# 2024 VC Fund Performance Authors: Peter Walker, Michael Young, PhD, Kevin Dowd --- Read time: 4 minutes Published date: March 24, 2025 The boom times of 2022 have come to an end. The LP base has downsized, anchor checks have shrunk, and venture fund managers are adapting to a new reality. Carta has all the data on performance, including IRR, DPI, TVPI, and more. --- ## Highlights - **The venture slowdown is leaving a mark:** For every fund vintage from 2017 through 2020, the past two to three years have brought significant declines in median IRR. For the 2017 vintage, for instance, median IRR fell from 16.8% as of Q4 2021 to 12.0% at the end of Q4 2024. - **Top decile TVPI is highest in smaller funds:** In the upper tiers of performance, the smallest venture funds often post the best returns. In the 2018 vintage, the 90th percentile for [TVPI](/content/learn/private-funds/management/fund-performance/tvpi/index.html) among funds with $1 million to $10 million in assets is 4.03x. For funds in the same vintage with $100 million or more in assets, the 90th percentile for TVPI is 1.67x. - **Most newer funds are still waiting for DPI:** Half of all funds from the 2018 vintage have still not distributed any capital back to their LPs. For more recent vintages, distributions are even harder to find: Just 26% of funds from the 2020 vintage and 12% of funds from 2021 have begun to record [DPI](/content/learn/private-funds/management/fund-performance/dpi/index.html). ## Fund details & deployment This report features data from 2,079 venture funds from across the full span of the U.S. ecosystem. About 33% of these funds have between $1 million and $10 million in assets under management. Another 27% manage between $10 million and $25 million in assets, and 30% are between $25 million and $100 million in AUM. The upper echelon of venture funds—those larger than $100 million—comprise just over 10% of the sample. Venture funds with more assets under management also tend to have more LPs. The median fund with between $1 million and $10 million in AUM raises that capital from 26 different LPs, while the median fund with more than $250 million in AUM has 104 LPs. While this trend of larger funds having more LPs tends to hold true across all venture fund sizes, there are also plenty of exceptions. In each of these fund size intervals, there’s a wide range between the 25th percentile for LP count and the 75th percentile. It’s possible for a $25 million fund to have more LPs than a $250 million vehicle. Median LP count fell by 43% between 2022 and 2024 for funds with between $100 million and $250 million and by 33% for funds with between $25 million and $100 million in assets. Compared to the highs of the venture market in 2021 and 2022, there are fewer LPs in the market today actively looking to commit cash to new funds. As a result, fund managers are having to concentrate their fundraising among fewer capital sources. The largest contribution to a venture fund by any one LP is referred to as the anchor check. Across all fund sizes, the median size of this anchor check is rising in both the short term and the long term. For funds with between $100 million and $250 million in assets, the median anchor check rose from $19.5 million in 2017 to $25 million in 2020. Since then, it’s continued to climb, reaching $35 million in 2024. This trend is likely related to a “flight to quality” phenomenon, where LPs deploy capital into fewer funds, thereby increasing the median check size. For funds with between $1 million and $10 million in AUM, the average anchor check accounts for 32.9% of the total capital committed to the fund. About 17% of the time, the anchor check accounts for less than 10% of total committed capital for funds in this smallest size interval. About 25% of the time, the anchor check makes up more than 40% of committed capital. As venture funds get larger, the anchor check tends to make up a smaller proportion of the vehicle’s total firepower. For funds with between $100 million and $250 million in AUM, the average anchor check accounts for 25.6% of the total capital committed to the fund.