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Fund Vintage

Part of our guide: Startup Stages & Financial Readiness

Quick Definition

The year a venture fund began investing, used to compare performance across different market cycles.

What is Fund Vintage?

Vintage year is when a fund started deploying capital. It matters because market conditions vary dramatically year to year. A 2009 vintage fund had different opportunities than a 2021 vintage fund.

Why Vintage Matters

You can't compare raw returns across vintages. A 2020 fund showing 3x might underperform a 2015 fund showing 2.5x because of market timing. Industry benchmarks are always vintage-adjusted.

Vintage Effect

Early-cycle vintages (after market corrections) often outperform. Late-cycle vintages (at market peaks) often struggle. The best VCs generate returns across vintages through disciplined investing.

Formula

Vintage performance comparison:

  • 2010 vintage average TVPI: 2.5x
  • 2015 vintage average TVPI: 1.8x
  • 2020 vintage average TVPI: 1.4x (still early)

Compare within vintage, not across.

Example

Evaluating a VC's track record:

  • Fund I (2012 vintage): 4.2x - Top quartile
  • Fund II (2015 vintage): 2.8x - Top quartile
  • Fund III (2018 vintage): 1.9x - Second quartile
  • Fund IV (2021 vintage): 1.2x - Too early to judge

Consistent top-quartile across vintages indicates skill, not luck.

Frequently AskedQuestions

A fund's vintage year is the year it began investing capital. Benchmark providers do not all date it the same way: some use the year of the first close, others the year of the first capital call or first investment. Before comparing a fund with a vintage benchmark, check which definition that benchmark uses so the fund sits in the right cohort.

Compare each fund against benchmarks for its own vintage year, not against funds from other years, because market conditions at entry drive much of the return. Use quartile rankings within a vintage and one metric throughout, such as TVPI or IRR. Treat recent vintages as unproven, since most of a venture fund's value is realized late in its life.

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