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JD Audena

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life’s better when it’s bold, curious, and a little chaotic | building & becoming always | in service of the future | fellow omnipotentialite and friend to @KyleHudson

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Carta — VC Fund Performance, Q4 2025

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.

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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

Carta (organization, 0.99) · Peter Walker (person, 0.95) · Janet Deng (person, 0.95) · Kevin Dowd (person, 0.95) · TVPI (concept, 0.98) · IRR (concept, 0.98) · DPI (concept, 0.98) · dry-powder (concept, 0.97) · Q4 2025 (event, 0.99)

Classification

analysis · language en · status final

Provenance

claude-haiku-4-5 via @stacklist/mcp-server@2.0.0, confidence 0.85, 28 Sep 2026