50 Fund-of-Funds Backing First-Time VCs (2026 List)

A list of 50 fund-of-funds and LP platforms actively backing emerging and first-time VC managers, with websites, team pages, and what each one invests in.

Divyansh Bhargava

Divyansh Bhargava

— 16 min read
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50 Fund-of-Funds Backing First-Time VCs (2026 List)

Raising a first fund is hard enough without wasting time on the wrong LPs.

Most emerging managers assume the biggest allocators are the best targets, but many of them have policies that rule out first-time GPs before the conversation even starts. The LPs who actually write checks into emerging managers are a smaller, more specific group, and finding them usually means digging through scattered mentions, public filings, old press releases, and LinkedIn posts.

We did the digging so you don’t have to. This list covers 50 fund-of-funds and LP platforms that back emerging and first-time venture managers, ranging from firms built entirely around that mission to institutional players running a dedicated emerging manager program inside a much bigger mandate. Each entry includes the fund's website, team page, LinkedIn, and a short note on what they actually invest in and why they made the list.

No two of these fifty look alike, and that is the point. Some write six-figure first checks to Solo GPs, others run billion-dollar institutional programs on the side. Read the overview, follow the links, and go find out which ones actually make sense for you.

Oh, and one more pro tip: use the “Get Intro” tool inside Fundingstack.com to source warm intros to decision makers at each FoF :) 

1. A-Squared Capital Management

2. Accolade Partners

3. Ahoy Capital

4. Allocator One

5. Ambush Capital

6. Ashton Global

7. Atacama Ventures

  • Website: https://www.atacamaventures.com/
  • Team page: https://www.atacamaventures.com/#Team
  • Type: Emerging Manager Focused
  • Overview: A San Francisco venture fund that backs "big ideas, future brands, and the next generation of fund managers," with a direct investment portfolio (MoonPay, Flexe, Daybreak Health) that runs alongside its emerging-manager fund bets.

8. Cendana Capital

9. Coolwater Capital

10. CrossLayer Capital

11. Crossover VC

  • Website: https://crossovervc.com/
  • Team page: https://crossovervc.com/about/
  • Type: Emerging Manager Focused
  • Overview: Backs small, founder-led pre-seed and seed funds run by operators from companies like Stripe and Databricks, then directly follows on into the top-performing companies from those managers' portfolios — with a distinctive athlete/entertainer LP base.

12. Emergence Ventures

13. Fairview Capital Partners

14. FIRM Capital

15. First Close Partners

16. Illumen Capital

17. Include Ventures

18. Isomer Capital

19. Level Ventures

20. MDSV Capital

21. Moses Capital

  • Website: https://mosescapital.com/
  • LinkedIn: https://www.linkedin.com/company/moses-capital/
  • Type: Emerging Manager Focused
  • Overview: A newer fund-of-funds (backing 50+ managers across 90+ underlying funds and 3,000+ companies) built by a team with roots in Start Fund and DST Global, systematically betting on early-stage managers across geographies as an underpriced asset class.

22. MSP Equity Fund

  • Website: https://www.mspequityfund.com/
  • Team page: https://www.mspequityfund.com/about
  • Type: Emerging Manager Focused
  • Overview: The first known venture fund-of-funds in the country designed to invest across race, place, and gender — a $50M Minneapolis-Saint Paul vehicle powered by gener8tor that backs regional and diverse emerging managers investing in local founders.

23. New Catalyst Strategic Partners

24. Pattern Ventures

25. Recast Capital

26. Screendoor

27. Slipstream Investors

28. Urban Capital Network

29. VC Lab / Decile Capital

30. 50 South Capital Advisors

31. Daraja Capital Partners

32. Horsley Bridge Partners

33. Knightsbridge Advisers

  • Website: https://www.knightsbridgevc.com/
  • Team page: https://www.knightsbridgevc.com/team
  • Type: Classic FoF
  • Overview: A four-decade-old venture fund-of-funds and separate-account manager whose team includes former GPs and operators, with dedicated experience investing in emerging managers in Africa and Asia through prior roles at British International Investment.

34. NSV Wolf Capital

  • Website: https://www.nsv.com/
  • Team page: https://www.nsv.com/about
  • Type: Classic FoF
  • Overview: A Silicon Valley "hybrid VC" that started as a strategic consulting firm — invests in early-stage VC funds run by expert managers, then co-invests directly alongside them in the standout companies those funds surface.

35. Union Grove Venture Partners

36. VenCap International

37. Plexo Capital

  • Website: https://www.plexocap.com/
  • LinkedIn: https://www.linkedin.com/company/plexo-capital/
  • Type: Hybrid FoF
  • Overview: Incubated inside Google Ventures before spinning out independently, Plexo is explicitly built around emerging GPs — commits to seed-stage funds (often led by underrepresented managers) and co-invests in the companies those managers source; runs the GPx education program for emerging fund managers globally.

38. Sapphire Ventures

39. Fifth Era Partners

40. Inception Capital

  • Website: https://www.inception.capital/
  • Twitter: https://x.com/_inceptioncap
  • Type: Hybrid FoF
  • Overview: Formerly OP Crypto — an early-stage web3 firm bridging Asia and the West, whose Inception FoF I closed $30M dedicated to emerging crypto-sector managers, with existing bets on Syncracy Capital, Alliance, and Orange DAO.

41. Nara Capital

42. Peakline Partners

43. Peakview Capital

44. Velocity Catalyst

45. Kensington Capital Partners

46. Industry Ventures

47. Capria Ventures

48. Global Endowment Management

49. Partners Capital

50. Thema

  • Website: https://www.thema.vc/
  • Team page: https://www.thema.vc/about
  • LinkedIn: https://uk.linkedin.com/company/themavc
  • Type: Emerging Manager Focused
  • Overview: A London-based, Pan-European cornerstone LP built specifically for first-time and emerging VC managers — writes first tickets of up to ~£5M and layers on operational, regulatory, and fund-admin support so new GPs can focus on investing rather than firm-building logistics. Founded by Sam Ettelaie (ex-British Business Bank, where he helped deploy £400M+ into funds like Concept Ventures and Ada Ventures) and George Askew, an operator-turned-emerging-manager himself.

Ending note

Fifty LPs is a good start, not a finish line.

Some of these firms will be a clear fit for your fund. Others will not, and that is fine. The goal here was never to hand you fifty warm intros. It was to save you the weeks of scattered searching it usually takes to even know these firms exist.

A few of these funds are brand new, some are decades old, and a handful are backed by governments rather than private capital.

Once you start reaching out, the hard part shifts from finding LPs to keeping track of them. Who you talked to, what they said they look for, when you last followed up. That is exactly what Fundingstack is built for. Our investor CRM keeps every LP conversation organized in one place, our investor database helps you go find the next fifty, and our data room and pitch deck hosting make it easy to share materials the moment someone asks.

Bookmark this list. Revisit it every few months, check who is still actively deploying, and update your targets as your fund evolves.

Good luck out there.

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