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.

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