VC FUND PERFORMANCE Q1 2025

Summary from the TLDR Founders newsletter

Recent venture funds are struggling to return cash with just 37% of 2019 funds and 30% of 2020 funds generating any distributions for LPs by Q1 2025. The market has shifted toward smaller funds, with 42% of 2024 vintage funds under $10 million versus 25% in 2020. The median IRR for 2017 funds sits at 11.5%, with massive variation from 5% at the 25th percentile to 28.3% at the 90th.