Jul 21, 2026
1H'26 Caplight Venture Market Update
The Caplight Top 20 Index returned +37% vs. +20% for the Nasdaq 100.
LP distributions returned to their long-run average, while fundraising nearly matched all of 2025.
Venture deployment reached record levels, driven by a handful of mega-rounds.
The median AI round is now 9x the size of the median VC fund, accelerating GP-led co-invests.
Venture is going capital-heavy, with robots, rockets, data centers, defense, and power driving larger rounds and more GP-led co-investments.