I've been spending a lot of time meeting with new boutique VC funds raising capital right now. I think there has been a fairly quick shakeout between the haves and the have-nots in the seed stage space as the early entrants have 100+ deal track records, exits (yes exits) and good performance to show LPs. As a result, they've been able to raise the same amount of capital as their first fund(s) or raise slightly more.
Every seed fund raising more capital for Fund II than Fund I says they are doing it because they "could have put so much more to work in their previous winners". You don't say...! This is really the only real explanation for increasing fund size. It's relatively unheard of for a seed fund to increase its fund size because it is adding a partner.
If you are a seed fund and are raising $20M, you are going to have a much different strategy and portfolio construction than a $50M or $100M fund. Moreover, if you have a $100M fund, I would find it hard to call yourself a seed fund. More likely, you're an early stage firm that puts down call options at the seed stage and buys its ownership at the Series A. Otherwise, how can you possibly put $100M to work over a 3-4 year investment period if you're writing $500-750k checks?
When you put out a pitch deck, declaring your intentions to raise a $50M seed fund, make sure you understand how you're going to be able to put that amount of money to work and make sure that you're honest with yourself and your prospective investors about your ability to write larger checks. It's easy to be a nice guy and be invited into party rounds, it's not so easy to lead/co-lead the majority of your deals and politely yet sharply build ownership and selectively squeeze out the lemmings.

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