Net cash flows in venture capital head south
Chart • August 14, 2025
Venture-capital cash flows have weakened sharply, with 2018–2020 vintages showing a deeper pullback.
Cash flows in venture capital have been under pressure, and looking through the lens of fund vintages highlights just how the cash-flow paths have weakened relative to long-term averages.
While 2015-2017 fund vintages appear to be coming back down to earth after a period of unusually strong liquidity, the drop for 2018-2020 vintages seems more acute, suggesting not just a return to historical norms but a deeper pullback.
Pooled funds’ net cash flows calculated as cumulative distributions less contributions as a fraction of the total capitalization of each fund vintage minus the same net-cash-flow number averaged over all vintages. Lines show vintages 2005 to 2024. Calculated in USD. Data as of Q1 2025 from the MSCI Private Capital Universe