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The Fund Benchmarks Report 2025
A first glance at returns data for 2024-vintage funds, plus operational benchmarks across venture funds from emerging managers. Data is current as of January 1, 2026.
Inside the report
2024 Funds Show Signs of Recovery
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
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.
$20M Institutional Threshold
Above this fund size, the majority of funds are audited, and Endowments emerge as significant investors.
Archive
- The 2026 Guide to Fund Migrations Guide
- The State of Venture H1 2025 Report
- Raising Institutional Capital: A Practical Readiness Guide for Venture Firms Report
- The State of Venture 2024 Report
- The Emerging Manager’s Guide: How to plan your Fund I Report
- The State of U.S. Early Stage Venture & Startups: 3Q23 Report