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.