Newer Funds Are Crushing Legacy VCs (Here's Why) #EmergingManagers #FundPerformance #PrivateMarkets

We're also seeing smaller and newer funds outperforming these older sort of larger funds. At TVPI, we saw that rise across most vintages from 2017 all the way through 2023. For 2017 funds, the median hit about 2x. You dig into our fund performance report, which is linked in the resources tab. You can go look at all of those sort of JC curve charts. This is wild to me because like I work at a family office. I'm in the family office world. I see both sides of it. whether it's venture, whether it's like LP. And so I see decks of funds, legacy funds, and then I see new funds, and there are newer vintages that are absolutely outperforming these older funds. And I don't know if it's like you have a fresh eye, you've got like a fresh tap on like the new talent that's coming out and everything like that, but I'm like severely surprised by most of this. The size of the funds are relatively like measure them compared to each other. But I'm like very surprised by the nimleness, the creativity of these newer funds that are coming out because they're not sticking to these like tried and trueue strategies that have been stuck with fund after cycle and you're getting to a vintage that's relatively recent but like probably their sixth or seventh fund. these newer funds that are on their like first or second vintage.