Ten-year US venture capital returns were positive in the second quarter of 2011 for the first time in two years, according to the National Venture Capital Association.

The NVCA said in a report yesterday that the 10-year return for the quarter ending June 30 was 1.3%, the first time since the third quarter of 2009 that the 10-year horizon showed a positive return, according to the Cambridge Associates US Venture Capital Index. The calculation is based on data from 1,319 US venture capital funds, including fully liquidated partnerships, formed between 1981 and 2011.