Index Ventures has secured $2 billion in fresh commitments across three vehicles, the firm said Friday, extending a run that has delivered one of the largest venture exits in recent memory without the fund-size inflation that has characterized much of the industry.

The breakdown

The 30-year-old firm raised $400 million for a new seed-focused fund and $900 million for its flagship venture fund. It also added $700 million to a growth fund that closed at $1.5 billion in 2024, bringing that vehicle to $2.2 billion and lifting total available capital to $3.5 billion. The raise comes two years after Index collected $2.3 billion across two funds, including $800 million for the predecessor venture fund.

The restraint

While several peers have doubled or tripled fund sizes in the past cycle, Index has kept its vintage progression measured. The new venture fund at $900 million is only modestly larger than the $800 million predecessor, and the seed vehicle at $400 million signals discipline in a segment where capital has often outpaced capacity. The firm did not disclose break fees, GP commits, or the premium to undisturbed pricing for any of the three funds.

The Wiz receipt

The raise follows the $32 billion sale of Wiz to Alphabet, completed earlier this year. Index entered at the seed stage and held a 12 percent stake as the largest outside shareholder, a position Reuters valued at roughly $3.8 billion. The firm was also an early backer of Figma, which went public in 2025. Those outcomes provide the distributed capital that makes the current fundraising credible rather than aspirational.

The AI concentration

Index’s current AI exposure sits in three names: robotics company Physical Intelligence, inference platform Fireworks AI, and Anthropic, where it participated in a round that valued the model maker at $183 billion last September. The concentration is notable, three bets, two pre-revenue, one at a valuation that implies a very specific exit path. Whether the new funds double down on that thesis or diversify will be the first real test of the fresh capital.