Fund Benchmarks: A Mid-Year 2026 Refresh

AngelList

Abe Othman

Research

8 Pages

AngelList’s mid-year refresh finds VC fund performance broadly improving in 2026, with every vintage except 2017 and 2018 posting higher median TVPI. Realized cash returns barely moved, meaning paper markups are recovering well ahead of actual distributions to investors.

Key Takeaways

Recovery is broadening: Every vintage from 2019 onward rose in median TVPI over six months, while 2017 and 2018 dipped only slightly.
Weakest cohort improving: 2021 median TVPI now sits at 1.12x five years in, a meaningful gain after fears it could be a loss-making vintage.
Cash lags paper gains: The median 2019 fund's DPI rose from 0.09x to just 0.15x, still trailing where 2017 and 2018 funds stood at the same age.
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