US PE/VC Benchmark Commentary: Calendar Year 2024 (Cambridge Associates)

Summary

• In 2024, the Cambridge Associates LLC US Private Equity Index returned 8.1% and the US Venture Capital Index returned 6.2%.p.1
• US private equity LP distributions reached $174 billion in 2024, outpacing capital contributions of $143 billion.p.3
• Seven US private equity-backed companies completed IPOs in 2024 with a cumulative valuation of $25 billion.p.2
• US venture capital managers completed 14,612 deals in 2024 valued at $213 billion, up from $163 billion in 2023.p.6
• Total US venture capital exit value reached $158 billion in 2024 compared to $116 billion in 2023.p.6
• Venture capital managers called $46 billion from LPs in 2024 while distributing $27 billion.p.7

Key insights

1. Growth equity managers led private equity performance in 2024 with an 8.8% return, outpacing buyouts at 7.9%.p.1
2. Non-US companies represented slightly more than 20% of the private equity index and about 15% of the venture capital index at year end.p.1
3. Seven vintage years (2016–22) represented 81% of the private equity benchmark's net asset value.p.2
4. Four vintage years (2021–24) accounted for 84% ($121 billion) of private equity capital calls in 2024.p.3
5. Information technology remained the largest sector in the private equity index, accounting for 36% of market value.p.4
6. The number of venture capital public listings fell 26% in 2024 to 65 listings from 88 in 2023.p.6
7. Venture capital funds raised after 2020 outperformed earlier vintages, led by the 2022 cohort with a 25.3% return.p.6
8. Venture capital capital calls and distributions each increased by approximately 40% in 2024 relative to 2023.p.7
9. Industrials delivered the highest gross sector return within the venture capital index in 2024 at 38.8%.p.8
10. As of December 31, 2024, the Cambridge Associates US venture capital benchmark database comprised 2,625 funds valued at $536 billion.p.10