https://techcrunch.com/2020/05/13/angellist-massively-improves-comparing-vc-fund-performance-with-new-metrics-and-calculator/

There is immense opacity in the venture capital industry, and that has made comparing venture funds notoriously difficult.

Traditional benchmarks calculated by groups like Cambridge Associates bucket VC funds into “vintage years” and place funds into quartiles based on metrics like IRR (rate of return adjusted for time) and DPI (or the amount of capital returned to limited partners against dollars paid into a fund). Everyone strives to be in the first quartile (the top 25%), and many fund CFOs have a bevy of tricks to squeeze a few more points out of their metrics to get their funds above that key cutoff line.