Venture capitalists aren’t striking many deals with tech founders these days. Initial public offerings are nonexistent and public tech stocks are down by half or more from a year ago. Yet some major venture firms, including the 48-year-old Bessemer Venture Partners, are raising more money than ever in the hopes of backing the next $100 billion stock.

The San Francisco–based firm in August finished raising a staggering $4.6 billion for two new funds, including $3.85 billion for young startups, the firm’s biggest fund to date, partner Jeremy Levine told The Information. The new fund ranks in the top 10 of all time in terms of dollar amount for an individual U.S. venture capital fund, according to PitchBook. The firm is making a bet, Levine said, that growth in software, commerce and cryptocurrencies will pick up by next spring, as will competition among investors to buy related startup equities.