Which Company Actually Created the Fund Result?
Fund returns show the total result. Deal-by-deal attribution traces its source. Did many companies create value, or did most come from one company, sector, entry period or follow-on choice?
In a $100 million fund, an investment worth $80 million contributes 0.8x to gross fund MOIC before fees and carry. That contribution depends on dollars, not on whether the investment itself earned 4x or 20x.
A High Multiple Can Still Be a Small Contributor
Suppose one company turns a $2 million cheque into $40 million. Its 20x MOIC is exceptional and its gross gain is $38 million. Another turns $15 million into $75 million. The second company has earned only 5x, yet its $60 million gain contributes more to the fund.
Both figures matter. MOIC helps evaluate the quality of the individual investment. Dollar gain shows whether the decision moved the vehicle enough to matter to LPs.
Concentration Explains Dependence on a Few Companies
The 2026 NVCA Yearbook reported 487 US venture mega-deals of at least $100 million in 2025. They represented 3.2% of deal count and 67% of deal value.
That 3.2%-versus-67% split describes market activity. Fund-return attribution requires separate data. It nevertheless shows why contribution can be more informative than count when a small number of outcomes dominate.
Cash and Marks Carry Different Risk
A $60 million distribution and a $60 million unrealized mark each add 0.6x to the gross value of a $100 million fund. Only the distribution improves DPI and removes company valuation risk.
Fund age gives a mark context. A 3x mark in year three may have years left to develop. In year ten, the same mark leaves less time to turn supported value into cash.
Follow-Ons Reveal a Second Investment Decision
Venture funds often invest in one company across several rounds. The first cheque tests selection and entry price. The later cheques show whether the manager updated its view as new evidence arrived.
A record of individual rounds reveals when capital was added and what ownership it bought. That history can show whether the manager built the position before the company grew in value or paid more after its strongest progress was already visible. A combined company multiple can hide that difference.
Company Results Before Fund-Level Costs
Fees and carry sit above the portfolio and do not always fit neatly against one company. Allocating them deal by deal can imply false precision. Gross company cost, proceeds and remaining value add up to a result that fund-level costs then connect to the LP's net return.
Company IRR can move sharply with small timing differences early in a hold. MOIC, dollar gain and fund contribution provide context for that annualized rate.
In a simplified $100 million fund, three companies can generate most of the gross value while the rest of the portfolio contributes less.
Deal Contribution to Gross Fund MOIC
Deal-by-deal attribution shows whether returns are concentrated in one investment or supported by several contributors.
View deal attribution data
| Portfolio component | Gross value | Contribution on $100M fund | Question for LPs |
|---|---|---|---|
| Company A | $120M | 1.20x | Was this sourced and won repeatably? |
| Company B | $60M | 0.60x | Was follow-on capital allocated well? |
| Company C | $35M | 0.35x | Is value realized or marked? |
| All others | $85M | 0.85x | How much capital was lost or written down? |
Which Companies Moved the Fund?
The visual identifies the largest contributors. Their sourcing, lead partner, opening stake and later reserve choices explain how those positions grew. That history gives concentration an investment context.
Five measures describe each company's contribution:
- cost, realized proceeds and remaining value;
- opening and current ownership;
- contribution to total fund value;
- cash returned versus value still at risk; and
- the sequence of initial and follow-on decisions.
Attribution becomes useful when it changes the next decision. The same headline result means something different in a young fund, an older vehicle and a portfolio that has already returned substantial cash. Deal-level evidence helps an LP decide whether to commit, wait or investigate further.
Frequently Asked Questions
Should LPs ask for deal-by-deal data?
Each company's contribution helps the committee understand concentration, repeatability and how much value is already cash. The detail available may be limited by the manager's confidentiality duties.
Can deal attribution reveal manager skill?
Deal attribution provides evidence when it connects the investments that mattered to the people and decisions behind them. The strongest pattern is a team that repeatedly found, won, sized and supported its important investments well.