Charting Form Ds to roughly see the state of venture capital “fund” raising

Most Fund I’s are going to be smaller funds, often $9.99MM to allow for a larger number of smaller LPs due to the $10MM threshold from the SEC. Whereas Fund II-IV are going to be considerably bigger, often hundreds of millions of dollars. So a large number of smaller funds falling off won’t make that big of a dent in the total dollars available, but may make it harder to get the smaller initial checks.

What could a fund like this even write checks for? Even the most basic SaaS companies are getting multiple of the entire fund as seed or pre-seed...