When fund raising for your company it is worth knowing when venture capital funds have raised capital.  Typically, limited partner venture capital funds have a ten year life but only invest in new portfolio companies in the first four years of the fund.  Additionally, the partners are typically more active investors with a new fund. As the fund matures, they will tend to slow the pace and go later stage to match the duration expectations of the fund. Note that many managers raise funds continuously such as EIS funds and angel networks and some fund structures are evergreen in nature. See full list of UK investors here.