VC Carry Check Timeline: When Do Venture Capitalists Realize Returns?

VCs typically see their first carry checks 7-10 years after fund formation for successful funds, with the timeline varying based on investment stage. Early-stage funds take longer due to 2-3 years of deployment time plus additional years to exit, while late-stage funds can achieve returns faster. A unicorn exit 5 years post-funding would represent an unusually fast scenario.