Milad Shabani Sichani
"VC syndication: a review of the state of the art".
Rel. Elisa Ughetto. Politecnico di Torino, Corso di laurea magistrale in Ingegneria Gestionale (Engineering And Management), 2026
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Abstract
Over the past decade, venture capital (VC) syndication has fundamentally transformed from a defensive risk-sharing mechanism into an indispensable strategic necessity for large-scale innovation. Driven by the rapid expansion of capital-intensive frontier technologies, such as artificial intelligence (AI) and deep-tech, solo venture investing has become mathematically unfeasible in contemporary markets. This structural shift was heavily underscored in 2025, when global venture capital deployment reached $425 billion, with mega-deals exceeding $500 million accounting for nearly half of all deal activity by value. To understand this paradigm shift, this thesis provides an integrative, cross-regional review combining foundational theoretical frameworks with recent industry data.
The analysis reveals that syndication behavior is deeply embedded in regional institutional environments and serves vastly different functions across the globe
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