IRR. TVPI. DPI. Graduation Rates. Loss Ratios. Deployment Pace.
It all matters. And we have fresh data on all of it for each of you, dear venture capitalists.
Highlights
IRR turns positive for 2021 & 2022 funds
The median net IRRs for both the 2021 and 2022 vintages of venture funds on Carta have climbed out of negative territory, currently sitting at 1.4% for the 2021 vintage and 0.7% for 2022.
Dry powder stacks up
in recent vintages
Venture funds on Carta in the 2025 fund vintage still have 72% of their total committed capital remaining on hand as dry powder. About 53% of all capital remains unspent in the 2024 vintage, and 35% for the 2023 vintage. Overall, these three most recent vintages combine to claim more than $19 billion in dry powder.
Returns to LPs grow more common
More than half of all funds from the 2020 vintage have begun to generate at least some amount of DPI, with about 15% of those funds returning capital to LPs for the first time during 2025.
Recent Episodes of The Data Minute Podcast
Why VCs Should
Be Pirates
Peter chats with Arian Ghashghai (Earthling VC) about investing in weird things early!
Is "2 and 20"
Still the Standard?
Peter and Hamza talk about fund economics, including fees, expenses, and deployment rates.
Subscribe here if you're new to the Data Minute. Forwarding encouraged!
Cheers,
Peter Walker
Carta Insights
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
