VC & InvestingMay 7, 2026ยท8 min read

Free VC Websites: The Best No-Cost Resources for Venture Capital Data

Most VCs pay $20,000โ€“$50,000 per year for data subscriptions and still miss half the free benchmarks sitting in public filings, pension disclosures, and open-access reports.

TC
Trace Cohen
3x founder, 65+ investments, building Value Add VC

Quick Answer

The best free VC websites include Carta's State of Private Markets reports, the NVCA Yearbook, SEC EDGAR for Form D fund filings, AngelList's benchmark data, state pension fund disclosures (CalPERS, Texas TRS), Cambridge Associates' quarterly summaries, and Value Add VC's dashboards covering fund performance, SaaS valuations, and unicorn tracking โ€” all publicly accessible with no subscription.

After 65+ investments, I've built a free VC data stack that rivals what most large funds pay $30,000 per year for. Here is every source, what it actually contains, and where it falls short.

The explosion of SEC disclosure requirements, LP-facing transparency mandates, and state pension fund reporting laws has created an accidental public record of venture capital. Most investors don't know it exists. The ones who do have a serious information advantage.

Why Free VC Data Has Never Been Better

Three forces converged over the last decade to make free VC data genuinely useful. First, the SEC expanded Form D reporting requirements, making fund formation data searchable going back to the 1990s. Second, Carta accumulated enough fund clients to publish statistically significant quarterly benchmarks โ€” and they release them publicly to build brand. Third, state public pension funds (CalPERS, Texas TRS, Washington State Investment Board) are legally required to disclose their alternative asset portfolio performance in detail.

The result: you can now find median Series A pre-money valuations, vintage-year TVPI benchmarks, fund-level DPI for hundreds of specific managers, and real-time deal flow data โ€” all without paying a dollar. What you cannot find for free is company-level financials pre-S-1, detailed cap table data, and proprietary deal intelligence at scale. That is the actual gap that PitchBook and CB Insights fill.

The 12 Best Free VC Websites

01

Carta State of Private Markets

carta.com/state-of-private-markets

Quarterly benchmarks on pre-money valuations, dilution rates, check sizes, and round-to-round conversion by stage. Updated every 90 days with data from 50,000+ companies and 8,000+ funds on their platform.

Best for: Fundraising benchmarks, LP reporting context

02

NVCA Yearbook

nvca.org/research/nvca-yearbook

Annual report covering total VC deployed ($209B in 2021 peak, $170B+ in 2024), fund formation counts, exit values by type, and geographic breakdown. Free PDF download every spring.

Best for: Macro VC market context, LP presentations

03

SEC EDGAR โ€” Form D & Form ADV

efts.sec.gov/LATEST/search-index

Every venture fund raising over $10M from 15+ LPs files a Form D. Searchable by manager, state, date, exemption type. Form ADV adds AUM, fee structure, and conflicts of interest for registered advisors.

Best for: Fund verification, competitive intelligence

04

State Pension Fund Disclosures

CalPERS, Texas TRS, WSIB public portals

CalPERS, Texas TRS, and Washington State Investment Board publish fund-level TVPI, DPI, and IRR for their entire VC and PE portfolio quarterly. This includes specific fund names and vintages.

Best for: Fund-level performance benchmarking

05

Cambridge Associates Quarterly Benchmarks

cambridgeassociates.com/research

Vintage-year IRR and TVPI benchmarks for US VC and PE by asset class. Published quarterly with a 6-month lag. Top-quartile VC funds in the 2019 vintage show 2.8x TVPI as of their most recent release.

Best for: LP benchmarking, vintage-year comparisons

06

Value Add VC Dashboards

valueaddvc.com/vc-performance

Free real-time dashboards covering VC and PE fund performance, SaaS valuations, unicorn tracking, SPV modeling, NYC unicorns, and tech layoffs. No login required.

Best for: Real-time market data without a subscription

07

AngelList Venture Benchmarks

angellist.com/venture-benchmarks

Aggregate return data for funds raised on AngelList's platform. Biased toward smaller funds and emerging managers, but useful for early-stage benchmarking and SPV performance context.

Best for: Early-stage fund benchmarks, SPV performance

08

Crunchbase Free Tier

crunchbase.com

Deal counts, stage categorization, investor lists, and company profiles. Significant limits without a paid plan, but useful for sourcing context and deal volume trends. 10 free searches per day.

Best for: Deal sourcing context, investor research

09

PitchBook Free/Freemium Tier

pitchbook.com

PitchBook offers limited free searches on new accounts before requiring a subscription. Academic users at many universities get full access. Worth knowing before engaging with their sales team.

Best for: One-time lookups, academic access

10

TechCrunch & Axios Pro Rata (Free Tiers)

techcrunch.com, axios.com/pro-rata

Real-time coverage of funding rounds, exits, and fund announcements. Not structured data, but the fastest way to track deal flow and market narratives. Pro Rata's free newsletter is genuinely useful.

Best for: Real-time deal flow, market narrative

11

FOIA Requests for University Endowments

FOIA.gov, state FOIA portals

Public universities (Yale, Michigan, UVA, etc.) must respond to FOIA requests for alternative asset disclosures. Many endowments publish annual reports with fund-level data voluntarily. Turn time is 30โ€“90 days.

Best for: Specific fund-level performance verification

12

ILPA Principles & Template Reports

ilpa.org/reporting-template

The Institutional Limited Partners Association publishes free GP reporting templates, fee transparency standards, and due diligence questionnaire frameworks used by institutional LPs globally.

Best for: LP due diligence process, fee benchmarking

The Free VC Websites Most People Miss: State Pension Disclosures

This is the most underutilized free data source in venture capital. California's CalPERS ($500B+ AUM), Texas Teacher Retirement System ($200B+ AUM), and Washington State Investment Board ($200B+ AUM) are legally required to publish the performance of every fund in their alternative assets portfolio. That means fund-level TVPI, DPI, IRR, and commitment size โ€” for thousands of specific VC and PE funds โ€” updated quarterly.

In practice, this means you can look up exactly how Andreessen Horowitz Fund IV is performing, what KKR's 2017 vintage returned, or whether a mid-market PE fund you're evaluating is actually top-quartile โ€” all for free, right now. The data has a lag of one to two quarters, but the directional signal is accurate.

I've used CalPERS and Texas TRS data to diligence fund managers who claimed top-quartile performance but whose actual LP-reported returns told a different story. This is the most direct way to verify a fund's track record without paying for a data service.

You can access this data directly from our VC & PE Performance dashboard or from each state's public investment board portal. No login, no subscription, no data contract required.

What You Still Need to Pay For

The free stack covers macro benchmarking, fund verification, and deal flow context. It does not cover company-level financials before a public S-1, real-time proprietary deal flow at scale, or detailed cap table data across private companies. Those gaps are where paid subscriptions earn their cost.

Free stack covers

  • โ€ขVintage-year IRR and TVPI benchmarks
  • โ€ขFund-level DPI via pension disclosures
  • โ€ขForm D fund formation data via SEC
  • โ€ขDeal counts and stage trends
  • โ€ขMacro market context and narrative

Paid subscriptions add

  • โ€ขCompany-level pre-IPO financials
  • โ€ขReal-time proprietary deal flow alerts
  • โ€ขCap table data across private companies
  • โ€ขCompetitor revenue estimates
  • โ€ขSystematic contact and relationship mapping

How to Use Free VC Websites as an Emerging Manager

As an emerging manager raising your first or second fund, the free data stack matters more than it does for large funds. You cannot afford PitchBook at $20,000 per year before you have management fees. But LPs will ask you benchmark questions that require real data.

My recommendation: bookmark Carta's quarterly reports, download the NVCA Yearbook every spring, set up a Google Alert for "Form ADV" + your target fund managers, and build a recurring check of the CalPERS and Texas TRS quarterly disclosures. That free workflow gives you 80% of what you need to run a credible LP process.

For real-time market data โ€” SaaS multiples, layoff trends, unicorn counts, VC fund benchmarks โ€” our free Benchmarking Dashboard and VC Performance Dashboard give you live data without a subscription. These are the same dashboards I use in my own fund diligence process.

Before you sign another $20K data contract, spend 30 days with the free VC stack. You'll be surprised how much of what you need is already public โ€” and how much better your LP conversations get when your benchmarks come from CalPERS disclosures instead of a vendor deck.

Track VC and PE fund performance for free on the VC Performance Dashboard at Value Add VC. Originally published in the Trace Cohen newsletter.

Frequently Asked Questions

What are the best free VC websites for fund performance data?

Carta's State of Private Markets quarterly reports are the gold standard for free fund benchmarks โ€” covering median TVPI, DPI, and IRR by vintage and stage. The NVCA Yearbook (free annual download) covers $170B+ in annual deployment. Cambridge Associates publishes quarterly benchmark summaries with a 6-month lag. All three are free.

Is there a free alternative to PitchBook or CB Insights?

There is no perfect free alternative to PitchBook's full database, but you can approximate most of what early-stage investors need. Crunchbase's free tier covers deal counts and investor lists. SEC EDGAR has every Form D filed since the 1990s. State pension disclosures from CalPERS and Texas TRS publish fund-level TVPI and DPI quarterly. For real-time SaaS and VC benchmarks, Value Add VC's free dashboards cover most use cases.

Where can I find free venture capital benchmarks?

Carta publishes median pre-money valuations, check sizes, and dilution by stage every quarter in their State of Private Markets report. Cambridge Associates publishes vintage-year IRR and TVPI benchmarks annually. The NVCA Yearbook has deal count, exit value, and fund formation data going back decades. All are free to download.

How do I find VC fund filings for free?

Every venture fund that raises capital from 15 or more LPs or raises over $10M must file a Form D with the SEC. These are searchable on SEC EDGAR at no cost โ€” you can filter by fund manager name, state, date, and exemption type. Many fund managers also file Form ADV with the SEC, which includes AUM, fee structure, and conflicts of interest.

Are there free tools for tracking startup funding rounds?

Crunchbase's free tier shows recent funding rounds with stage, investor, and approximate amount. TechCrunch and Axios Pro Rata both publish real-time funding coverage for free. AngelList publishes aggregate benchmark data on early-stage rounds. For historical context on Series A and B norms, the NVCA Yearbook and Carta State of Private Markets are both free and more rigorous than news sources.

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