The last 10 vintage years of venture capital partnerships' have an average total value to paid in capital of one. Five of the 10 vintage years have a TVPI below one.
Venture capital partnerships are on pace for their worst fundraising year since 2003. Only $9.1 billion was raised in the first three quarters of 2010.
Risk/return assumptions for CalPERS
Q1 VC exits
The number of venture capital firms is expected to decline over the next five years, according to a recent survey by the National Venture Capital Association.
Shares of publicly listed private equity companies have rallied off their March lows but investors still appear to be somewhat skittish on the group.