Evert is a big believer in transparency, as am i, for our investors. He has penned this update below about our fund returns.
Tim
Earlier this year we published our 2025 annual letter covering updates on fund strategy, portfolio companies and future plans.
It’s fairly typical for a VC to put out a retrospective, and many indeed do a fine job of it. Reading through similar letters (mostly highlight-focused) from other investors, we often find ourselves wondering: how do those updates actually translate into hard fund returns?
Very few VCs publicly disclose their fund returns, and it’s not too hard to see why. One particularly bad year can turn a perfectly good vintage into a not so good one, so give them less rope, as the saying goes. But there are a handful of unusually transparent investors that prioritise granularity over optics. One notable example is Play Ventures. We think more funds should be doing the same, so we’ve decided to join the club.
Yolo Investments Fund II — 31.12.2025 (audited)
2024 vintage €100m fund
15 active investments
1 exit
TVPI 1.36x (Total Value to Paid-In Capital)
DPI 0.05x (Distributions to Paid-In Capital)
Whilst it’s early days for this vintage, we’re nonetheless very pleased to share near top-decile returns across all key metrics compared to the latest available global Carta benchmarks.
As is typically the case, maximum returns are usually driven by a handful of portfolio companies in any one fund. In our Fund II, the unrealised gains are mainly led by Dabble, Mesh and Kraken. Our first exit was Coinmena and we are very bullish on a few prospective liquidity events in the near future . That said, we’re very conscious that TVPI is largely a vanity metric - useful for keeping track, but at the end of the day what matters most to LPs is cash returns, and that’s entirely what we’re optimising for.
We welcome this self-imposed pressure to deliver. It’s easy in this industry to get caught up in writing (AI-generated) thought pieces, platforming through podcasts, conferences, networking events, golf and dinners - and those things certainly add value at the right time, and dare we say it, in the right doses. But it’s a healthy reminder that, at the end of the day, the main thing that matters is making money for your investors.
Evert
No posts
Comments
Nothing yet. Say the first thing.
Sign in to join the conversation.