For VC funds: brand new insights from 2,442 special purpose vehicles (SPVs)
Our first SPV Spotlight report is now live, with data up through Q3 2024. We hit all the highlight questions, including:
How are these institutional SPVs structured?
What are the fees associated with each?
How much do GPs commit in the median SPV?
How many LPs are involved, from a $1M SPV to a $100M one?
How have these vehicles performed by IRR and TVPI?
Always exciting to bring a dose of data to an opaque market!
𝗡𝗼𝘁𝗲𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗱𝗮𝘁𝗮
We only included SPVs created by funds using our fund admin platform (so no syndicate SPVs in these figures). SPVs must have been in vintage years 2016 through 2023.
All 2,442 SPVs in this report are US-domiciled
IRR and TVPI are both net of fees and carry
Vintage date is defined as the date of first capital call
Love adding this additional color around SPVs to our existing reporting on VC fund performance more generally. We'll be iterating on the data and presentation - so if you have a wishlist of SPV information, now is the time to request it.
Link to the full report: https://lnkd.in/g2eG3gF6
Big shout to co-authors and creators on this report, Michael Young, Kevin Dowd, Ashley (Howard) Neville, and Darby N.
#venturecapital #SPVs #startups #VC #fundmanagers
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