Table 2: Venture capital - performance differences between first-time and non-first-time funds 9
Panel A. Central tendency
Metric First-time funds Non-first-time funds Δ (First – est.) Statistical test p-value
Mean TVPI (Capital-weighted) 2.07 1.61 0.45 Weighted least squares <0.001
Mean TVPI (Equal-weighted) 2.57 1.86 0.71 Welch's t-test <0.001
Median TVPI 1.71 1.33 0.38
Panel B. Dispersion
Metric First-time funds Non-first-time funds Δ (First – est.) Statistical test p-value
Standard deviation of TVPI 3.46 2.70 0.76 Levene's test <0.001
Panel C. Tail outcomes
Metric First-time funds Non-first-time funds Δ (First – est.) Statistical test p-value
Probability of TVPI > 3.0 (Capital-weighted) 15.2% 6.3% 9.0 pp Permutation test <0.001
Probability of TVPI > 3.0 (Equal-weighted) 22.1% 10.1% 12.0 pp Chi-square test <0.001
Probability of TVPI <= 1.0 (Capital-weighted) 23.4% 24.0% -0.6 pp Permutation test 0.92
Probability of TVPI <= 1.0 (Equal-weighted) 19.8% 23.2% -3.4 pp Chi-square test 0.10
Probability of TVPI <= 0.6 (Capital-weighted) 10.0% 4.4% 5.3 pp Permutation test 0.01
Probability of TVPI <= 0.6 (Equal-weighted) 7.4% 5.3% 2.1 pp Chi-square test 0.09