Colibrí Institute strengthens venture capital ecosystems with open research and policy insights shaping who builds, who benefits, and how capital flows.
Joined January 2026
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Colibri Institute retweeted
This reflects one of the more interesting findings from the @ColibriInst study on emerging manager performance.
Emerging manager outperformance is driven by writing smaller checks, earlier, with more diversified portfolios.
Their analysis implies this probably holds for any early-stage firm, emerging or established, that looks for specifically non-consensus first-check opportunities.
People are waking up to the fact that diversified portfolios (contrary to FoF-coded desires) are the best way to make returns when you’re investing really early
Concentration at VC-level largely serves a portfolio of funds (i.e. a FoF), which get diversification by allocating to many funds (i.e. diversification for me not for thee)
We analyzed 2,000+ U.S. venture capital funds over 25 years to answer a straightforward question:
Do emerging managers actually outperform?
The answer challenges how institutional capital gets allocated.
Here's what we found 🧵
📄 Read the full white paper: colibri.institute/why-emergi…
📊 For LPs: Take our EM Program Diagnostic: colibriinstitute.typeform.co…
📊 For EMs: Take our VC Platform Diagnostic: colibriinstitute.typeform.co…
✍️ Subscribe for quarterly research: colibrinstitute.substack.com…
@ColibriInst publishes open research to improve how capital is allocated.
Our work is open-access because better data should be available to the entire ecosystem, not just those who can pay for it.
Follow along for more findings.