VC Fund Performance: Q2 2026

Carta

Hamza Shad, Kevin Dowd

Research

16 Pages

Carta examines venture fund performance through Q2 2026, tracking IRR, TVPI and distributions across vintages alongside trends in new fund formation. Late 2010s vintages keep building paper value, yet cash returned to LPs remains thin, and capital is concentrating in larger vehicles, with the largest funds holding 64% of 2025 vintage capital.

Key Takeaways

Paper Gains Climb: Top decile TVPI for 2017 vintage funds reached 4.14x, up from 3.31x two years earlier.
Distributions Still Lag: Median DPI sits at just 0.37x for 2017, 0.15x for 2018 and 0.04x for 2019 vintage funds.
Capital Concentrates Upward: Funds of $100 million or more held 64% of 2025 vintage capital, versus 38% in 2017.
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