BlueYard Capital discusses fund performance

Team S · 2026-01-07T08:24:27.000Z

Performance transparency in venture capital matters - BlueYard Capital has done just that. BlueYard Capital led by Ciaran O'Leary, Jason Whitmire and it's newest Partner, David Byrd has discussed the fund performance numbers. Here we go: Fund I (2016 vintage) €111m raised, delivering exceptional outcomes: ~76% gross IRR, ~49% net IRR, and ~3.4× DPI—meaning more than three times investor capital has already been returned. Some assets were marked up as high as ~7× on paper. Early conviction in frontier tech BlueYard’s early investment in Protocol Labs (Filecoin) exemplifies its strategy of backing foundational technologies before mainstream VC adoption. Crypto as a separate, disciplined strategy Crypto investments are managed through dedicated vehicles. Despite a challenging market, the 2021 crypto fund is showing a positive ~12% IRR—highlighting resilience rather than hype-driven exposure. Liquidity and realised outcomes The acquisition of Privy by Stripe and exposure to Solana have already contributed early liquidity to Fund II. Fund II trajectory While early performance was slower - partly due to longer-cycle tech-bio investments - the fund is now tracking at ~20% IRR around six years into its life. Operator-led GP track record Partner David Byrd’s pre-BlueYard angel portfolio, including Groq, has generated ~5.4× DPI. Source: Newcomer (exclusive report) https://www.newcomer.co/p/exclusive-blueyard-capital-returns

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BlueYard Capital discusses fund performance | Newnex