Nobody will mark down the 2021 vintage

Twelve cents on the dollar. That is what a top-decile fund from the 2021 venture vintage had returned to its investors as of the end of September 2025, the most recent quarter for which Carta, a fund-administration platform, has published the figure: a DPI of 0.12x at the 90th percentile, in the shorthand the industry uses for distributions to paid-in capital. About a third of the cohort had begun distributing anything at all by the end of the year, up from a quarter three months before, and the median fund had returned nothing. Those are the strong performers; the rest do not appear in the percentile tables because there is nothing yet to rank.