TL;DR: 137 venture funds closed a combined $39.26B in Q2 2026, but the money is stacked at the top: 15 mega-funds took 69% of it. Crypto's share was $3.92B, and almost all of it is three familiar names.

Murph Capital's Q2 2026 recap frames the quarter as "concentration inside a contraction." The 15 platforms that cleared $500M captured 69% of all capital raised, while 76 emerging funds under $250M split just 13% between them. The headline number, $39.26B across 137 funds, hides how few hands it landed in.

The top of the table is generalist and AI-heavy. Sequoia Capital's $7B Expansion Fund leads, followed by Accel ($5B, Leaders Fund V) and Menlo Ventures ($3B). Those three alone account for $15B, more than a third of the entire quarter.

Crypto kept its seat at the table, but barely a broad one.

Dedicated crypto and Web3 vehicles raised $3.92B. That headline masks how narrow the base is: a16z crypto's $2.2B Fund V (the #4 fund overall, ahead of Benchmark and every biotech or defense fund on the board), Haun Ventures' $1B Fund II, and Framework Ventures' $400M together make up 92% of the whole category.

Murph's read is blunt: "Crypto's Q2 recovery is a story about 3 franchises re-upping, not broad LP re-entry into the sector." a16z crypto even passed on the AI diversification its peers chased, committing Fund V entirely to crypto founders.

Beyond crypto, Q2 funded a wide "hard" spread: physical and industrial AI at Eclipse Ventures ($1.3B), biopharma at Jeito Capital ($1.17B), European defense via E2D ($570M), healthtech at Lauxera Capital ($570M), and climate at Lightrock ($500M). It is capital positioning for physical infrastructure and sovereignty, the same real-world thesis that crypto's own RWA and DePIN narratives are chasing.

Full ranking, Q2 2026 (top 15)

1. Sequoia Capital: $7B, Expansion Fund (AI, multi-stage)

2. Accel: $5B, Leaders Fund V (late-stage AI)

3. Menlo Ventures: $3B, two vehicles (AI)

4. a16z crypto: $2.2B, Fund V (crypto, Web3)

5. Benchmark: $2B, two vehicles (early-stage, growth)

6. Eclipse Ventures: $1.3B, physical and industrial AI

7. Jeito Capital: $1.17B, Fund II (biopharma)

8. Haun Ventures: $1B, Fund II (crypto)

9. BAI Capital: $800M target (first close ~$600M), cross-regional

10. Luminous Ventures: $733M, China AI and robotics

11. 137 Ventures: $700M, growth

12. E2D: $570M, Fund I (European defense)

13. Lauxera Capital: $570M, Growth II (healthtech)

14. Lanchi Ventures: $560M, Fund IV (China AI)

15. Lightrock: $500M, Accelerate7 (climate)

What it means for crypto: The funding class is normalizing crypto into the same table as biotech, defense and climate, a mature asset class competing on merit rather than hype. But this quarter's crypto capital is a few franchises re-upping, not a wave of new LPs. When a16z crypto, Haun and Framework deploy that $3.92B, the projects raising in 2026 and 2027 will feel it.

Data: Murph Capital, Q2 2026 recap. Fund sizes are self-reported closes and may revise. Not financial advice.