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The mix of the source of VC funds raised by LP type varies greatly across Europe. The UK, as the most mature VC market, also has the most diversified set of LPs backing its GPs, including large shares of total funds raised coming from pension funds, funds of funds, and endowments and foundations. By contrast, the share of funding from corporate investors is higher as a percentage of total funds raised by GPs in the DACH region compared to any other region. The Nordics, as highlighted in earlier versions of this report, have the highest share of funds raised from pension funds in Europe. In fact, Nordic VCs raise a greater share of their funds from pension funds than from any other LP type, including government agencies.

VC funds raised ($M) by GP region and LP type, 2015 to 2019


  • Government agencies
  • Corporate investors
  • Private individuals
  • Fund of funds
  • Pension funds
  • Family offices
  • Insurance companies
  • Other asset managers
  • Banks
  • Endowments and foundations
  • Capital markets
  • Sovereign wealth funds
  • Academic institutions
Taken from the European Data Cooperative, developed by Invest Europe. EDC data converted at EUR:USD of 1:1.1198, the rate on 30 June 2020.