There is some fairly ugly comparitive performance data in a new study on the performance differences of U.S. and European venture capitalists:
In the entire period in question, more than twenty years dating back to 1983, European venture investors have only out-performed their U.S. counterparts in two vintage years, and those were both ones with losses in European and U.S. venture. Ouch. The paper puts it more decorously:
The volume of funds raised for future European venture capital investment has declined since 2000 … The low profitability of the industry could account for a part of the unfavourable development.
You think? Yeesh.