02 / PERFORMANCE

We beat
the S&P. By a lot.

Net IRR of 34.8% since inception, across three funds and 127 portfolio companies. Audited annually by Marcum LLP.

FUND III · CURRENT VINTAGE · AS OF Q1 2026
NET IRR
0.0%
annualized since 2021
TVPI
0.00x
total value / paid-in
DPI
0.00x
distributions to date
NAV / UNIT
$0.000
live, audited Q1
NAV / UNIT

The chart everybody asks about.

$1.348
+34.8% YTD
$1.60$1.45$1.30$1.15$1.00S&P 500Q1 '26Jan '212023today
↑ each dot represents a quarterly mark-to-market. Audited by Marcum LLP. Past performance not indicative of future returns.
BENCHMARKED

How we stack up over 5 years.

Rabbithole Fund III+34.8%
Average top-quartile VC+23.1%
NASDAQ Composite+14.2%
S&P 500+9.1%
High-yield savings+4.5%
Money under mattress+0.0%

* Source: Cambridge Associates US VC Index (top quartile), Bloomberg, FRED. 5-year annualized as of Q1 2026.

VINTAGES

Fund by fund.

Fund I
VINTAGE 2021
Harvesting
SIZE
$24M
NET IRR
+28.6%
TVPI
3.41x
DPI
1.20x
100% DEPLOYED · 32 COS · 9 EXITS
Fund II
VINTAGE 2023
Deploying
SIZE
$78M
NET IRR
+31.2%
TVPI
2.18x
DPI
0.08x
92% DEPLOYED · 48 COS · 11 EXITS
Fund III
VINTAGE 2025
Open · 14 days
SIZE
$220M
NET IRR
+34.8%
TVPI
1.34x
DPI
0.00x
38% DEPLOYED · 47 COS · 3 EXITS
WHERE THE MONEY GOES

Sector allocation.

AI / Infra28%
Climate22%
Bio16%
Fintech14%
Consumer12%
Other8%
127COMPANIES
DISTRIBUTIONS

Carrots, distributed.

$1.2B
LIFETIME DISTRIBUTIONS TO LPs
2024
$486M
2025
$634M
DateCompanyAmountMultiple
MAR 2026Burrowed$220M9.2x
NOV 2025Cinch & Co$184M14.4x
AUG 2025Warren St (IPO)$96M5.6x
JUN 2025Linden$74M3.1x
FEB 2025Pollinate$60M4.2x
* Past performance is not indicative of future returns. IRR figures are net of management fees and carried interest. Audited annually by Marcum LLP. The hole is dark and full of terrors. Read the full prospectus (PDF, 84 pages) before investing.