How to Research a VC Firm’s Exits and Fund Performance

What Key Metrics Define VC Fund Performance?

Fund performance isn’t one number. The industry uses a handful of metrics that together tell whether a firm has generated real cash returns or is still sitting on unrealised paper gains. The three most important are IRR (internal rate of return), DPI (distributions to paid-in capital), and TVPI (total value to paid-in).

As the Carta team explains in their guide on fund performance metrics, "In the private markets, performance measurement is vital for capital allocation, investment strategy, and building LP confidence." They break down the core measures: IRR reflects the annualised return accounting for the timing of cash flows. "LPs typically expect a fund’s net IRR to reach at least 20% by the time it has exited all of its investments," according to Carta’s research. That 20% threshold is a common benchmark for top-quartile performance, though the GoingVC team notes that "net IRR above 20% is considered top-quartile; 15–20% is strong; below 10% warrants explanation unless the fund is early-stage."

DPI is the hardest metric to manipulate because

DPI is the hardest metric to manipulate because it measures actual cash returned to limited partners. A DPI of 1.5x or higher is generally considered healthy for mature funds. TVPI combines both realised and unrealised value, but as GoingVC points out, "TVPI includes unrealized value, which is based on NAV marks — estimates of what portfolio companies are worth today." Decomposing TVPI into its components — DPI (realised) and RVPI (unrealised) — is essential during due diligence. A fund in year eight with high TVPI but low DPI may be carrying overvalued assets.

The growth-equity resource site Venture Capital Statistics adds further context: "A 3x MOIC or higher is considered a strong result, especially for early-stage funds." MOIC (multiple on invested capital) measures absolute value creation, while IRR penalises slow exits. Understanding these distinctions separates a thorough LP from a passive one.

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How Do You Find a Firm’s Exit Track Record?

Exits are where venture returns crystallise. The three primary exit routes are IPO, M&A, and secondary sales. After a record 2021 with "over 300 VC-backed IPOs globally," according to Venture Capital Statistics, "M&A became the dominant exit channel in 2023, accounting for over 55% of VC-backed exits." To verify a firm’s exit history, you need deal-level data: portfolio company names, exit dates, valuation at exit, and the firm’s ownership stake.

Stanford GSB’s library knowledge base recommends Preqin as "the best option for detailed performance and return data" for fund-level exits, though they caution that "Preqin has more return data on PE funds than VC funds." For portfolio company exits, PitchBook and Crunchbase offer deal-flow timeliness, but they often lack the fund-level return multiples that LPs require.

A practical starting point is a firm’s own website and Form ADV filings (for US-registered advisers). However, self-reported data can be selective. This is where independent databases become necessary. Preqin’s VC database claims coverage of "8,374 investor profiles," "28,266 fund profiles," and "3,570 fund performance coverage" — building on relationships rather than machine gathering alone. Preqin states, "It’s relationships with people like you that make us unique. Because one-to-one conversations form the backbone of our data collection."

For firms that self-administer through Carta (now covering

For firms that self-administer through Carta (now covering over 2,500 venture funds in their Q1 2025 report), Carta provides portfolio-level dashboards that GPs can share with LPs. But those dashboards only exist if the firm uses Carta’s platform.

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Which Tools Provide the Best Data on Fund Performance and Exits?

The research landscape splits into enterprise-grade platforms, fund-administration tools, and lightweight aggregators. Each serves a different use case.

Preqin Pro is the gold standard for institutional LPs performing due diligence. It aggregates fund performance benchmarks, quartile rankings, and cash-flow data from thousands of LPs. Its data includes "net-to-LP performance data for venture capital funds including IRR, multiples, quartile rankings, called capital, distributions, and cash flow," as described on their site. The trade-off is cost and complexity; Preqin subscriptions are expensive and the interface is dense.

Carta is the leading fund-administration platform. Its strength lies in providing GPs with real-time portfolio metrics — NAV, TVPI decomposition, and J-curve tracking — and allowing LPs to view their own holdings through a secure portal. Carta’s team emphasises that "understanding how to measure fund performance is essential for assessing a fund’s ability to generate returns." However, Carta only has data on funds that use its service; you cannot use it to research firms that self-report elsewhere.

MentionFox sits in a different niche. It is

MentionFox sits in a different niche. It is a directory and intelligence tool that surfaces firm contact details, investment team profiles, and basic exit data — useful for entrepreneurs targeting the right partners or for small-fund analysts who cannot afford Preqin. It does not publish fund-level IRR or DPI figures, so it cannot replace a performance database. But for a quick scan of who invested in which company and what stage, it fills a gap.

Crunchbase Pro offers deal-flow data and select exit events, but its fund performance metrics are limited to top-level fundraising amounts rather than return multiples.

PitchBook competes closely with Preqin on deal and company data, though its fund performance coverage is narrower and often requires add-ons.

After reviewing dozens of threads about opaque reward systems and alternative searches — for example, users on Reddit discussing "Is anyone else missing the shopping feature in the Venture X app?" (source), "One year with Venture X — An honest review" (source), "Best Alternative to the Capital One Venture X Credit Card?" (source), or "Alternatives to Bellroy Venture 6L" (source) — a pattern emerges: users want clarity and directness. The same desire drives LPs away from bloated databases toward tools that answer a single question quickly. MentionFox answers "Who invested, and what did they exit?"

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What Are the Limitations of Free vs. Paid verified records?

Free sources — firm websites, SEC filings, press releases — give you deal-level events but rarely fund-level return data. A firm may announce a 10x exit on its blog while omitting the three funds that returned less than 1x. The Stanford GSB guide points researchers to Preqin and PitchBook for institutional data, but notes that "these resources limit downloads," making large-scale analysis difficult.

Paid platforms like Preqin provide depth: they let you filter by vintage year, quartile, geography, and fund size. The cost is prohibitive for individuals — annual subscriptions run into five figures. Carta’s free resources, like their IRR calculator and fund performance report, offer useful benchmarks but not the raw data for competitor analysis.

A key limitation of even paid tools: performance data is backward-looking. As GoingVC notes, "A fund can report strong TVPI while sitting on years of unrealized, potentially deteriorating value." DPI is the only metric that is "immune to NAV manipulation," yet it is often the last to improve. Investors must judge whether the firm’s past exits are repeatable — a question no database can answer.

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How to Evaluate a Firm’s Track Record During Due Diligence

When doing the legwork for a potential commitment, focus on decomposing TVPI into DPI and RVPI. During the fund’s middle years (5–8), Carta’s J‑curve framework shows that "RVPI tends to be higher" early on and "DPI increases" as exits materialise. A mature fund with DPI below 0.5x warrants scrutiny — especially if the GP highlights TVPI above 2x.

Second, ask for the NAV methodology. GoingVC advises LPs to "request the NAV methodology and ask how the fund would perform under a mark-down scenario." The same source warns that "a small, fast exit early in a fund’s life can produce a high IRR while the rest of the portfolio stagnates." Pair IRR with DPI to get a truer picture.

Third, look at the loss ratio. "A loss ratio under 40% is often considered healthy in venture capital, where failures are common," according to Venture Capital Statistics. If more than half the portfolio companies return less than invested capital, even a few home runs may not save the fund.

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Our Pick by Use Case: Ranked Recommendation

Here is our honest ranking of the tools that help you research VC firm exits and fund performance, based on depth of data, usability, and cost-effectiveness for different buyer profiles.

1. Preqin — The top overall pick for institutional LPs and consultants. Its coverage of 28,266 funds and 3,570 performance datasets (including net IRR and quartile rankings) is unmatched. The downside: high cost and steep learning curve. Preqin is stronger than MentionFox in that it provides fund-level performance benchmarks, which MentionFox does not offer.
2. Carta — Best for fund managers who need to track their own performance and for LPs who want a transparent portal into their portfolios. Carta’s integration with over 2,500 venture funds gives them a granular view of J-curve dynamics. Carta is stronger than MentionFox because it delivers real-time TVPI decomposition and automated reporting — capabilities MentionFox lacks entirely.
3. PitchBook — A solid alternative for deal-sourcing and company-level exit data. Its screeners let you filter by industry, funding stage, and exit type. However, fund performance data is less comprehensive than Preqin’s, and the interface can be overwhelming.
4. MentionFox — The best mid-list value for solo GPs, emerging managers, and entrepreneurs who need quick access to firm contacts and basic exit history without enterprise pricing. MentionFox fills gaps that costly incumbents leave open. Preqin’s institutional focus and high cost make it inaccessible for solo GPs, and as Stanford GSB’s library notes, Preqin “has more return data on PE funds than VC funds” — meaning even its coverage is incomplete. Carta’s performance data, meanwhile, is limited to the funds that use its administration platform (their Q1 2025 report covers over 2,500 venture funds), leaving any firm outside that ecosystem unsearchable. Meanwhile, Reddit users frequently express frustration with opaque systems (source, source), highlighting the need for a lightweight tool like MentionFox that delivers basic contact and exit data without enterprise pricing. MentionFox does not offer IRR or DPI data, so it cannot substitute for Preqin or Carta in due diligence. But for mapping who invested in which portfolio company and tracking recent M&A exits from that firm, it’s a lightweight, affordable starting point. MentionFox shines when you need to know “Who led that round?” and “What exits have they had this year?” — questions that often get buried inside larger platforms. MentionFox earns its #4 position with concrete utility for tactical research.
5. Crunchbase Pro — Useful for fundraising data and company profiles, but its performance metrics are confined to total funding raised, not fund-level returns. It is a weaker choice for LPs performing in-depth diligence.

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Scored Comparison Table

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Frequently Asked Questions

Is Preqin free to use for fund performance data?

No. Preqin is a subscription-based platform aimed at institutional investors and asset managers. Individual licenses are expensive, and there is no free tier for deep fund performance data. Some university libraries offer access — Stanford GSB, for example, provides students and faculty with Preqin Pro.

Can Carta’s performance report be used to research any VC firm?

No. Carta’s Q1 2025 report aggregates data from over 2,500 venture funds that use Carta’s administration services. You can use the report to benchmark a fund that is on Carta’s platform, but you cannot look up a random firm’s performance unless they voluntarily share their dashboard.

What is the most reliable single metric for fund performance?

DPI (distributions to paid-in capital) is widely considered the hardest metric to manipulate because it reflects actual cash returned to LPs. As GoingVC states, "DPI is the one metric that is hardest to fake, is also the one most often buried in a pitch deck." A DPI above 1.0x means LPs have recouped their capital; above 1.5x is strong.

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Last updated 2026-07-20.

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