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VC Returns Slid This Year

Source: Portfolio reports

A slowdown in private tech valuations over the past year took a sizeable bite out of venture capital returns, a review of public records show. Many high-profile VC firms, including True Ventures, Union Square Ventures and Foundry Group, saw long-term returns of some funds shrink.

Broadly speaking, the data confirms the findings of previously published surveys about aggregate VC returns, which were negative through the first half of the year. That’s a worse performance than the S&P 500 had. But the data provides a more detailed picture about specific funds. And despite the recent dip, it shows that VC returns are still strong when measured since the funds first raised money.

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Most pension funds and endowments specifically reported the VC fund returns, defined as a multiple of total contributions from investors. Where the pension funds and endowments didn’t report the multiples, we calculated the figure by dividing the reported total value of the fund stake by the investment amounts.

Vinayak Dalmia commented on this article.
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In some cases, VCs have marked down their private tech investments, recognizing that companies can’t maintain sky-high valuations.