RT Journal Article SR Electronic T1 Venture Capital Fund Performance JF The Journal of Alternative Investments FD Institutional Investor Journals SP 24 OP 35 DO 10.3905/jai.2011.14.2.024 VO 14 IS 2 A1 Michael McKenzie A1 Bill Janeway YR 2011 UL https://pm-research.com/content/14/2/24.abstract AB In this article, the authors analyze the investment performance of a large database of venture funds sourced from two limited partners. The results suggest that a portfolio of venture capital partnerships can provide an average return that is superior to the public equity market, although the individual fund returns are highly positively skewed. Absent these outliers, the level of fund performance is more in line with public equity market returns. This article also provides some preliminary evidence of venture capital fund performance during and immediately following the dot-com bubble.TOPICS: Real assets/alternative investments/private equity, portfolio construction, performance measurement