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Listen "Are European VCs Quietly Matching U.S. DPI? The New Data Says Yes - Sep 30, 2025 #179"
Episode Synopsis
Highly syndicated rounds with more international investors backing Italian and European startups. We discuss TIP’s markup implying Bending Spoons’ €5B valuation and speculate on a potential IPO. The centerpiece is BlackRock + EIF’s TrackVC dashboard, giving Europe a rare, official benchmark for DPI, TVPI, and net IRR—albeit with a one-year lag and GP-reported, interim data. We stress the J-curve and argue that judging performance should focus on older vintages (2017–2019) rather than frothy 2021–2022. A key insight: while TVPI gaps look wide between U.S. and Europe, DPI outcomes appear to converge more than many assume. Another takeaway is structural: European funds show a tighter spread between median and 75th percentile, suggesting different risk posture or valuation dynamics. Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9#venturecapital #italy #startupGet in touch:Instagram: https://www.instagram.com/giacxxxTwitter: https://twitter.com/giacomomolloEmail: [email protected]
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