed Venture Partners, each of which closed or advanced multi-billion-dollar flagship vehicles during the quarter.

What the Numbers Tell Us

The Q1 fundraising data reinforces a two-speed market: established managers with strong track records are raising capital faster than ever, while first-time and emerging managers face a more selective LP base. For talent in the fundraising and investor relations functions, this dynamic is creating strong demand for professionals who can articulate differentiated investment strategies and manage complex institutional relationships.