Does Fund Size Really Matter in VC? | EUVC Summit 2025
Is venture won by backing small, scrappy funds or by betting big with scale?
At the EUVC Summit, David Clark, Ertan Can, and Chloe Dagnell went head-to-head in the “Fight of the Night” — a raw debate on whether fund size matters and what it really means for LP strategy.
Ertan Can argued that smaller funds have the maths on their side, with higher multiples and uncapped upside when they hit outliers. Chloe backed the same case: go small, go early, go smart.
David Clark pushed back. Public datasets are flawed, probabilities matter, and chasing averages is not the point of venture. The game is about backing extreme outliers, and larger funds can still return billions with a single win.
The exchanges were blunt, data-driven, and often fiery.
In this debate, the panellists tackled:
• Why the data on small fund performance is incomplete and misleading
• The case for early-stage, small-fund strategies and uncapped upside
• Why attrition rates between Seed and Series A complicate the maths
• How large funds like Andreessen still generate fund-returning outcomes
• What LPs should really focus on when choosing managers
This was not a polite panel. It was a fight over the future of venture strategy.
#euvc #VC #VentureCapital #Investing #Startups #Funds #LPs #Strategy