Arlington, Va. -- With the exception of a slight decline in the one-year return, venture capital performance improved across all time spans during the first quarter, according to a new report by Cambridge Associates for the National Venture Capital Association (NVCA). The organization said that moderate increases in returns reflect a gradually improving exit market, with double digit performance over spans of one, three, 15 and 20 years. The 10-year return hit its highest mark since the third quarter of 2009. "Venture capital returns continue to head in the right direction and we are encouraged by the stability of the gradual climb over the last year," said Mark Heesen, president of the NVCA. "The passage of the JOBS Act in April has resulted in many more companies registering confidentially for an IPO, building a stronger pipeline that could have a very positive impact once those offerings come to market. This potential, coupled with a healthier acquisitions market, could point to better returns over the next several quarters."