Valor Equity Partners made a name for itself thanks to early bets on Elon Musk companies such as Tesla, and its repeat investments in Musk’s Space Exploration Technologies have paid off handsomely. Yet despite the Musk glow, Valor’s recent and biggest funds are only performing slightly better than those of its venture capital peers, according to internal data reviewed by The Information.

Valor’s most recent two funds, launched in 2017 and 2020, have generated paper returns in the second quartile of VC funds for that vintage, better than average but below the top performers. In terms of capital returned to investors, a metric that has increased in importance as tech valuations have collapsed, Valor’s 2017 fund has underperformed, according to investment presentations from April and February obtained by The Information.