{"version":"1.0","type":"card","id":"bbd76103-6ac6-42cd-a1bd-b467cc64dfdb","url":"https://stacklist.com/card/bbd76103-6ac6-42cd-a1bd-b467cc64dfdb","title":"Carta — VC Fund Performance, Q4 2025","source_url":"https://carta.com/data/vc-fund-performance-q4-2025/","note":"Carta's last public reading of median TVPI: 1.89x for the 2017 vintage at end-2025. The value side of the 0.37x-vs-1.89x gap — two quarters older than the cash figure.","image":{"url":"https://ucarecdn.com/f921d925-6df0-4fa8-a14f-57a7600a9161/","alt":"Carta — VC Fund Performance, Q4 2025","width":1920,"height":1080},"stack":{"id":"cd56e1a1-45bb-4978-945b-4a9e71b13b5f","title":"Signals Served #030 — The Marks Are Still Waiting for Cash","url":"https://stacklist.com/c/finance/stack/cd56e1a1-45bb-4978-945b-4a9e71b13b5f"},"created_at":"2026-09-28T18:44:06.987Z","updated_at":null,"aco":{"summary":"Carta's Q4 2025 VC Fund Performance report analyzes venture capital fund returns across vintages from 2017-2025, revealing a top-heavy asset class where the best-performing funds significantly outpace median performers. The analysis highlights positive IRR trends for recent vintages, substantial dry powder accumulation, and increasing capital returns to LPs.","tags":["venture-capital","fund-performance","vc-metrics","irr","tvpi","q4-2025"],"key_entities":[{"name":"Carta","type":"organization","confidence":0.99},{"name":"Peter Walker","type":"person","confidence":0.95},{"name":"Janet Deng","type":"person","confidence":0.95},{"name":"Kevin Dowd","type":"person","confidence":0.95},{"name":"TVPI","type":"concept","confidence":0.98},{"name":"IRR","type":"concept","confidence":0.98},{"name":"DPI","type":"concept","confidence":0.98},{"name":"dry-powder","type":"concept","confidence":0.97},{"name":"Q4 2025","type":"event","confidence":0.99}],"classification":"analysis","language":"en","confidence":0.85,"provenance":{"model":"claude-haiku-4-5","tool":"@stacklist/mcp-server@2.0.0","confidence":0.85,"timestamp":"2026-09-28T18:44:13.198Z"},"token_counts":{"approximate":2174,"cl100k":1955},"content_hash":"sha256:dc422e3964c8303a5c82fa8f73b6251da061a6118ed45162e3944114d0fad304","acp_version":"0.2","body_available":true,"body_tokens":2174,"visibility":"public","agent_accessible":true,"status":"final"},"_links":{"self":"/api/public/card/bbd76103-6ac6-42cd-a1bd-b467cc64dfdb.json","html":"https://stacklist.com/card/bbd76103-6ac6-42cd-a1bd-b467cc64dfdb","md":"/api/public/card/bbd76103-6ac6-42cd-a1bd-b467cc64dfdb.md","stack_json":"/api/public/stack/cd56e1a1-45bb-4978-945b-4a9e71b13b5f.json"}}