DPI by Vintage Year
Recent vintages have returned almost nothing. Green = healthy (>0.8x), yellow = partial, red = crisis (<0.3x).
The Paper Gains Problem
TVPI (paper value) keeps climbing while DPI (cash returned) flatlines. The gap is the illusion.
Hold Periods Keep Stretching
Average time from investment to exit has nearly doubled. LPs expected 5 years, they are getting 7+.
Capital Calls vs Distributions ($B)
LPs keep writing checks but getting less back. The gap widened dramatically after 2021.
Notable Exits That Moved DPI
A handful of mega-exits are the only reason the numbers are not worse.
Secondary sales returned billions to LPs across dozens of funds
First major AI-infra IPO, partial liquidity for early investors
Google acquisition gave Sequoia, Thrive massive DPI boost
After collapsed Adobe deal, eventually found path to liquidity
The DPI Unlock Pipeline
These companies could finally return real capital to LPs — if they go public.