Introduction. Venture funds play a special role in venture investment as, unlike other investors in the market of venture investments, are created especially for implementation of venture investments. The aspiration of division of joint risks with the initiator of the project, the long period of investment, and also definition of the purposes and target reference points of the project at the initial stage is the cornerstone of their activity. So far the main tools and elements of infrastructure, investment of innovative activity, i.e. venture investment are formed, remains insufficiently developed in theoretical and practical aspect. In article classification of such financial instrument of venture investment as venture fund is investigated. The purpose is the analysis classification of venture funds for various criteria. Theoretical analysis. For achievement of a goal the following problems are solved: carrying out classification of venture funds; the tipologization of organizational forms of implementation of venture investment in Russia is carried out; features of functioning of venture funds come to light. Classification of venture funds leans on a number of methods, among which: investment and financial analysis, strategic planning and forecasting. Results. Justification of classification and a tipologization of venture funds and allocation of features of their functioning in modern economy of Russia is result of the approach offered by authors.