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It's hard to point to a single reason why the level of interest in European tech has increased in the way it has over the past five years. But it would be foolish to look past the hard data. The fact is that European VC returns are now globally competitive and that has caused LPs to wake up. On a one-, three- and five-year horizon, Cambridge Associates data, the most widely cited benchmark of venture capital performance, shows that its index for European VC performance is either on par or significantly outperforming indices for both US VC and, importantly, European Private Equity.