The chart above shows that in 2019, the profile of funds that were managed by venture capitalists were made up mostly of independent funds (38.1%), followed by captive government funds (30.1%). Angel investors, who are critical for early stage investment made up 5.7% of funds. Independent funds were 3% higher in 2019 than in 2018, while captive government was 3.6% lower in 2019 than 2018.