2024 VC FUND PERFORMANCE

Summary from the TLDR Founders newsletter

The venture capital market has changed since the 2022 boom. The median LP count for funds between $100-250M dropped nearly 50% (from 83 to 47). Remaining LPs now write larger anchor checks. Performance data shows declining returns across all vintages—funds from 2017-2020 have lower median IRRs, with the 2017 vintage falling from 16.8% in Q4 2021 to 12.0% by Q4 2024. Smaller funds show better top performance (2018 vintage funds under $10M have 4.03x TVPI at the 90th percentile versus 1.67x for funds over $100M), though many funds still struggle with distributions—half of 2018 vintage funds have yet to return any capital to investors.