Institutional investors continued to deploy capital into venture capital strategies in Q4 2025, with consultants playing a decisive role in shaping allocation pacing, manager selection, and stage exposure. Despite a more selective fundraising environment, consultant-led activity underscores sustained institutional commitment to venture as a long-term growth driver within diversified private markets portfolios.
Across the quarter, consultants guided capital toward a mix of early-stage, late-stage, and crossover strategies, with a clear emphasis on manager conviction, portfolio construction discipline, and differentiated access. Large public pension plans anchored much of the activity, pairing targeted fund commitments with an increasingly intentional approach to stage diversification. The data highlights both the continued influence of consultants in venture capital decision-making and the steady role venture plays in institutional portfolios, even amid broader market recalibration.
Quarter-in-Review: Consultant Influence & Allocation Activity
During Q4 2025, consultants including Hamilton Lane, Aksia, Mercer Investment Consulting, StepStone Group, Meketa Investment Group, and others guided nearly $2.0 billion in venture capital commitments. Allocation activity spanned early-stage, late-stage, and crossover strategies, with consultants directing capital toward a concentrated group of established managers and repeat relationships across the venture landscape.
Large public pension plans remained the primary drivers of activity, anchoring commitments across both commingled funds and select SMAs. Early-stage venture captured a significant share of allocations, while targeted late-stage exposure reflected continued interest in more mature growth opportunities. Across consultants, the quarter reinforced a consistent focus on manager quality, stage diversification, and disciplined pacing within institutional venture portfolios.
For sales teams and managers tracking institutional demand, consultant-led venture capital allocations continue to offer some of the clearest signals into where long-term growth capital is actively being deployed.
To explore consultant-led venture capital allocations by quarter, allocator, strategy, and fund, book a demo of Dakota Marketplace to see how institutional capital is moving in real time.
1. Hamilton Lane: $580M
New York State Common Retirement Fund – $580M
- Khosla Ventures Excelsior – Late Stage
- Frazier Life Sciences XII – Early Stage
- PVP Fund V, L.P. – Early Stage
- Primary Select Fund IV, L.P. – Early Stage
2. Aksia: $520M
Orange County Employees Retirement System – $170M
- TCG Crossover Fund III, L.P. – Late Stage
- Oak HC/FT Partners VI, L.P. – Late Stage
- Aphias Capital Fund I, L.P. – Early Stage
- Greenoaks 6 LP – Late Stage
Virginia Retirement System – $150M
- Lead Edge Capital VII – Early Stage
Pennsylvania Public School Employees' Retirement – $100M
- Oak HC/FT Partners VI, L.P. – Late Stage
Nebraska Investment Council – $50M
- New Enterprise Associates 19 – Early Stage
Los Angeles City Employees' Retirement System – $50M
- Oak HC/FT Partners VI, L.P. – Late Stage
3. Mercer Investment Consulting: $270M
New Mexico State Investment Council – $270M
- Greenoaks SMA – Early Stage
- Lux Ventures IX – Early Stage
- Cure Ventures Fund II – Early Stage
- Frist Cressey Ventures Fund IV – Early Stage
- Scout Ventures Fund V LP – Seed
- Morpheus Ventures III, L.P. – Early Stage
- Acequia Capital Origin SP I LP – Early Stage
- Anzu Industrial Capital Partners III – Early Stage
Want deeper visibility into consultant and pension-led venture activity? Book a demo of Dakota Marketplace.
4. StepStone Group: $265M
New York State Teachers Retirement System – $200M
- Valor Equity Partners Opportunity Fund II – Early Stage
Pennsylvania State Employees Retirement System – $65M
- Bessemer Venture Partners Fund XII – Early Stage
5. Grosvenor Capital Management, L.P.: $100M
Teacher Retirement System of Texas – $100M
- Lead Edge Capital VII – Early Stage
- ASY5 LLC – Early Stage
- NEA TS 2025 SPV – Early Stage
6. Meketa Investment Group: $99M
California Public Employees' Retirement Systems – $70M
- Gaia Investments – Early Stage
- Mayfield Select III – Late Stage
City of San Jose Police and Fire Department Retirement – $14M
- Tribeca Access Fund II – Early Stage
- Tiger Iron SJPF – Early Stage
Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund – $10M
- StepStone Accel Leaders Fund V – Late Stage
The City of San Jose Office of Retirement Services – $5M
- Streamlined Ventures V, L.P. – Early Stage
7. Cambridge Associates: $60M
San Francisco Employees' Retirement System – $60M
- Lead Edge Capital VII – Early Stage
8. Franklin Park Associates: $45M
Arkansas Teacher Retirement System – $45M
- Bessemer Venture Partners Fund XII – Early Stage
9. Callan Associates: $30M
Illinois Municipal Retirement Fund – $30M
- Harpoon Ventures Fund IV – Early Stage
10. RVK: $25M
Montana Board of Investments – $25M
- Accolade Partners Venture II – Early Stage
Allocation Discipline Remains Intact
Consultant-led activity in Q4 2025 reinforced venture capital’s continued role as a long-term growth allocation within institutional portfolios. Across early-stage, late-stage, and crossover strategies, consultants guided pension systems toward managers positioned to capture innovation-driven upside while maintaining disciplined portfolio construction.
As capital flowed into established venture franchises and repeat relationships, a consistent theme emerged: consultants prioritized manager conviction, thoughtful stage diversification, and long-duration value creation over short-term market timing. With nearly $2.0 billion allocated during the quarter, venture capital remains a strategically supported allocation, underpinned by sustained consultant confidence in the asset class’s role within institutional private markets programs.
To track consultant-led venture capital allocations as they’re announced, book a demo of Dakota Marketplace and gain full visibility into allocator and consultant activity.
