Fund Economics Report 2025
A first-principles look at how venture fund economics actually work — management fees, carry, waterfalls, and the metrics LPs underwrite (TVPI, DPI, RVPI, MOIC, IRR).
Fund economics are often treated as a black box. This report opens it up.
We walk through the mechanics every GP and LP should share a language for: how management fees and carried interest are structured, how a distribution waterfall pays out, and how the headline performance metrics — TVPI, DPI, RVPI, MOIC, and net IRR — are computed from dated cashflows rather than estimates.
The aim is a shared, honest baseline for how a fund creates and reports value.
Part of Anker Intelligence — perspectives on private capital, frontier markets, and venture flows. Sources and figures reflect the information available at publication. This article is not investment advice.