US VC Fundraising and Returns Report

PitchBook

Kyle Stanford

Research

20 Pages

PitchBook’s Q2 2026 report finds US VC fundraising increasingly concentrated among mega-funds and elite names, while returns and exits diverge sharply. Just 12 firms captured 74.6% of 2026 capital raised, even as one-year IRR gains reflect AI-driven markups rather than real liquidity.

Key Takeaways

Fundraising concentrates sharply: Just 12 firms captured 74.6% of 2026 capital raised, as billion-dollar-plus funds took 68.3% of dollars, up from 36.1% in 2025.
IRR gain misleading: The 17.1% one-year IRR stems from 21.6% NAV growth, not distributions, which remain below the 18.7% long-run average.
Exits cost more: The median company exiting above $500 million has raised $323.7 million, over double the figure from a decade ago.
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