The VC fund scorecard for Q1 2025 - full data on Net IRR, Net TVPI, and DPI across 2,500+ US venture funds using Carta today.
Only U.S. funds are included in this analysis, and all included funds are direct venture investors, as opposed to funds of funds. Funds must be in vintage years 2017 through 2024.ย
Full report:ย https://lnkd.in/eC77mj9P
๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐
โข ๐๐ผ๐ฟ ๐ฟ๐ฒ๐ฐ๐ฒ๐ป๐ ๐ณ๐๐ป๐ฑ๐, ๐๐ฃ๐ ๐ถ๐ ๐ต๐ฎ๐ฟ๐ฑ ๐๐ผ ๐ณ๐ถ๐ป๐ฑ: 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.
โข ๐ฆ๐บ๐ฎ๐น๐น๐ฒ๐ฟ ๐ณ๐๐ป๐ฑ๐ ๐ต๐ฎ๐๐ฒ ๐ด๐ฟ๐ผ๐๐ป ๐บ๐ผ๐ฟ๐ฒ ๐ฐ๐ผ๐บ๐บ๐ผ๐ป: 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.ย
โข ๐ง๐ฉ๐ฃ๐ ๐ณ๐ถ๐ด๐๐ฟ๐ฒ๐ ๐๐ต๐ผ๐ ๐๐น๐ถ๐ด๐ต๐ ๐ฝ๐ผ๐๐ถ๐๐ถ๐๐ฒ ๐บ๐ผ๐บ๐ฒ๐ป๐๐๐บ: 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.
ย
โข ๐๐ฃ ๐ฐ๐ต๐ฒ๐ฐ๐ธ ๐๐ถ๐๐ฒ๐ ๐ฎ๐ฟ๐ฒ ๐ฎ๐น๐น ๐ผ๐๐ฒ๐ฟ ๐๐ต๐ฒ ๐ฝ๐น๐ฎ๐ฐ๐ฒ: The right-tail distribution on LP checks is very strong, with averages sometimes 6x the medians. A "small" check into a $25M fund might be $250,000 while the average hit $760,000.
The full report, live right now, is worth your time. Link in the comments below!
