The Data: A Portrait of an Asset Class in Crisis
AngelList's Fund Benchmarks Report 2025, just published, offers something rare in venture capital: actual transparency. Drawing from more than 1,000 funds on their platform with data current through January 1, 2026, it provides the first comprehensive returns data for the 2024 vintage year and detailed operational benchmarks across the emerging manager ecosystem.
The headline number tells you almost everything you need to know.
A hypothetical portfolio that invested one dollar into every fund on the AngelList platform would have achieved, by the end of 2025, a 20.6% IRR and a 2.08x TVPI. Impressive on paper. But the DPI (distributions to paid-in capital, the only metric that measures actual cash returned to investors) sits at 0.19x.
Nineteen cents on the dollar. After years of investing across more than a thousand funds.