The Fund Benchmarks Report 2025

After three years of stagnant returns, 2024-vintage funds show early signs of recovery. Our Fund Benchmarks Report 2025, with data current as of January 1, 2026, provides what we believe to be the first comprehensive performance data for 2024 and reveals how emerging managers actually operate behind the scenes.

Key findings from the report include:

• 2024 vintage breaks from recent stagnation. Unlike 2021-2023 funds that have flatlined, 2024 shows stronger early TVPI, potentially reflecting post-correction entry valuations and improved macro conditions.
• Operational practices diverge dramatically. There’s wide variance in emerging manager fund operations, with GP commits varying 12x across quartiles and fundraising timelines between two months and 2+ years.
• The $20M institutional investment threshold. Above this fund size, the majority of funds are audited, and Endowments emerge as significant investors.

New Operational and Investment Benchmarks

Most venture benchmarks focus exclusively on returns. Through AngelList’s Fund Administration offerings, we process capital calls, distributions, and portfolio valuations, giving us visibility into operational decisions that typically remain opaque.

With the Fund Benchmarks Report 2025, we’re including key operational and investment benchmarks for the first time, including:

• LP commitments
• Capital call pacing
• GP commitments
• Audit rates
• Fundraising timelines
• Deployment rates

For GPs, these benchmarks provide concrete reference points for operational decisions.

for the most current operational and performance benchmarks available for early-stage venture funds.