I think you're asking about Limited Partners (institutional investors tends to refer to larger VCs, like Sequoia, accel, or a16z). Off the top of my head, I'd

I think you're asking about Limited Partners (institutional investors tends to refer to larger VCs, like Sequoia, accel, or a16z). Off the top of my head, I'd guess around 15,000, such as endowments, trusts, rich families. Basically, anyone with a few hundred million dollars to invest. I believe that getting into the top VC funds is very competitive and difficult, which implies to me that it's not the same LPs spreading it around. However, there are also funds of funds, which spread tens of billions from 10-20ish LPs across a range investment funds, and they would typically invest in a number of VCs.