10x, with a crazy outside chance of 100x.
Top results for a VC fund itself is 3x, 4x for outliers. 8x for the handful of crazy good funds.
3x is pretty darn solid, though for the fund overall — the cumulative returns of all the investments (usually 15–40) in a given fund.
To make up for the losers, the failures, and the half-successes …. the winners need to do 10x.
If the VCs don’t “see” the chance of 10x or more, they’ll pass on investing. No matter the other positive attributes.
The Harsh Reality of Venture Capital Returns pic.twitter.com/zACASqVcED
— Jason ✨Be Kind✨ Lemkin (@jasonlk) June 17, 2023
