First-time funds21.1% vs. 13.2% median net IRR, 2020 vintageAI/ML19.3% of 2025 emerging-fund launchesUS Defense TechVC investment doubled to $17.9B, 2025CybersecurityAI-cyber ≈ 50% of dealsIRR spread13.7pts interquartile, 2017 vintage VCEmerging-fund tail27% never reach 5% IRRSpecialists4.2x median MOIC vs. generalistsFirst-time funds21.1% vs. 13.2% median net IRR, 2020 vintageAI/ML19.3% of 2025 emerging-fund launchesUS Defense TechVC investment doubled to $17.9B, 2025CybersecurityAI-cyber ≈ 50% of dealsIRR spread13.7pts interquartile, 2017 vintage VCEmerging-fund tail27% never reach 5% IRRSpecialists4.2x median MOIC vs. generalists
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13.7 pts
Interquartile IRR spread in venture capital
5.0% at the 25th percentile vs. 18.7% at the 75th — manager selection is the dominant variable in venture outcomes
Carta, 2017 vintage
27%
Of emerging funds never reach 5% IRR
vs. 19% of established funds — dispersion is the risk, selection is the answer
PitchBook
4.2×
Specialist vs. generalist median MOIC
Sector-focused emerging managers outperform generalists — why every Esinli fund is one ecosystem, one sector
Capitaly 2025

Reference

The working vocabulary of private markets — fund metrics, LP mechanics, and deal structures, kept current.

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