Venture Capital Has Consistently Been a Top Asset Category Returns shown are for the U.S. venture capital asset class, not Alumni Ventures. Venture capital investing involves substantial risk, including risk of loss of all capital invested. Past performance does not guarantee future results. SOURCE: Edward Stanley & Matias Ovrum, 10 Themes for 2025, Morgan Stanley, January 9, 2025. Data as of January 6, 2025. Annual Asset Class Performance Rankings, 2012–2024 Among 11 compared asset classes, U.S. venture capital has been a top-four-performing asset class for 16 of the last 25 years, and the top-performing asset class for 10 of the last 12 years. 24