Carta

“Peter Walker, Head of Insights at Carta, analysed DPI distributions across 2,689 US venture funds ranging from $10M to $1B+ to assess how capital is actually being returned to limited partners.”

“The 2021 vintage five-year distribution: 50th percentile 1.04x, 75th 1.29x, 90th 1.54x, 95th 1.93x… The entire cohort's distribution is compressed toward 1x in a way no prior vintage shows at the same age.”

“Walker's four headwinds: Record investor entry, peak entry valuations, the 2022 rate reversal, and the AI platform shift.”