Venture-capital returns plummeted over the past year and more pain is likely ahead.
One-year returns through December were -20.9%
One-year venture returns through December 2008 were -20.9 percent, a drop of 18.8 percentage points from September, according to Thomson Reuters and the National Venture Capital Association.
Challenging conditions will continue as portfolio venture-backed companies are selling for lower prices and the IPO window has been shuttered, said Mark Heesen, president of the NVCA.
Over the longer term, venture returns remained positive as of December, but at a lower rate. Three-year returns were 4.2 percent and 10-year returns were 15.5 percent.
Both were down from September and are expected to fall further during this year.
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