How Did Index Ventures' 2012 Fund Perform?

Index Ventures' 2012 fund had an 11x DPI as of January 2026, Molly O'Shea says, compared with an industry average of 1.5x. The same January figures showed a 5.1x DPI on Index's $780 million growth fund raised in 2015.

Shardul Shah believes her. The minute he invests, he forgets how much the firm has invested and what ownership it holds, because he does not care. Creating the relationship is the work. He will not confuse outcomes with the judgment calls inside the partnership: whether to invest, whether to double down, and how to influence an entrepreneur. Outcomes can be a function of how effervescent the market is.

The partnership is proud of the returns. More than any single venture fund or single growth fund, the consistency of top decile performance over three decades is the source of pride, and it sets the standard for the next 30 years. He has no other numbers and is hard at work to create more.