Exit value still is not DPI: the table marks public names at July 9 market cap, while [NVCA’s 2026 Yearbook](https://nvca.org/wp-content/uploads/2026/04/NVCA-2026-Yearbook-4.9.26.pdf) says LPs received $322B less than they invested from 2022 through 2024, with distribution yield at 12% of NAV versus a 17.8% long-run average. Crypto has the same gap between FDV and cashable value: entry price, dilution, and preference stacks decide what founders and LPs keep from a company-level mark of $2.7B.

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