VC Fund Performance FY 2024

Carta

Kevin Dowd, Michael Young, Peter Walker

Research

28 Pages

Carta’s analysis of over 2,000 U.S. venture funds from 2017 to 2024 reveals a shifting landscape in venture capital.

Key Takeaways

LP consolidation is accelerating: The median LP count for mid-sized funds fell from 83 in 2022 to 47 in 2024, a nearly 50% decline.
Smaller funds outperform at the top: In the 2018 vintage, 90th percentile TVPI was 4.03x for $1M–$10M funds, versus 1.67x for $100M+ funds.
Distributions remain elusive: Only 26% of 2020 vintage funds and 12% of 2021 funds have begun returning capital to LPs.
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