It’s actually in some ways easier to raise a big fund, up to a certain point, than a small fund.
Most “Limited Partners”, the folks that give VCs the money to invest … are very large.
They manage billions of capital themselves, tens of billions, hundreds of billions in some cases.
They don’t want, for the most part, to invest in tiny little $20m, $50m, $100m VC funds because the amount they invest relative to their own assets under manage is immaterial.
It’s much easier for them to write one $50m check, or even larger, into a large, name brand fund … than 50 $1m or 10 $5m checks into small venture funds.