North America

The storied venture firm raised $1bn for an early-stage fund and $2.5bn for growth funds, which are betting heavily on AI.

The firm began fundraising in March 2025 for Fund IV, which is targeting $50m to make seed investments in software start-ups.

Firm led by two ex-Marines closed on $148m for Fund III thanks to certification as a Critical Technology Fund by the US Small Business Administration and the Department of War.

Does the IPO by drone software maker Swarmer signal the start of a wave of exits for defense tech companies or is it just a great outcome for a handful of VCs?

With an LP base comprised mostly of single and multifamily offices and some sovereign wealth funds in the United Arab Emirates, the firm plans to invest in up to 20 start-ups in the US and Latin America.

Limited partners in the Canadian firm's debut fund that have re-upped in Fund II include Government of Quebec through Investissement Québec; BDC Capital; Fonds québécois d'amorçage de Teralys (financed by La Caisse, formerly CDPQ) and Capital régional et coopératif Desjardins.

Theseus Capital Partners, D3 Venture Capital, Green Flag Ventures, R-G AI and Radius Capital Ventures own combined shares worth $177m following IPO of the drone software developer.

'I think resonated in a market where seed stage funds suddenly started opportunity funds and everybody seemed to have a growth fund,' Breakout managing partner Lindy Fishburne tells VCJ.

At this year's NEXUS, Megan Wenrich of the All Aboard Fund spoke of rapid deployment and GCM Grosvenor's Jonathan Hirschtritt described climate finance gaps that were opening up.

While almost half of respondents to a recent survey of high-net-worth women investors are in the earliest stages of engaging with private markets, 67% say they plan to invest $25k-$49k in venture funds this year.