2026 Data
VC Fund Performance Benchmarks
Interactive benchmark data for venture capital fund performance by vintage year, stage, and sector. Quartile breakdowns of IRR, TVPI, DPI, and RVPI across 14 vintage years (2010-2023).
Net IRR by Vintage Year
| Vintage | Median IRR | Top Quartile | Bottom Quartile | TVPI | DPI | Funds | Context |
|---|---|---|---|---|---|---|---|
| 2010 | 14.2% | 28.5% | 4.1% | 2.1x | 1.7x | 312 | Post-GFC recovery, mobile revolution beginning |
| 2011 | 16.8% | 32.1% | 5.3% | 2.3x | 1.9x | 345 | Cloud SaaS boom, social media platforms scaling |
| 2012 | 18.5% | 35.7% | 6.2% | 2.5x | 2.0x | 378 | Enterprise cloud adoption accelerating |
| 2013 | 17.1% | 33.4% | 5.8% | 2.4x | 1.8x | 412 | Unicorn era begins, mega-rounds emerging |
| 2014 | 15.3% | 30.2% | 4.5% | 2.2x | 1.6x | 458 | Peak unicorn creation, rising valuations |
| 2015 | 13.8% | 27.6% | 3.2% | 2.0x | 1.4x | 482 | Valuation corrections beginning, late-stage caution |
| 2016 | 14.5% | 29.1% | 3.8% | 2.1x | 1.3x | 501 | AI/ML investment wave begins |
| 2017 | 16.2% | 31.8% | 5.1% | 2.3x | 1.1x | 534 | Crypto boom, continued SaaS growth |
| 2018 | 14.9% | 28.3% | 4.2% | 2.1x | 0.8x | 562 | Late-cycle investing, large fund sizes |
| 2019 | 13.1% | 25.6% | 2.8% | 1.9x | 0.5x | 589 | Pre-COVID, peak startup valuations |
| 2020 | 18.7% | 38.2% | 6.5% | 2.6x | 0.3x | 612 | COVID dip created buying opportunity, remote work boom |
| 2021 | 8.2% | 18.5% | -2.1% | 1.5x | 0.1x | 725 | Peak valuations, ZIRP era, many overpriced deals |
| 2022 | 11.5% | 24.3% | 1.2% | 1.7x | 0.1x | 548 | Correction year, disciplined deployment returns |
| 2023 | 14.8% | 29.6% | 4.5% | 1.8x | 0.0x | 489 | AI infrastructure boom, normalized valuations |
Detailed Quartile Analysis
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Key Insights
2020 Vintage: Best in a Decade
Funds that deployed during the COVID dip captured significant value. The 2020 vintage shows 18.7% median IRR — the highest since 2012. Entry price matters.
2021 Vintage: The ZIRP Hangover
The 2021 vintage has the worst performance in our dataset (8.2% median IRR). Peak valuations + rate hikes = compressed returns. Bottom quartile funds are negative.
Seed Outperforms on IRR, Late Stage on DPI
Seed funds deliver the highest IRR (17.1% median for 2023 vintage) but take longer to return capital. Late-stage funds show higher DPI due to faster exit timelines.
AI Sector Premium: 2023 Median IRR 45% Above All-VC
AI-focused funds from 2023 are tracking 21.5% median IRR vs 14.8% for all VC — a 45% premium. But the spread between top and bottom quartile is also wider.
Frequently Asked Questions
What is IRR and why does it matter for VC funds?
Internal Rate of Return (IRR) is the annualized return on invested capital, accounting for the timing of cash flows. It's the primary metric LPs use to evaluate fund performance because it captures both the magnitude and speed of returns. A fund returning 3x over 4 years has a higher IRR than one returning 3x over 8 years.
What's the difference between TVPI, DPI, and RVPI?
TVPI (Total Value to Paid-In) is the total return ratio including both realized exits and unrealized portfolio value. DPI (Distributions to Paid-In) measures actual cash returned to LPs. RVPI (Residual Value to Paid-In) is the unrealized portfolio value. TVPI = DPI + RVPI. Experienced LPs focus on DPI because 'you can't eat IRR.'
Why do earlier vintages show higher DPI?
Older vintage funds have had more time for portfolio companies to exit through IPOs, acquisitions, or secondary sales. A 2010 vintage fund has had 13+ years to return capital, while a 2022 vintage has barely started distributing. This is why TVPI matters more for younger vintages.
What is top quartile performance for a VC fund?
Top quartile VC funds typically deliver 25-35% net IRR and 3x+ TVPI. The spread between top and bottom quartile in VC is larger than any other asset class — a top quartile fund might return 30% IRR while a bottom quartile fund returns under 5%. This is why fund selection matters enormously in VC.