Fund performance
Funds tagged VC in the capture, of every vintage. Each fund counts once, with its latest reported value.
Twelve well-known venture firms have funds in the capture. Kleiner Perkins has the highest median, 8.8× net TVPI across 4 funds from 1994–2000.
Net TVPI of funds from 12 venture firms
Median of each fund's latest reported net TVPI: total value per dollar paid in, after fees. Younger funds have had less time to return capital.
- 2.4×median of 16 fundsvintages 2005–2024
- 1.2×median of 14 fundsvintages 1999–2020
- 1.5×median of 12 fundsvintages 2020–2024
- 2.0×median of 12 funds
- 1.6×median of 9 fundsvintages 2000–2022
- 2.9×median of 7 fundsvintages 1985–2015
- 2.0×median of 6 fundsvintages 2006–2022
- 3.4×median of 5 fundsvintages 2009–2014
- 8.8×median of 4 fundsvintages 1994–2000
- 2.3×median of 3 fundsvintages 2023–2024
- 1.4×median of 3 fundsvintages 2009–2024
- 0.9×1 fund2022 vintage
Median net TVPI ranges from 1.0× for VC funds from 2000–2004 to 2.7× for funds from 2010–2014. Funds from 2020 on are still early in their life.
VC fund returns by vintage
Net TVPI of each VC fund by vintage year, latest reported value
Swipe the chart to see later vintages →
Across all vintages, 22% of VC funds have a net TVPI below 1×, so they are worth less than the capital paid in. 6% are at 5× or more.
How VC fund returns are spread
Number of VC funds by latest reported return, all vintages
Net TVPI
Net IRR
VC funds account for 3,695 of the 34,335 observations in the capture. Buyout funds account for the most, 10,755.
Observations by strategy
The table lists the funds behind these charts, with their GP and latest returns. It opens on each GP's best VC fund from 2010–2020.
Explore reported fund returns
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Opens on the best VC fund of each GP from 2010–2020, among funds with a named GP and both net TVPI and net IRR, highest net TVPI first. Each fund shows its GP; fund names are masked except a few examples. Companies listed under a fund are ones its GP backed in the fund's first five years that are now valued at $1B or more; the fund itself may not hold them.
Swipe or scroll the table to see returns →
| GP and fund | Strategy | Vintage / cohort | As of | Net IRR | Gross IRR | Net TVPI | DPI¹ |
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No observations match these filters. Reset filters to explore the capture.
IRR: annualised return. Net IRR is after fees and carry; gross IRR is before them. TVPI: total value divided by paid-in capital. DPI: distributions divided by paid-in capital. ¹DPI is shown as reported; fee treatment is not consistently specified.
Sources and methodology
Compiled from public limited-partner disclosures and fund-manager reporting. Reporting conventions and valuation dates differ. These observations are not a pooled performance benchmark or an investment recommendation.
Missing, not meaningful and bounded values are shown as unavailable, never zero. IRR uses percentage points as printed. Multiples use ×; a percentage-form multiple is divided by 100. Parentheses indicate a negative return. Returns with an unstated fee basis are withheld from the net and gross IRR columns. Net TVPI excludes investment-year cohorts and manager-reported multiples without an explicit net basis. The preview retains these observations, with unavailable metrics shown as a dash and excluded multiples marked on their rows. Excluded multiples may be gross returns, multiples on invested capital (MOIC), or have an unstated fee basis; they are not treated as net TVPI. No returns are calculated from cash flows.
The three example names are selected by a fixed hash of the reported name, independently of performance. One observation for each example is interleaved with masked rows at the top; remaining rows retain capture order. Filters preserve that order. No ranking by returns is implied.
Names are removed from the public dataset before publication. The blur covers a generic placeholder. Each fund's GP is shown where the source's manager is matched to a Dealroom investor profile with high or medium confidence. Fund names are masked except the three examples and the funds that mark a vintage band's median or top 10% on the VC chart. Fund identifiers, source identities, source links and notes are excluded from this preview. Request access to discuss the underlying data.
VC fund figures at the top count each fund once. A fund is its reported name, with the manager where the source names one; it counts as VC when most of its observations are tagged VC, and investment-year cohorts and portfolio records are left out. Each fund contributes its latest reported net TVPI and net IRR, the median across limited partners reporting that date. Its vintage is the one most of its limited partners report; funds without one are in the headline numbers and histograms but not in the vintage chart. Top 10% marks the 90th percentile of each vintage band.
Companies listed with a VC fund are ones its GP backed, in a funding round dated from the fund's vintage to four years after, that Dealroom now values at $1B or more; up to three, largest first. A GP invests from several funds at once, so the fund itself may not hold them. The default view takes each GP's fund with the highest net TVPI among VC funds of vintage 2010–2020 that have a named GP and both net TVPI and net IRR; it is a starting point, not a ranking of managers.
The named firms were chosen by name recognition, not by returns. A firm's funds are matched on the reported fund name; each fund counts once across limited partners and reporting dates, with parallel institutional vehicles joined to their main fund. Totals of several legacy funds are not counted. Each fund contributes its latest reported net TVPI (the median across limited partners reporting that date), under the same net-basis rules as the table; the firm's figure is the median across its funds. Vintage spans are shown where at least three quarters of those funds report a vintage. The figures cover funds in this capture, not each firm's full fund history, and are not a ranking.