Fund Benchmarks: A Mid-Year 2026 Refresh
An update on venture fund returns as of July 1, 2026, revisiting the vintages we tracked in the Fund Benchmarks Report 2025. Are the first signs of a recovery in recent vintages holding?
Sep 4, 2026 — 4 min read
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When we published the Fund Benchmarks Report 2025 in February, the headline was cautious optimism: after three flat years, 2024-vintage funds were showing the first signs of a turn. Six months later, with data current as of July 1, 2026, that read looks like it's holding up.
On the whole, the first six months of 2026 were positive for venture capital funds. Every vintage from 2019 onward increased in median TVPI, and the two vintages that slipped, 2017 and 2018, did so only slightly.
Key takeaways from this refresh:
- The post-post-pandemic recovery is broadening. Every vintage year except 2017 and 2018 increased in median TVPI over the last six months, and both of those declines were modest.
- The lagging trio is finding its feet. 2021, 2022, and 2023, the vintages we'd flagged as the weakest in a generation, each moved up.
- Realized returns are still the missing piece. DPI barely moved across the board. Paper marks are recovering faster than cash is coming back to LPs.
Median TVPI over time
The clearest way to see all of this is our median TVPI curve by vintage, plotted against months from July 1 of each vintage year. It provides an easy visual to show the trajectory of and between vintage years.
A few things stand out.
2017 and 2018 gave a little back. 2017 peaked in median TVPI at the end of Q1 2022 and has fallen roughly 25% since then. Median 2017 fund net IRR is now under 15%. It’s increasingly likely that the pandemic run-up in valuation for these vintages pushed forward their terminal valuations.
The lagging vintages performed well. 2021, 2022, and 2023 have been the trio we've worried about most, and each posted gains. 2021 median TVPI now sits at 1.12x, five years into the vintage. In the benchmarks report we raised the possibility that 2021 could become the first vintage year since 2000 in which the typical venture fund actually lost money, so any move up in value is genuinely auspicious.
2024 nudged higher. 2024 rose slightly and continues to sit between the 2021–2023 cohort and the pre-pandemic "normal" of 2017–2019. It's not back to old form, but the direction points to a sustained recovery.
Where the vintages stand today
Here's the snapshot across IRR, TVPI, and DPI at the 25th, 50th, and 75th percentiles as of July 1, 2026.
The pattern mirrors the curve above: older vintages are further along and carry higher multiples, while the 2021–2024 cohort clusters just above break-even at the median, with a widening upside as you move toward the 75th percentile.
Realized outcomes: still the laggard
If there's a cautionary note, it's DPI. Distributions showed only limited improvement since our last report. The median 2017 fund moved from 0.31x to 0.34x. The median 2018 fund didn't increase at all. The median 2019 fund went from 0.09x to 0.15x, still well behind where 2017 and 2018 funds sat at the same point in their lives, though the 75th-percentile 2019 fund is getting a little closer to that earlier pace.
The takeaway holds across the board: realized outcomes remain the constraint. Paper valuations are recovering faster than cash is being returned, and older vintages are meaningfully stronger on realizations than younger ones, even captured at the same age.
The full decile picture
For managers benchmarking their own funds, quartiles only go so far. Below are the full decile breakdowns (10th through 90th percentile) for each metric by vintage.
IRR deciles by vintage
TVPI deciles by vintage
DPI deciles by vintage
What's next
Our next report will come at the end of this calendar year and will report the first numbers for the 2025 vintage year. We’ll be watching whether that year continues 2024’s trend towards the pre-pandemic “normal”.
Disclaimer
All data referenced in this material is current as of July 1, 2026, unless otherwise mentioned. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision and does not constitute an offer of any kind. Past performance is not indicative of future results. The content speaks only as of the date indicated and we undertake no obligations to update any content in the future. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
