Global venture capital remains robust but is concentrated among larger managers

International venture capital remains robust, but capital is increasingly concentrated among a smaller group of managers. Investors writing larger international checks may be unable—or insufficiently staffed—to access sub-$200 million seed funds, where diligence and relationship-building require greater proximity.

A portfolio approach could combine larger, established managers as a core allocation with customized exposure to smaller managers through separate accounts. This could give remote or geographically distant teams a more tailored way to seek additional upside.

Even with such creative solutions, allocation decisions remain more heavily weighted toward larger, proven and comparatively de-risked brands. The available assessment does not quantify changes by geography or investor type.