I raised our Fund II based upon this thesis. It is particularly amazing to me that so many funds fail to iterate on the marginal gains required across many aspects of their firms, to on the surface at least, be more competitive not only with the influx of US VC but Europe’s own emerging managers, such as 7percent Ventures.

I particularly like “ the European venture landscape is less developed. Many funds have slower decision-making processes, a PE mindset when it comes to minimising risk, while not being acclimatised to the increased competition for deals (especially outside the main hubs).”

Could have been lifted from our own LP deck ;-)