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Government funds of funds that invest in venture funds

6 government funds of funds that report the venture funds they hold: 133 holdings in all, and 1 still adding venture funds.

  • Start with the most active. Ranked by the venture funds each reports holding, with what it holds and how to reach it.
  • Know what’s new. 1 of them are still adding venture funds, by their latest reports.
  • From their own reports. Each LP’s holdings are from its own fund-level report: most give commitments, and some cash flows and returns.

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133 venture fund holdings across 6 government funds of funds

Government funds of funds holding the most venture funds
Government funds of funds holding the most venture fundsGovernment funds of funds holding the most venture funds. Illinois Growth and Innovation Fund (Illinois State Treasurer): 46; Korea Venture Investment Corp. (Foreign VC Investment Fund): 35; Oregon Growth Account (Oregon Growth Board): 23; KfW Capital: 18; New York Ventures (Empire State Development): 6; Enterprise Ireland (Seed and Venture Capital Scheme): 5.Illinois Growth and Innovatio…Illinois Growth and Innovation Fund (Illinois State Treasurer): 4646Korea Venture Investment Corp…Korea Venture Investment Corp. (Foreign VC Investment Fund): 3535Oregon Growth Account (Oregon…Oregon Growth Account (Oregon Growth Board): 2323KfW CapitalKfW Capital: 1818New York Ventures (Empire Sta…New York Ventures (Empire State Development): 66Enterprise Ireland (Seed and…Enterprise Ireland (Seed and Venture Capital Scheme): 55
The numbers
LPVenture funds
Illinois Growth and Innovation Fund (Illinois State Treasurer)46
Korea Venture Investment Corp. (Foreign VC Investment Fund)35
Oregon Growth Account (Oregon Growth Board)23
KfW Capital18
New York Ventures (Empire State Development)6
Enterprise Ireland (Seed and Venture Capital Scheme)5
Government funds of funds by the number of venture funds they report holding
#LPLocationVenture fundsIn venture fundsTotal assets
1Illinois Growth and Innovation Fund (Illinois State Treasurer)Government fund of funds · as of December 31, 2024—46——
2Korea Venture Investment Corp. (Foreign VC Investment Fund)Government fund of funds · as of July 31, 2026South Korea35$280M—
3Oregon Growth Account (Oregon Growth Board)Government fund of funds · as of December 31, 2025—23$111M—
4KfW CapitalGovernment fund of funds · as of October 11, 2026Germany18——
5New York Ventures (Empire State Development)Government fund of funds · as of April 7, 2026—6——
6Enterprise Ireland (Seed and Venture Capital Scheme)Government fund of funds · as of December 31, 2024Ireland5——

Other LPs

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About the data

A fund counts as venture when its manager is in the fund index or the venture adviser directory, or, on a foundation’s return, when it is named as a venture fund; funds are linked to managers by name, and a match can be wrong. An LP is “still adding venture funds” when its latest report shows a fund from the last three years or one that wasn’t on the report before. Each LP’s page says what its amounts are and how old its report is. Organizations only: no individuals are listed.

Data feeds: latest LP reports (RSS) · every LP as CSV · the free weekly email for managers raising.

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