The Geography of VC Returns
Where Your Capital Actually Works
New data confirms what many LPs have long suspected: the Bay Area and New York are meaningfully better ones. But the story gets more nuanced the later you go.
There's a persistent tension in venture allocation: everyone knows capital has been flooding into the Bay Area, but the crowded-market skeptic asks whether that flood has compressed returns to the point where the premium is no longer justified. Latest regional returns analysis covering seed through Series D+ investments since 2009 offers a clear answer. At early stages, the hubs win decisively. At later stages, the picture is far more interesting.
