There are no standards for returns in VC, because venture is an outlier business. This is also why most of the data online is not great, especially at the pre-seed or seed level.
If LPs are asking your for this info, you're in a bad place in your pitch, because that means they are not excited about what you're doing. So, they then have to try to compare asset classes etc.., which is not a debate that you can win. You can tell them that the VC asset class is the best performing one until you're blue in the face, but it will not matter, because they already made a decision not to invest.
Find your edge. It's because of this edge that you have the potential to produce outlier returns. Focus on that in the pitch. The performance of the asset class is irrelevant. This is not PE or public markets etc where the difference between a good GP and a great one is 10%. In venture, the difference between a good GP and a great one is 100%+.
