Institutional investors remained committed to venture capital in Q3 2025, continuing to rely on consultants to guide portfolio construction and identify opportunities across an evolving innovation landscape. With market confidence gradually improving and investor appetite for growth-oriented strategies holding steady, venture capital remained a key component of institutional portfolios seeking long-term value creation.
This past quarter, consultants such as Mercer Investment Consulting, Meketa Investment Group, Albourne, StepStone Group, and Hamilton Lane Advisors led the way, directing billions toward early- and late-stage venture strategies across technology, life sciences, and industrial innovation. Seed and early-growth funds continued to attract the majority of commitments, reflecting strong conviction in the next generation of high-growth companies.
Together, these allocations underscore a clear theme: consultants continue to play a defining role in shaping institutional exposure to venture capital, balancing disciplined manager selection with the pursuit of innovation-driven returns in a competitive market environment.
1. Mercer Investment Consulting: $1.56B
New Mexico State Investment Council – $1.56B
- Lightspeed Opportunity Fund III – Early Stage
- Lightspeed Venture Partners XV-B (Ignite) – Early Stage
- Lightspeed Venture Partners XV-A – Early Stage
- Lightspeed Venture Partners Select VI – Early Stage
- J2 Infrastructure Tierra Adentro Fund IV – Early Stage
- 8VC Offset Fund I – Early Stage
- Menlo Ventures XVII – Early Stage
- Menlo Ventures Select I – Early Stage
- Menlo Inflection IV – Early Stage
- Greenoaks SMA – Early Stage
- Anzu Industrial Capital Partners III – Early Stage
- TCG Crossover Fund III, LP – Late Stage
- Frontier Fund, LP – Early Stage
- J2 Ventures Brookhaven – Early Stage
- The Column Group IV – Early Stage
- TCG Opportunity Fund IV – Late Stage
- vSpring II, LP – Early Stage
- Phoenix Venture Partners III, LP – Early Stage
- UP Ventures II, LP – Early Stage
- vSpring III, LP – Early Stage
- Tullis-Dickerson Capital Focus III – Early Stage
- DCVC VII – Early Stage
- Crosslink Ventures IX – Early Stage
- Criticality Fund LP – Early Stage
- Wasatch New Mexico Fund, LLC – Early Stage
- Phoenix Venture Partners II, LP – Early Stage
- New Mexico Catalyst Fund, LP – Early Stage
- EPIC Venture Fund V – Growth Equity
- EPIC Venture Fund IV, LLC
- Anzu North American Tech Leaders Fund – Early Stage
- Anzu Industrial Capital Partners II – Early Stage
- Wasatch Venture Fund III, LLC – Early Stage
- TK Media Tech Ventures – Early Stage
- Thayer Ventures III, LP – Early Stage
- Kickstart Seed Fund V – Stage Seed
- Kickstart Seed Fund IV, LP – Early Stage
- Tramway Venture Partners II – Early Stage
- KittyHawk Ventures Fund III, LP – Early Stage
- Cottonwood Technology Fund III, LP – Early Stage
- CerraCap Ventures III, LP – Early Stage
- Murphee Venture Partners V, LP – Early Stage
2. Meketa Investment Group: $1.26B
California Public Employees’ Retirement Systems – $1.2B
- LS Investments C – Early Stage
- Lightspeed Opportunity Fund III – Early Stage
- Bear Coast Partnerships – Early Stage
- Lightspeed Venture Partners Select VI – Early Stage
- Bear Coast (Ventures) Fund – Early Stage
- Lightspeed Venture Partners XV-B (Ignite) – Early Stage
- Griffin Gaming Partners III, LP – Early Stage
- Base10 Series B II, LP – Speed
- Lightspeed Ventures Partners XV-A – Early Stage
City of San Jose Police and Fire Department Retirement – $15M
- Tiger Iron SJPF – Early Stage
- Streamlined Ventures V, LP – Early Stage
- Northgate Select Opportunities Fund III, LP – Early Stage
The City of San Jose Office of Retirement Services – $5M
- Streamlined Ventures V, LP – Early Stage
3. Albourne: $475M
Washington State Investment Board – $400M
- Menlo Inflection – Early Stage
- Melo Ventures XVII – Early Stage
South Carolina Retirement System Investment Commission (RIC) – $75M
- Greenoaks 6 LP – Late Stage
4. StepStone Group: $410M
Teachers’ Retirement System of Illinois – $30M
- StepSteone VC Wabash Fund – Early Stage
- Sofinnova Venture Partners XII – Early Stage
New York State Teachers Retirement System – $$200M
- Valor Equity Partners Opportunity Fund I – Early Stage
5. Grosvenor Capital Management, LP: $290M
Teacher Retirement System of Texas – $290M
- General Catalyst Guadalupe PIV – Early Stage
- Blackstone Life Sciences VI – Late Stage
- Khosla Ventures IX – Early Stage
- Khosla Venture Opportunity III – Late Stage
- RV C1 Coinvest – Early Stage
- ASY5 LLC – Early Stage
- Khosla Venture Seed G – Early Stage
6. Hamilton Lane Advisors: $288M
New York State Common Retirement Fund – $180M
- Frazier Life Sciences XII – Early Stage
- PVP Fund V, LP – Early Stage
- Primary Select Fund IV, LP – Early Stage
Mass PRIM – $58M
Teachers Retirement System of Louisiana – $50M
- Oak HC / FT Partners VI, LP – Late Stage
7. Cliffwater: $268M
Texas County & District Retirement System – $228M
- Khosla Ventures IX – Early Stage
- DCVC VII – Early Stage
- Khosla Ventures Seed G – Early Stage
- TCG Crossover Fund III, LP – Late Stage
- CRV XX – Early Stage
- Khosla Venture Opportunity III – Late Stage
- TCG Labs Fund I – Early Stage
Sacramento County Employees Retirement System – $40M
- Khosla Ventures IX – Early Stage
8. Aksia: $220M
Orange County Employees Retirement System – $120M
- TCG Crossover Fund III, LP – Late Stage
- Oak HC / FT Partners VI, LP – Late Stage
- Greenoaks 6 LP – Late Stage
Pennsylvania Public Employees’ Retirement – $100M
- Oak HC / FT Partners VI, LP – Late Stage
9. Verus: $140M
Indiana Public Retirement System – $125M
- Khosla Ventures IX – Early Stage
- Khosla Venture Opportunity III – Late Stage
- Khosla Ventures Seed G – Early Stage
San Mateo County Employees’ Retirement Association – $15M
- Left Land Capital Partners III LP – Early Stage
10. Franklin Park Associates: $75M
Arkansas Teacher Retirement System – $45M
- Bessemer Venture Partners Fund XII – Early Stage
Houston Police Officers’ Pension System – $30M
- Franklin Park Venture Capital Fund XV – Early Stage
Venture Capital Allocations Hold Strong
Consultant-led activity in Q3 2025 reinforced the central role venture capital continues to play in institutional portfolios. From seed and early-stage funds to late-stage and crossover opportunities, consultants guided pension systems and retirement plans toward strategies positioned to capture innovation and long-term growth.
As capital flowed into technology, life sciences, and emerging industrial sectors, one theme remained clear: consultants focused on disciplined manager selection, thoughtful diversification, and exposure to transformative ideas driving the next wave of value creation.
With billions allocated across stages and strategies, this quarter’s activity highlights the enduring partnership between consultants and institutions—one built on conviction in innovation, long-term performance, and the pursuit of growth in private markets.
To explore more details on allocation data by consultant, strategy, and fund, book a demo of Dakota Marketplace.
