Recent discussions with limited partners (LPs) reveal their priorities for venture fund allocations in 2025, highlighting a consistent commitment to existing managers despite market fluctuations. Many LPs expect to increase their investments this year as more managers return to the market. Notably, 41% of survey respondents plan to expand their relationships with venture fund managers, up from 33% previously. While established managers remain favored, LPs also recognize the potential of emerging managers, who offer fresh insights despite being seen as riskier investments. Accessing these emerging managers is often easier, although some have become competitive due to their compelling narratives.