The study investigated the effect of venture capital instruments and control mechanisms on the growth of venture capital fund for 100 venture capital firms in Ghana by employing a stepwise multiple linear regression. We found a positive and significant relationship between growth of venture capital fund and the two-distinct set of independent variables (venture capital instruments and control mechanisms). The variables, convertible redeemable preference, preferred equity and debt, and preferred and common equity contribute significantly as venture capital instruments to the growth of venture capital, while conversion control right, performance option and warranty option were identified as control mechanisms that significantly affect the growth of venture capital.