LP Guide to 2026 Venture Capital Reset

A new era of extreme concentration

The venture capital landscape has fundamentally reset. Andreessen Horowitz's $15 billion fundraise representing 18% of all US venture capital raised in 2025 signals a new era of extreme concentration. For limited partners, this is a structural shift requiring new portfolio construction, pro-rata strategies, and risk management frameworks. Here's your playbook.

The Concentration Threshold: When 18% Changes Everything