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VC fund performance (Q1 2025)
We love data, and so does Peter Walker and the Carta team.
They broke down fund performance data in their latest report, and these are some of the highlights, charts, and other things that stood out to us:
For recent funds, DPI is hard to find: Just 37% of funds in the 2019 vintage and 30% of funds from 2020 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 in this sample were between $1 million and $10 million in size, and 36% were between $25 million and $100 million. In the 2024 vintage, the scales flipped: 42% of funds were between $1 million and $10 million, and 22% were between $25 million and $100 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. Median TVPI for the 2018 vintage, for instance, had declined in each of the past five quarters.
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