VC Fund Performance Q1 2026

Carta

Peter Walker, Kevin Dowd

Research

23 Pages

Venture capital fund performance rebounded in Q1 2026: Carta funds raised $3.9B across 86 new funds, while TVPI climbed for nearly every recent vintage.

Key Takeaways

TVPI Rebounds Broadly: Median net TVPI rose in Q1 2026 for every vintage shown except 2017, with 2021 and 2022 both reaching 1.02x.
Liquidity Still Lags: In 2017 and 2018 vintages, fewer than 20% of funds have reached 1x DPI, despite median DPIs of 0.31x and 0.15x.
Fundraising Concentrates: Funds over $100 million received 57% of 2025 commitments, up from 31% in 2017, even though 89% of tracked funds are smaller.
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