I will preface this by saying I have immense admiration for Josh Kushner, think he is brilliant, and I will most likely never have a $50bn fund to my name but, aren't these returns kind of mediocre for a leading venture fund in the greatest tech run ever seen in history?

Let's look at the first 4 funds, which are obviously great funds and top quartile, and compare them with the Nasdaq, closest liquid index.

Since 2011: Thrive - 5.7x | Nasdaq - 8.4x

Since 2012: Thrive - 6.1x | Nasdaq - 8.1x

Since 2014: Thrive - 5.4x | Nasdaq - 5.5x

Since 2016: Thrive - 3.5x | Nasdaq - 4.9x

In addition to returns being lower, venture funds are obviously not liquid, and their duration is hard to overstate. The first two funds are almost 15 years old and do not even have 2x DPI...

Venture capitalists, thoughts?

Note, this is not a perfect comparison because, in theory, venture capital funds are deployed over a few years (vs. all in the vintage year), but this does not change numbers materially.