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 p