MiddleGame Ventures says VC market splits into barbell as higher rates squeeze mid — sized funds

MiddleGame Ventures analysis said venture capital is splitting into a barbell, pressuring mid-sized 10-year funds writing USD 10-50 million checks. Higher real rates reset venture economics, with PitchBook estimating 2025 global fundraising at USD 118.6 billion versus USD 512 billion deployment. Liquidity is shifting private, with Jefferies putting 2025 secondary volume at USD 240 billion, clearing at 78% of net asset value. AI funding is concentrating, with Crunchbase reporting USD 510 billion invested in H1 2026; OpenAI and Anthropic took USD 217 billion. Fintech is positioned as a beneficiary of policy-driven infrastructure, with KPMG putting H1 2026 investment at USD 103.1 billion, mostly M&A. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. MiddleGame Ventures SA published the original content used to generate this news brief on September 19, 2026, and is solely responsible for the information contained therein. (C) Copyr