The biggest venture capital funds are getting even bigger. In the past three years, the top firms have raised billions of dollars—in some cases more than half the total amount they’ve raised in their lifetimes.

Take Thrive Capital, which in February said it had raised $10 billion in new funds. The backer of OpenAI and Stripe has raised roughly $18 billion since 2023—about 70% of the money it’s taken in since it raised its first institutional round in 2011, according to analysis of company disclosures and data from PitchBook.