Early-stage performance fell in Q3, while late-stage advanced

Venture capital returns were mixed in Q3, reflecting relatively benign financial markets before the tumultuous declines of the fourth quarter.

Early-stage returns retreated while late- and multi-stage performances moved higher, Cambridge Associates reports. Most longer-term benchmarks advanced.

In aggregate, U.S. venture capital posted a 5.2 percent quarterly IRR in Q3, down from 5.99 percent in Q2.

Performance at early-stage funds fell nearly a third from the prior quarter, to 4.63 percent. Late- and expansion-stage returns came in at 6.36 percent, up 24 percent from Q2.

Multi-stage performance rose 18 percent to 5.8 percent.

One-year returns climbed to 19.43 percent while five-year returns fell to 15.59 percent. Ten-year returns rose to 11.06 percent and 20-year returns climbed 14 percent to 24.75 percent.