According to data from the National Venture Capital Association, there are a little over one thousand active venture capital firms in the United States, and the total dollar amount managed by all American VCs in 2019 was $ 444 billion—a tiny fraction compared to other parts of the finance industry, whose assets under management total trillions of dollars. 5 The private equity firm Blackstone had $ 545 billion under management in 2019, more than all VCs combined. And of the hundreds of thousands of new businesses that are formed every year in the United States, fewer than ten thousand receive any venture funding whatsoever, which represents less than 1 percent of all new companies created. Of those, fewer than 1 percent become billion-dollar companies.
I occasionally add a personal note to them.
The whole collection is available here.