How does Early-Stage Venture Capital Perform in a Recession?

The last 12 years were "up and to the right". It’s easy to make IRRs work really well in a 12-year bull market but VCs have to make money in good markets and bad.

But what’s wild is that that’s what the current $300 billion in venture funding is investing into -- things funded today might not be public for another decade. The $2 trillion in hypothetical 2031 funding, which would need to return $4.25 trillion per year, would feed into the following decade. By 2041, at the same CAGR, the world’s public equitie... See more