Sneak peek at data for emerging VC managers (1,700+ funds included).
Full report out now with IRR, TVPI, DPI, and more. Read it for free here: https://lnkd.in/eC77mj9P
Carta serves many venture funds across many categories, so we’ve narrowed this analysis in a few ways to make it more impactful. Only U.S. funds are included, and all included funds are direct venture investors (as opposed to fund of funds). We also left out venture funds that had total committed capital under $1 million. Funds must have been in vintage years 2017 through 2022.
This is a snapshot of TVPI net of fees and carry. Obviously older vintages have had much more time to mature, resulting in higher benchmark figures
𝗡𝗲𝘁 𝗧𝗩𝗣𝗜 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀
The top decile and top 5% marks for very small funds ($1M-$10M in size) were typically higher than the marks at larger funds.
This relationship between size and better benchmark performance does not always hold. In many vintage years, the top decile marks for funds with $25M-$100M are higher than those for the $10M-$25M fund category.
95th percentile figures are very sensitive to minor changes. Exclude a fund or two and things look very different. Points to the paramount importance of manager selection to get into this rarefied air.
3x is no joke. Even the 90th percentile of 2019 funds is struggling to hit the traditional threshold of "good" VC fund performance. Obviously translating TVPI into DPI is even harder.
The allure of high performers is always real. 4x, 5x, 6x...these multiples do exist, even if they are limited to a much smaller percentage of funds than many assume.
Our $100M+ funds category is comparatively less populated than the other fund size tiers, which may be limiting the top end performance marks.
Don't miss the full report (25+ charts with oodles of venture data).
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