MiddleGame Ventures says emerging European VC managers outperform established peers by about 250 bps

• MiddleGame Ventures analysis argued emerging European venture managers outperform, citing a ~250 bps average edge on DPI, IRR, TVPI across ~2,500 funds.
• Research cited showed smaller funds outperform: vehicles under $250 million led on net IRR, with the strongest results below $100 million.
• The report linked outperformance to incentives, warning large funds skew toward fee economics, with deployment pressure diluting selection.
• It flagged a tightening supply of new managers, citing 77 first-time US funds in 2025 versus 215 two years earlier.
• Europe was positioned as structurally advantaged, citing a 17.2% 10-year European VC index return versus 13.1% for US VC.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. MiddleGame Ventures SA published the original content used to generate this news brief on August 28, 2026, and is solely responsible for the information contained therein.