In a venture market increasingly dominated by a handful of giant names, the squeeze is not just on startups chasing capital. It is also hitting the investors trying to raise it.

“It’s harder than ever to raise a fund as an emerging manager,” venture capitalist Nisha Dua said, capturing a mood that many newer firms have felt since the funding boom gave way to a more selective market. PitchBook data show experienced firms captured 91% of capital raised in the first quarter of 2026, up from 74% across 2025, the highest share in the database. READ MORE