Every successful VC manager was a first time manager once. In fact, they may have been more successful when they were first-time than they are expected to be in the future. In this blog post we’ll give a few reasons why that may be and why first time managers should have a place in a well diversified portfolio of funds and why they deliver an appropriate risk adjusted return just like seed stage startups do.

European startup scene has been increasingly well documented in the recent years thanks to Atomico’s excellent State of European Tech report, which we’ll also utilize here, but what does that mean for returns to Limited Partners from European Venture Capital funds, both looking backwards in history and forwards to the future? We aim to find out below.