ACLARYS

The median 2021 venture fund has returned 0.00x to its LPs at year five.

Source: Carta Q4 2025 VC Fund Performance Report · 2,906 US venture funds

Don’t get carried away. Get carried forward.

Unrealised carry. Real liquidity. No change in ownership.

Aclarys is building the liquidity layer that fixes this – converting unrealised carry into near-immediate distributions, without changing ownership.

Start a 20-minute conversation How it works

Pilots open. First conversation takes 20 minutes.

The data

Would you give up some of your TVPI in exchange for DPI?

The J-curve has become a J-flatline

Private capital markets have a structural liquidity deficit. GPs hold high paper multiples and near-zero cash returns. LPs cannot recycle capital. Carry holders wait years.

0.00x

Median DPI – 2021 vintage at the 5-year mark

Across 2,906 US venture funds

11%

DPI as % of paid-in capital, 2024

vs 29% historical average (2014–17)

$677bn

VC dry powder globally

53% locked in funds aged 3–5 years

Even the top-decile (90th percentile) funds since 2017 have returned less than half their capital. Only 1% of 2021 vintage funds have achieved 1x DPI at the five-year mark. This is not a market timing problem. It is a structural infrastructure gap.

Sources: Carta Q4 2025 VC Fund Performance Report · Carta: Should investors be concerned about 2021 venture funds? · Angel Capital Association

The solution

Meet Aclarys

Your agentic liquidity partner for private capital markets.

1.

Price

AI-driven fair value engine. Option pricing models and Monte Carlo simulation of all possible exit outcomes. Independent of GP reporting.

2.

Structure

Convert a portion of unrealised carry or GP economics into tokenised instruments. Synthetic, derivative in nature – no ownership transfer required.

3.

Distribute

Deliver near-immediate DPI to GPs and carry holders in exchange for a share of future upside. LPs receive cash, not marks.

4.

Report

Quarterly portfolio-level updates to token holders. Gated, anonymised. Secondary price discovery on-chain.

15% of a larger carry pool beats 20% of a smaller one. Aclarys makes that trade possible.

Who it’s for

Three sides of the same problem

Aclarys is built for the people sitting on unrealised upside they cannot access – and for investors who want exposure to that upside on terms that make sense.

Primary

GPs with high TVPI and low DPI

Funds in years 4–8 with strong paper multiples and limited distributions. Improve DPI, build a real track record for your next fundraise. Cash to LPs, no fund restructuring.

Fast entry

Carry holders with no near-term exit

Senior VPs, Principals, Partners with vested carry and no clear path to liquidity. First access to your own future economics. Months, not years.

Investors

Investors seeking private market exposure

Allocators looking for differentiated, discounted access to private capital upside. Diversified, on-chain, with quarterly independent reporting. Secondary trading from day one.

Get in touch

Pilots open.

If you manage a fund with high TVPI and low DPI, hold carry with no near-term liquidity, or want exposure to private market upside – the conversation starts here.

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About

Aclarys Limited · London

Founded by Denis Aksenov, previously Protocol Labs, Consensys, Rocket Internet.

MSc Finance, Frankfurt School linkedin.com/in/aksenovd10

White paper available on request – denis@aclarys.com