Despite a series of uncertainties and upheavals, the tech industry was a net beneficiary of the shift to digital brought on by Covid-19, and 2020 is on track to set a new record of capital invested into European tech. We are seeing a growing interplay in European tech between venture capital, private equity and the public markets, creating more M&A opportunities, a strong pipeline of future IPO candidates and a systematic recycling of experienced talent to build new generations of companies. To accelerate this virtuous cycle, Europe needs to see more of its leading tech companies find appropriate paths to liquidity in a way that benefits European builders and investors while retaining its world-class talent.