VC fund performance is down sharply — but it may have already hit its lowest point

Venture capital has been hit hard by souring macroeconomic conditions over the past few years and it’s not yet clear how the market downturn affected VC fund performance. But recent data from the San Francisco Employees’ Retirement System (SFERS) give us something to chew on.

SFERS’s venture portfolio recorded a -.9% internal rate of return last year through the third quarter, according to data from the pension fund’s May 8 meeting. The data also highlighted that the venture portfolio recorded a 48.8% IRR in 2021 and -19.9% return in 2022. READ MORE