Freshly baked benchmarks from 2,500+ US venture funds - available to everyone for free today.
Our VC Fund Performance Report for Q1 2025 awaits your perusal, but in case you only have a couple moments, here are a few of the highlights:
For recent funds, DPI is hard to find: Is this surprising? No. Is it depressing? Maybe a little. Just 37% of funds in the 2019 vintage had generated any amount of distributions for their LPs by the end of Q1 2025.
Smaller funds have grown more common: Back in the 2020 vintage, 25% of closed venture funds were between $1 million and $10 million in size, and 36% were between $25 million and $100 million. In the 2024 vintage, 42% of funds were between $1 million and $10 million.
TVPI figures show slight positive momentum: The median TVPI increased in Q1 for each of the 2017, 2018, and 2020 vintages. Before this, the TVPIs for these vintages had been steadily trending down. Scrounging for optimism wherever we can.
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Peter Walker
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