2024 VC Fund Performance Report
The boom times of 2022 have come to an end. The LP base has downsized, anchor checks have shrunk, and
venture fund managers are adapting to a new reality. Carta has all the data on performance,
including IRR, DPI, TVPI, and more.
Highlights
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The venture slowdown is leaving a mark: For every fund vintage from 2017
through 2020, the past two to three years have brought significant declines in median IRR. For
the 2017 vintage, for instance, median IRR fell from 16.8% as of Q4 2021 to 12.0% at the end of
Q4 2024.
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Top decile TVPI is highest in smaller funds: In the upper tiers of performance,
the smallest venture funds often post the best returns. In the 2018 vintage, the 90th percentile
for TVPI among funds with $1 million to $10 million in assets is 4.03x. For funds in the same
vintage with $100 million or more in assets, the 90th percentile for TVPI is 1.67x.
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Most newer funds are still waiting for DPI: Half of all funds from the 2018
vintage have still not distributed any capital back to their LPs. For more recent vintages,
distributions are even harder to find: Just 26% of funds from the 2020 vintage and 12% of funds
from 2021 have begun to record DPI.
Full report available: Start reading now for free
Our complete VC Fund Performance report includes data on fund performance from more than 2,000
venture funds.
