First Quarter Earnings Show Vintage Maturity Funds Not Doomed

Published by
Peter Kavinsky

it can be difficult to tell how things are with venture capital companies. Sometimes it’s easier after a big release like Figma last week, which gave us a glimpse of the sizable returns that some of his early backers could have made, including Index Ventures and Greylock. But venture capital firms tend to be opaque when it comes to performance.

Therefore, when the market started to deteriorate in the first quarter, it was obvious that we would not know how things were going. actually until the data starts coming from their limited partners or LPs, who, if they are public, usually have to make most of that information public as well. Pension fund meeting papers give us a first look at recent venture capital results.

Sacramento County Retirement Employees (SCERS) released its first-quarter results. data This week. We decided to unpack the numbers and use their shares as a potential indication of how other funds from the same year—meaning the year they started investing—might fare.

The main thing to highlight if your firm’s fund is reaching maturity is that last year’s inflated valuations and exit prices didn’t seem to materialize in the kiss of death that many anticipated when falling tech stocks began to affect businesses in the first place. quarter. At least not yet.

Peter Kavinsky

Peter Kavinsky is the Executive Editor at

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