Venture Capital Feels Slow Right Now — But That’s Part of the Plan

Five years into a fund and still no big returns? You’re not alone — and you’re not off track.

Carta just published data from 2,500+ U.S. venture funds launched between 2017 and 2024. Here’s what they found:

👉 Only 30% of 2020 funds have sent any money back to investors

👉 For 2019 funds, that number is 37%

It might look like things are stalling. But in reality, most funds are still doing what they’re supposed to — building.

Portfolios are still growing. Companies are maturing. Founders are executing.

The wins? They’re coming — just not loudly, and not yet.

Look at the 2017 funds:

Average IRR is 11.5% The top performers? 28.3%

Returns aren’t gone. They’re just concentrated — and delayed.

IRR and TVPI give you a snapshot. DPI tells the real story — and it takes time.

This isn’t a broken model. It’s a long game.

And today’s silence? It’s just the sound of the next wave being built.