$7B Multi-Stage VC Funds Require $800B in Exit Cap for 4x Net
Miles Dieffenbach · Miles Dieffenbach: Inside Carnegie Mellon’s $4BN Endowment & The Math Behind DPI, TVPI, Illiquidity · 20VC with Harry Stebbings · Aug 4, 2025 · at 38:34
Miles Dieffenbach (CMU Endowment) breaks down the return mechanics and exit market cap requirements of multi-billion dollar multi-stage VC platforms.
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“You're close to, you know, eight hundred billion of market cap needed to return a Forex net for those multi-stage funds. Now, for reference, twenty-twenty-one, the best exit year of all time, there was 850 billion-ish of market cap exit value from that year. Ok, you need an entire year of IPOs in M&A just for this, you know, one manager.”
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