Data Visualization
Venture Capital Returns by Vintage Year
How VC fund performance varies by vintage year. Explore median IRR, top/bottom quartile ranges, and MOIC across 14 vintage years (2010-2023).
Net IRR by Vintage Year (Median, Top & Bottom Quartile)
| Vintage | Median IRR | Top Quartile | Bottom Quartile | Median MOIC | Context |
|---|---|---|---|---|---|
| 2010 | 14.2% | 28.5% | 4.1% | 2.1x | Post-GFC recovery, mobile revolution beginning |
| 2011 | 16.8% | 32.1% | 5.3% | 2.3x | Cloud SaaS boom, social media platforms scaling |
| 2012 | 18.5% | 35.7% | 6.2% | 2.5x | Enterprise cloud adoption accelerating |
| 2013 | 17.1% | 33.4% | 5.8% | 2.4x | Unicorn era begins, mega-rounds emerging |
| 2014 | 15.3% | 30.2% | 4.5% | 2.2x | Peak unicorn creation, rising valuations |
| 2015 | 13.8% | 27.6% | 3.2% | 2x | Valuation corrections beginning, late-stage caution |
| 2016 | 14.5% | 29.1% | 3.8% | 2.1x | AI/ML investment wave begins |
| 2017 | 16.2% | 31.8% | 5.1% | 2.3x | Crypto boom, continued SaaS growth |
| 2018 | 14.9% | 28.3% | 4.2% | 2.1x | Late-cycle investing, large fund sizes |
| 2019 | 13.1% | 25.6% | 2.8% | 1.9x | Pre-COVID, peak startup valuations |
| 2020 | 18.7% | 38.2% | 6.5% | 2.6x | COVID dip created buying opportunity, remote work boom |
| 2021 | 8.2% | 18.5% | -2.1% | 1.5x | Peak valuations, ZIRP era, many overpriced deals |
| 2022 | 11.5% | 24.3% | 1.2% | 1.7x | Correction year, disciplined deployment returns |
| 2023 | 14.8% | 29.6% | 4.5% | 2x | AI infrastructure boom, normalized valuations |
Frequently Asked Questions
What is a vintage year in VC?
The vintage year is the year a fund makes its first investment (or holds its first close). It's the standard way to benchmark fund performance — comparing a 2020 vintage fund to other 2020 vintage funds, rather than to funds from different eras.
Why do 2021 vintage funds have lower returns?
2021 saw peak valuations driven by near-zero interest rates (ZIRP). Funds that deployed at those inflated prices have struggled to generate returns as the market corrected in 2022-2023. This is a classic example of entry price mattering as much as selection.
What's considered a good IRR for a VC fund?
Top quartile funds consistently deliver 25-35% net IRR. Median performance is 12-18%. Bottom quartile can be flat or negative. The spread between top and bottom quartile in VC is wider than any other asset class.