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The diversification of the LP base for GPs in different regions is at very different levels depending on the maturity of the local VC ecosystem. The GP investor base in the UK, the most developed European VC market, benefits from access to a heavily diversified LP base. This is in contrast to GPs based in Central & Eastern Europe, where there is still a large dependency on funds raised from government agencies. The Nordics, meanwhile, has the strongest relative support from pension funds, which make up 16% of all VC funds raised in the sub-region since 2014.

VC funds raised ($M) by GP region and LP type, 2014-2018


Taken from the European Data Cooperative, developed by Invest Europe. EDC data converted at EUR:USD of 1.1367, the rate on 30 June 2019.