Venture Capital's Dollar Share Hits Another Low: 0.34% Across September 21

Venture capital vehicles raised just $47.41 million on September 21, 2026, or 0.34% of the day's $14.09 billion in filed capital, despite representing a full 20.0% of the day's 125 vehicles, 25 in total. The reading extends a pattern AngelLinx Intelligence's weekly synthesis piece flagged earlier this week: across every session tracked since September 14, venture capital has never claimed more than 3.49% of a single day's dollars, while consistently ranking among the most active fund types by vehicle count.

Including today's session, the six most recent trading days now read as follows: 0.38% on September 14, 3.49% on September 15, 0.54% on September 16, 1.80% on September 17, 1.28% on September 18, and 0.34% today, September 21, after the intervening weekend. Averaged across all six sessions, venture capital's dollar share has held at just 1.31%, while its share of vehicle count has ranged from 20.0% to 32.93% across the same period, a gap this consistent across six separate trading days is no longer a single-day anomaly but a settled feature of the current filing environment.

Today's largest venture capital vehicle was Noar Ventures II, LP, led by Sanam Lari, which raised $14.15 million, the only VC vehicle of the day to clear $10 million. The next largest, 1834 Ventures Fund I, LP, raised $9.23 million. The remaining 23 VC vehicles that filed today raised smaller amounts still, several in the low six figures, including a run of small AI-focused SPVs from a single signatory, Michael Collins, whose five AVSF-branded vehicles ranged from $105,000 to $1.39 million and targeted individual companies including Kira Learning and Duckbill.

The venture vehicles that did file zero dollars today are also worth noting for what they represent rather than what they raised: Altimeter Catskill Fund I, L.P., led by Brad Gerstner, and Kindred Flex IV, L.P., led by Steve Jang, both filed as newly opened vehicles with no capital yet reported, a reminder that a $0 filing from a well-known venture manager typically signals a fund still in its opening window rather than a stalled raise.

For founders, the practical takeaway from six straight sessions of this pattern is the same one AngelLinx Intelligence offered earlier this week, restated with one more day of confirming data: venture capital's share of daily filing activity by count, consistently the highest or near-highest of any fund type, is a far more reliable signal of how many funds are actively writing checks than the dollar total is of how large any individual check is likely to be. A founder benchmarking their own raise against the day's headline dollar figure will be benchmarking against a number that is, on average, 98.7% hedge fund, private equity and other institutional capital with no relationship to early-stage fundraising.

Today's 25 venture vehicles also skew heavily toward the smallest end of the fundraising spectrum even within the venture category itself. Of the 25, 20 raised under $5 million each, five raised nothing yet reported, and only two, Noar Ventures II and 1834 Ventures Fund I, cleared $5 million individually. Several of the smaller filings were explicitly structured as single-deal vehicles rather than blind-pool funds: AIRES126, a Series of CGF2021 LLC, raised $4.79 million around one identified opportunity, while PCV Pro Shop II, another CGF2021 series, raised $2.06 million, both reflecting the SPV-style deal-by-deal structure that has become increasingly common alongside traditional multi-company blind-pool venture funds.

The median size across today's 25 venture vehicles was just $831,000, far below the $1.90 million average that dividing the day's total VC dollars by vehicle count would suggest. That gap between median and average is itself the clearest illustration of the distribution: a small number of larger funds, Noar Ventures II at $14.15 million and 1834 Ventures Fund I at $9.23 million chief among them, pull the average well above what a typical vehicle in the category actually filed, while the bulk of the 25, including the eight zero-dollar filings and the run of sub-$2 million single-deal SPVs, sit well below it. Founders using any single "average" venture check size as a planning benchmark should treat it with the same caution as the day's aggregate dollar total itself.

Sector tagging across today's venture vehicles also remained thin, consistent with what AngelLinx Intelligence has observed across prior sessions: only two of the 25 vehicles carried an explicit sector label, Menlo AI Neo Labs tagged AI/ML and AVSF - Blue Energy 2026 tagged Energy/Climate, while the remaining 23 filed under a generic "Generalist/Unspecified" sector or the "SPV/Deal-by-deal" structural category. That leaves the great majority of any given day's venture activity effectively invisible to sector-level analysis unless a filer's name or the vehicle's own naming convention, as with the AVSF-branded single-company SPVs covered above, happens to reveal the underlying focus area directly.

Founders can see which active venture funds match their stage and sector through the match tool, browse seed-stage investors in the directory, or check the live listing of current opportunities. Catch up on more coverage in the newsroom, or register on AngelLinx to start a raise.

AngelLinx Intelligence | angellinx.ai