VC funds hold more than $104 billion in unrealized value, Carta report shows

• Venture capital funds hold more than $104 billion in unrealized value, raising concerns that reported gains may not translate into cash returns.
• The analysis covers more than 2,000 funds across eight vintages; median total value reached at least 1x for 2017-2023 vintages.
• Realized returns account for just 18.6% of total value in the median 2017 fund, versus less than 1% for 2019 funds.
• Valuation gaps between buyers and sellers have constrained exits, increasing pressure for lower-priced sales or longer fund lifespans.
• Limited partners are placing less weight on internal valuations, prioritizing cash distributions when assessing fund managers.

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