This chart is showing the median per vintage year, together with the 1st and 3rd quartile boundaries and a green average line (with a horrible R-Squared of 0.0087).
Months taken to Reach First Close for each Year of Vintage. Size shows Final Close Size (mn USD). The data is filtered on Months taken to Reach First Close, which keeps non-Null values only. (Source: Preqin)
In a first close, VC Funds close on a median of 50% of total capital raised
Regardless of final close size, 40-60% is pretty much the median across many fund sizes for a first close:
Percentage Raised at First Close for each Year of Vintage broken down by Final Close Size [$M]. The data is filtered on Percentage Raised at First Close, which keeps non-Null values only. The Final Close Size [$M] filter excludes (n/a). (Source: Preqin)
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