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.
Full report: https://lnkd.in/eC77mj9P
𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀
• 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.
• 𝗟𝗣 𝗰𝗵𝗲𝗰𝗸 𝘀𝗶𝘇𝗲𝘀 𝗮𝗿𝗲 𝗮𝗹𝗹 𝗼𝘃𝗲𝗿 𝘁𝗵𝗲 𝗽𝗹𝗮𝗰𝗲: 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!
