When do LPs in venture funds get their money back?
10 years is...optimistic 😅
Data below from 366 US venture funds that use Carta as their fund admin. The year indicates the year the fund began investing. The vast majority of these funds have less than $100M in committed capital.
So funds from 2011-2014 have all been in existence at least 10 years. And only about half of them have gotten to 1x DPI (aka we've returned the initial capital to our LPs).
Less than 1/3rd of 2015 funds are at 1x DPI or greater.
Less than 1/4th of 2016 funds are at 1x DPI or greater.
Less than 1/5th of 2017 funds are at 1x DPI or greater.
Venture capital = a long-term game in which average is not at all useful.
Of course given how long companies stay private these days, it's possible that some of these funds have major winners on their books that just haven't gotten to liquidity yet. Fingers crossed!
#VC #VCfunds #DPI #VCLPs
More data on fund performance in our latest report (covers 2,500+ VC funds): https://lnkd.in/eC77mj9P
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