📝 VC Returns Fall

Liam Gill
May 13, 2024

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News of the Day

Recent data from the San Francisco Employees’ Retirement System (SFERS) provides insight into the venture capital market's resilience amid economic downturns. Despite a challenging performance, with a -0.9% internal rate of return (IRR) through last year's third quarter and a -19.9% in 2022, signs suggest the industry may be stabilizing. This follows an exceptional 48.8% IRR in 2021 and a solid 22.3% in 2018. SFERS's consistent investment in venture capital, with recent commitments, including $75 million to IVP XVIII and $40 million to Volition Capital Fund V in 2023, underscores its long-term strategy. Despite the volatility, SFERS’s diversified $3.6 billion venture portfolio continues to bet on both emerging and established fund managers, indicating a cautious optimism for recovery in the venture sector.

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