Venture capital’s gotten lopsided. While you probably knew some version of this—I know I certainly talk about it enough—the data is nevertheless striking. PitchBook this week released its U.S. VC midyear outlook, and the fundraising numbers are skewed to say the least: Funds over $1 billion raked in almost 72% of all capital raised in 2026 so far. First-time managers, meanwhile, comprised under 10%. Over time, this asymmetry will stick or worsen, said Kyle Stanford, PitchBook’s director of U.S. venture capi ...