DPI. The most important metric in venture capital - and an elusive one at that.
The above chart is a sneak preview of our upcoming VC Fund Performance report for Q1 2025. It shows the percentage of funds within a given vintage year that have given at least $1 back to LPs at various points since the fund began.
Two things:
Liquidity is still in short supply. Only 37% of 2019 funds have given back $1 or more after 21 quarters.
Where is the secondary spike? Not really seeing one. I think secondaries are an important part of a healthy liquidity profile but it's not as though many funds in the middle of their lifecycles are going to suddenly turn on the taps through secondaries.
IRR and TVPI everywhere but not a drop to drink…
Full report right here in this email next week - looking forward to your feedback!
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Peter Walker
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