LPs from around the world are becoming increasingly interested in European tech. They recognise the quality of technical talent in Europe and want access to this potential. There is also a realisation that the next Silicon Valley isn't going to be a single location; instead, it will be a number of cities that attract and aggregate the world's best talent and build ecosystems around this.

The value creation in venture is based on innovation. Great companies can be created anywhere and at any time in a market cycle. That makes venture an interesting complement to other asset classes where the value creation are more related to interest rates and stock markets. The European VC market has matured and grown and has been proven by successful exits. Still, many managers are too young to have experienced a market downturn. But the increased market size makes the market more resilient to a potential correction.

I see far more openness to European VC than when we raised our first fund four years ago.

I see far more openness to European VC than when we raised our first fund four years ago. There are more examples of big outcomes in recent years that I think are fuelling that interest, and far lower in-prices and relatively less competition (although I think that's changing in the later stage rounds when it's more of a global investor universe). There are also more operators coming onto the investment side (instead of retiring!), and that's a really positive force for the ecosystem as a whole.

As venture capital and innovation continue their global growth, Europe and its surrounding ecosystem remain increasingly attractive on many fronts, including valuations and capital flows. Our Silicon Valley neighbours have echoed this sentiment and are moving teams to Europe in increasing numbers.