Experience has long been a gatekeeper in venture capital. Historically, launching a fund was a privilege reserved for former partners, career VCs, or those with deep ties to the industry. But the landscape is changing. More emerging managers are entering venture without prior VC experience — and they’re performing better than many might expect.
While funds led by experienced GPs still make up the majority, the share of “inexperienced” teams — those without prior work experience in VC — has steadily grown. These managers are launching leaner, faster funds and are finding smart ways to close the gap in terms of performance outcomes.
This article draws on data from 600+ emerging funds that successfully completed Decile Group’s VC Lab accelerator program between 2022 and 2025, exploring how prior VC experience relates to who launches emerging funds, how those funds are structured and positioned, and the patterns observed in their early fundraising outcomes.