VC Fund Performance Q4 2025

Carta

Research

28 Pages

Carta’s flagship report on the state of venture capital & startups says when it comes to value creation, the best-performing venture funds of the past decade are running away from the competition.

Key Takeaways

DPI: More than half of all funds from the 2020 vintage have begun to generate at least some amount of DPI, with about 15% of those funds returning capital to LPs for the first time during 2025.
Graduation Rates: 20.4% of startups that raised a Series A in Q1 2024 have already moved on to raise a Series B. Among startups that raised a Series A back in mid-2022, less than 10% had moved on to a Series B so quickly.
AI: AI startups were responsible for 41% of the $128 billion in total capital raised by companies on Carta during 2025, the highest annual proportion on record.
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