Limited partners are shifting their focus to established venture firms with proven track records after many VC investments failed to yield strong returns from the 2021 bubble.

Lightspeed Venture Partners raised a record $9 billion in fresh funds, positioning itself as a major AI-focused investor with investments in companies like Rubrik, Netskope, and Navan.

Armed with its new fund, Lightspeed can continue making massive investments in capital-intensive AI companies, such as a reported $1 billion check to Anthropic in September.

The capital raised by Lightspeed is spread across six funds, including a $3.3 billion opportunity fund for follow-on investments in high-growth portfolio companies.

Other VC firms like Founders Fund, General Catalyst, and Andreessen Horowitz have also recently raised large capital pools, while younger firms are struggling to attract fresh funds in 2025.

According to PitchBook data, 2025 is on track to have the fewest VC fund closings in the past decade.

Read more at Yahoo Finance: Lightspeed raises record $9B in fresh capital