<ul><li>Venture fundraising in Q1 2025 dropped sharply, with only 87 funds raising $10B, as capital concentrates in top geographies and LPs increasingly back fewer, more established managers.</li><li>The venture capital landscape is evolving with firms becoming Registered Investment Advisors (RIAs) and adopting private equity-style strategies like serial acquisitions or 'roll-ups'.</li><li>Firms like Lightspeed Venture Partners, Sequoia Capital, Andreessen Horowitz, and General Catalyst are investing in a broader range of assets beyond direct startup equity, including public and secondary shares, and cryptocurrencies.</li><li>Some firms, like Thrive Capital, are launching new ventures focusing on AI-enabled companies and are diversifying into areas like wealth management and healthcare acquisitions. There is speculation that heavyweight firms may consider an IPO in the future.</li></ul>

How Venture Capital Firms are Changing in 2025

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