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.