Claim◆Audio · 9:52 — 10:47
Small VC funds outperform large funds; funds below $750M averaged 4.76x DPI returns vs. 2.42x for funds over $1B, and 95% of top-decile performers were sub-$750M.
Maris argues that small VC funds dramatically outperform large ones, citing data that sub-$750M funds averaged 4.76x DPI versus 2.42x for billion-dollar funds, and that 95% of top-decile performers have been smaller funds. ✦ AI generated
Bill Maris · All-In Podcast · 2026-06-09 · original ↗
plays this moment only · 9:52 — 10:47
Smaller funds, you can have more focus. I mean, I've already managed A multi-billion dollar fund with hundreds of employees. It's distracting. You cannot give the attention to founders that I would like to give. There are many reasons for this. And if we look at top decile performance of DPI. Funds smaller than 750 million, average return of 4.76x, and funds larger than a billion, 2.42x. Funds below 750 million across that time period represented 95% of top decile performers with discontinuous return compression above 750 million.
verbatim transcript · starts at 9:52
- ·Sub-$750M funds averaged 4.76x DPI returns
- ·Funds over $1B averaged only 2.42x DPI
- ·95% of top-decile performers were sub-$750M
- ·Return compression above $750M is discontinuous
- ·Smaller funds enable sharper focus
- ·Large funds dilute attention across hundreds of employees
- ·Founders receive less attention from billion-dollar funds
- ·Maris: scale actively undermines portfolio quality
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