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
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
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
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
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
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
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
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
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
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
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
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 30โ90 days.
Best for: Specific fund-level performance verification
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
- โขVintage-year IRR and TVPI benchmarks
- โขFund-level DPI via pension disclosures
- โขForm D fund formation data via SEC
- โขDeal counts and stage trends
- โขMacro market context and narrative
Paid subscriptions add
- โขCompany-level pre-IPO financials
- โขReal-time proprietary deal flow alerts
- โขCap table data across private companies
- โขCompetitor revenue estimates
- โขSystematic 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.