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The top-tier funds from 2017 and 2018 are on track to provide LPs with the sort of return they likely expected, outpacing the gains they might have achieved in the public markets. Yet most recent funds currently sit well below this mark.

The percentage of venture funds on Carta that have begun to return capital to their LPs jumped noticeably in Q2 for every vintage from 2017 through 2023, as investors demonstrated a new urgency around generating DPI.

Data from more than 2,500 venture funds that currently use Carta Fund Administration gives us a revealing snapshot of fund performance, including IRR, DPI, and TVPI.

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.

Carta's inaugural VC fund performance report analyzes benchmarks for more than 1800 funds across six recent vintages.