Here's what 𝘁𝗼𝗽 𝟭𝟬% performance looks like for VC funds today.
Data is from 2,079 US venture funds that use Carta Fund Admin. These firms are from vintage years 2017-2023 and they range in size from $1M to $1B (though the majority are under $100M in AUM).
Of course there are many ways to measure "performance" but given that many of these funds are too young to have significant DPI, I thought TVPI would be a good metric.
In order to get a sense of how each vintage is performing against the others, we plot the top decile TVPI marks by "quarters since vintage began" as the x-axis. This allows you to compare the 2020 vintage to the 2017 vintage, for instance, at the 4-year mark (spoiler: the 2017 vintage was doing much better).
All TVPI is net of fees and carry
𝗧𝗼𝗽 𝗗𝗲𝗰𝗶𝗹𝗲 𝗧𝗩𝗣𝗜 𝗮𝘀 𝗼𝗳 𝗿𝗶𝗴𝗵𝘁 𝗻𝗼𝘄
2017: 3.46x 2018: 2.86x 2019: 2.22x 2020: 1.88x 2021: 1.33x 2022: 1.15x 2023: 1.16x
𝗧𝗼𝗽 𝗗𝗲𝗰𝗶𝗹𝗲 𝗧𝗩𝗣𝗜 𝗮𝘁 𝘁𝗵𝗲 𝟰-𝘆𝗲𝗮𝗿 𝗺𝗮𝗿𝗸:
2017: 3.21x 2018: 2.95x 2019: 2.18x 2020: 1.88x
The explosion of valuations in 2021 is clearly at play in the curves of each vintage - but the plateau since 2022 is equally clear.
Share the full report or read it for yourself here: https://lnkd.in/dswa4XC4
#venturecapital #TVPI #emergingmanagers #VCfunds
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