The LPs behind the power law
Pension funds, foundations, endowments, fund-of-funds and family offices — the limited partners whose capital sits behind the world's best-performing VC funds. Ranked by combined VC power-law score: each fund commitment weighted by that fund's track record of producing outlier winners.
The 25 biggest LPs behind the best-performing VCs
Live data from the Dealroom LP graph. Toggle the venture-capital market view (Global, Europe, early stage, emerging managers), then filter by region or LP type. The top 25 in any combination is shown — the remaining 8,889+ are unlocked with a Dealroom demo.
| # | Investor | HQ | AuM | % VC | VC AuM | VCs backed | Power-Law Score |
|---|---|---|---|---|---|---|---|
| Loading LP ranking… | |||||||
Who actually funds venture capital
LP classes ranked by combined VC power-law score. Pension funds dominate; foundations and fund-of-funds together account for nearly a third more of all power-law capital. Updates whenever the market view changes above.
By LP type
Combined power-law score, summed across all LPs in each class (current market view).
By LP HQ country
Top 12 countries by combined power-law score of their resident LPs (current market view).
How the Combined Power-Law Score is built
Every LP commitment to a VC fund is weighted by that fund's average per-VC power-law score — itself built from the fund's track record of producing $1B+ valuations, $25M+ revenues and $100M+ revenue outcomes (stage-weighted).
The five market views recompute the score against a different VC universe: Global/US (all VCs), Europe (European VCs only), Early stage (Pre-seed → Series B), Emerging managers (Fund I → III) and European Emerging managers. AuM and % VC are Dealroom estimates aggregated from public filings, fund prospectuses and disclosed commitments — VC AuM is the product of the two. The full per-fund-commitment graph powering this analysis is unlocked with a Dealroom demo.
The full LP ranking, every commitment, every VC, every outcome.
This page shows the top 25 across five market views. The full Dealroom platform unlocks the complete 8,914-LP ranking, per-fund commitment history, scoring breakdowns and live filters — by investor type, geography, AuM and more.