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Returns, risks and liquidity of VC Funds in Q3 2020
At the close of Q3, 2020 has shown to be an exceptional year for venture capital performance, with funds globally recording an increase in aggregated multiple of invested capital (TVPI), rising from 1.58x in Q3 2019 to 1.63x in Q3 2020. At the same time, selection risk – as measured by the difference in the performance of top and bottom 5% of funds – has also reached a record high, with a TVPI spread of nearly 2x, potentially signaling more challenging market conditions.