The real data on how venture funds are doing.
IRR, TVPI, and DPI across 8 recent vintages, from the bottom to the top decile.
Data: 2,904 US venture funds that use Carta as their fund admin.
𝗦𝗼𝗺𝗲 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀
IRR (because it is sensitive to time) is higher for the earliest vintages and the most recent vintages. But 2021 is struggling
TVPI becomes highly correlated with ultimate DPI only after 6 or 7 years. Maybe even slightly longer these days. So young funds do a lot of jumping around.
The top 10% of VC funds from 2017 have DPI of 1.35x - yay, money back!
Share with your favorite venture GP or venture-curious LP 🙏
And much more in our full report! https://lnkd.in/gxCSfscD
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