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The number of LPs with an increased appetite exceeds those with a decreased appetite by greater than 4x.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"LP respondents only.","prefix":"","sources":["the-state-of-european-tech-survey"],"stacking":"none","suffix":"%","title":"Since the start of the Covid-19 pandemic, has your appetite to invest in the European venture asset class changed?","type":"bar","yAxisLabel":"% of LPs","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"sponsorLabel":null,"sponsorUrl":null,"groups":[{"id":2404,"name":"Default","categories":["Increased appetite","Stayed the same","Decreased appetite"],"series":[{"name":"%","data":[31,63,6],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""}]}]},{"__typename":"InsightBlock"},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":4,"chartId":491,"titleNumber":"03.1.5","disableDataLabels":false,"disableLegend":false,"decimalPoints":0,"insight":"The strong level of continued LP commitments to European venture is also highlighted by LP willingness to keep investing actively in 2021. 93% of LPs surveyed expect to remain active in the next 12 months, while 89% have invested in the past 24 months.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"LP respondents only.","prefix":"","sources":["the-state-of-european-tech-survey"],"stacking":"percent","suffix":"%","title":"Have you invested in VCs in Europe in the past 24 months and are you considering investing in a VC fund in the next 12 months?","type":"bar","yAxisLabel":"% of LPs","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"sponsorLabel":null,"sponsorUrl":null,"groups":[{"id":2421,"name":"Default","categories":["Investment in the next 12 months","Investment in the past 24 months"],"series":[{"name":"Yes","data":[93,89],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""},{"name":"No","data":[7,11],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""}]}]},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":5,"chartId":196,"titleNumber":"03.1.6","disableDataLabels":false,"disableLegend":false,"decimalPoints":0,"insight":"The ecosystem's maturation is also reflected in the scaling up of European VC funds. The share of total funds raised through vehicles of greater than €250M continues to increase and represented close to 60% of the total in the first six months of 2020, compared to 36% in 2016. This has been driven primarily by the growing number of European funds raising in excess of €500M, which accounted for 43% of all VC funds raised in Europe during the first half of 2020, versus just 10% in 2016. Over a period of 18 months since the start of 2019, 13 funds sized at more than €500M have been closed, raising over $7.4B, compared to just 7 funds raising $4B over the preceding three years.","insightBlock":{"title":"Funds > €250M","stat":"60%","description":"of total funds raised in H1 2020"},"width":"large","note":"Preliminary H1 2020 figures. Taken from the European Data Cooperative, developed by Invest Europe. EDC data converted at EUR:USD of 1:1.1198, as of 30 June 2020. 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In the first six months of 2020, the median fund size at final close hit $104m, while the mean increased dramatically versus prior years to $225M, driven by a meaningful number of large fund closings.","insightBlock":{"title":"Median VC fund size","stat":"$104M","description":"Size of median VC fund closed in Europe in H1 2020"},"width":"large","note":"H1 2019 figures are preliminary. Taken from the European Data Cooperative, developed by Invest Europe. 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The median size of first-time VC funds closed in Europe in the first half of 2020 was $60M, in line with the prior year, though this represents a material step-up compared to the multi-year trend observed prior to 2019.","insightBlock":{"title":"Follow-on VC","stat":"$133M","description":"median fund size in H1 2020"},"width":"large","note":"H1 2019 figures are preliminary. Taken from the European Data Cooperative, developed by Invest Europe. 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One reason, among many, is the fact that most LPs are primarily focused on capital allocation to established or emerging managers, not first-time fund managers. It is not surprising that only a small proportion of LP respondents expressed a preference to support first-time fund managers over other, more established managers.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"LP respondents only.","prefix":"","sources":["the-state-of-european-tech-survey"],"stacking":"none","suffix":"%","title":"What type of fund managers do you normally invest in?","type":"bar","yAxisLabel":"% of LPs","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"sponsorLabel":null,"sponsorUrl":null,"groups":[{"id":2406,"name":"Default","categories":["Established fund manager  (Fund IV+)","Emerging fund manager (Fund II or III)","First time fund manager (Fund I)","All of the above","Others"],"series":[{"name":"% of respondents","data":[39,33,12,10,5],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""}]}]},{"__typename":"QuoteBlock"},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":10,"chartId":488,"titleNumber":"03.1.11","disableDataLabels":false,"disableLegend":true,"decimalPoints":0,"insight":"Predictably, LPs cite track record as by far the most important consideration when evaluating a prospective general partner ('GP'). This is followed, by some distance, by the overall investment strategy of the fund. In part, this presents a chicken-and-egg problem for prospective first-time fund managers, knowing that the ability to demonstrate a strong track record is such an important factor in building traction with potential LPs.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"LP respondents only. 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This percentage has historically been materially higher than that of the more mature US ecosystem, though lower than that in China. By this measure, there is clear evidence of material progress. Looking at total VC fundraising for more recent vintages (2018-2019), the share sourced from government agencies has declined to record lows of less than 20%. Interestingly, the decline has been even more pronounced for first-time funds than for follow-on funds.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. 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Interestingly, while government agencies have materially ramped their investment into follow-on funds, growing almost 3x between 2015 and 2019, the sums invested into first-time funds have not seen the same consistent expansion.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. 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In this context, it's important to understand that the relative maturity of the venture capital asset class differs markedly at the country or sub-regional level. The UK, for example, is unquestionably the most mature European venture capital market. Not only is the level of 'dependency' on government agency funds much lower in places such as the UK (8%) and Nordic countries (10%), but the decline in the share of funds raised from these sources is also falling much faster than elsewhere. The decline in the DACH region, home to many of Europe's leading early-stage VCs, is also particularly pronounced. On the flip side, in the less mature corners of Europe - Southern Europe (32%) or the CEE (37%) - there is an understandably higher level of dependence. Nevertheless, the relative share of funding from government agencies is declining across the board, with the notable exception of France and the Benelux, where government institutions have been long-time and very active supporters of local VCs.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. 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This changing dynamic is helping to build an increasingly diversified LP stack for Europe and a robust foundation for the future of European venture capital as an asset class, given the long-term horizons over which these investors enter into relationships and allocate capital. Notably, the most recent available data shows a large, sustained and growing allocation of investment from pension funds, insurance companies, fund of funds, and endowments and foundations.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"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.","prefix":"$","sources":["invest-europe"],"stacking":"normal","suffix":"M","title":"VC funds raised ($M) per year by LP type, 2015-2019","type":"column","yAxisLabel":"Funds raised ($M)","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"sponsorLabel":null,"sponsorUrl":null,"groups":[{"id":860,"name":"Default","categories":["2015","2016","2017","2018","2019"],"series":[{"name":"Academic institutions","data":[4,10,66,24,47],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Banks","data":[279,476,624,890,515],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Capital markets","data":[6,149,211,128,19],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Corporate investors","data":[830,1370,1410,1428,1826],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Endowments and foundations","data":[338,132,95,600,648],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Family offices","data":[235,617,686,1137,897],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Fund of funds","data":[534,934,597,1309,1236],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Government agencies","data":[1068,2214,2608,2171,2548],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Insurance companies","data":[259,315,437,608,1432],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Other asset managers (including PE houses other than fund of funds)","data":[467,424,953,663,492],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Pension funds","data":[353,523,293,923,1535],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Private individuals","data":[617,836,1362,1074,1544],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Sovereign wealth funds","data":[12,18,202,194,86],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Unclassifieds","data":[2540,2143,1947,2934,3705],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null}]}]},{"__typename":"InsightBlock"},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":17,"chartId":401,"titleNumber":"03.1.18","disableDataLabels":false,"disableLegend":false,"decimalPoints":1,"insight":"The speed at which different types of LPs are ramping their commitments to European VC is reflected in the relative size of aggregate commitments in 2019 versus the trailing average of commitments over the four prior years. Looking at the data in this way gives a simplified view on which LP types are growing in relative terms versus the overall increase in funds raised, and those which are growing slower or declining in relative terms. Encouragingly, insurance companies, pension funds, and endowments and foundations made the greatest relative increase in their allocations to European VC.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. 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In 2019, the most recent full year for which this granularity of data is available, pension funds continued to build their exposure with another record high commitment of $1.5B to European VCs. That being said, in 2019, for every dollar raised from a pension fund, European VCs on average raised around $1.65 from government agencies.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. Excludes Unclassified. EDC data converted at EUR:USD of 1:1.1198, the rate on 30 June 2020.","prefix":"$","sources":["invest-europe"],"stacking":"none","suffix":"M","title":"Funds committed ($M) to VC funds by LP type (>$500M), 2015-2018 versus 2019","type":"bar","yAxisLabel":"Funds committed ($M)","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"sponsorLabel":null,"sponsorUrl":null,"groups":[{"id":835,"name":"Default","categories":["Government agencies","Corporate investors","Private individuals","Pension funds","Insurance companies","Fund of funds","Endowments and foundations","Family offices","Banks","Other asset managers (including PE houses other than fund of funds)"],"series":[{"name":"VC Funds raised 2019","data":[2548,1826,1544,1535,1432,1236,648,897,515,492],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""},{"name":"Average VC Funds raised 2015-2018","data":[2016,1259,972,523,404,843,291,669,568,627],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""}]}]},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":19,"chartId":466,"titleNumber":"03.1.20","disableDataLabels":true,"disableLegend":false,"decimalPoints":1,"insight":"There are large differences on a sub-regional level when it comes to the scale of VC fundraising. The UK, already Europe's largest and most important country in terms of VC fundraising, is on track for another record year in 2020. Six months into 2020, VC funds raised have already exceeded more than 80% of the total raised in either 2019 or 2018.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"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.","prefix":"$","sources":["invest-europe"],"stacking":"none","suffix":"B","title":"VC funds raised ($B) per year by GP region","type":"column","yAxisLabel":"Funds raised ($B)","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"sponsorLabel":null,"sponsorUrl":null,"groups":[{"id":2316,"name":"Default","categories":["UK & Ireland","DACH","Nordics","France & Benelux","Southern Europe","CEE"],"series":[{"name":"2016","data":[2.7,1.7,1.5,3.3,0.9,0.2],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""},{"name":"2017","data":[2.9,2.2,0.5,4.3,0.9,0.7],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""},{"name":"2018","data":[4.8,2.6,0.3,5,0.6,0.7],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""},{"name":"2019","data":[4.6,3.7,2.2,3.9,1.3,0.7],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""},{"name":"H1 2020","data":[4,1.3,0.3,1.4,0.6,0.2],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""}]}]},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":20,"chartId":217,"titleNumber":"03.1.21","disableDataLabels":false,"disableLegend":false,"decimalPoints":0,"insight":"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.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. 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As the ecosystem has matured, the level of investment from LPs from outside Europe, in particular in the US, has increased. Nonetheless, as the near 50% drop in commitments between 2018 and 2019 demonstrates, there is still notable volatility. The long-run trend, however, is clearly trending positively in terms of securing LP allocation from outside the region.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. 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North American pension funds, by contrast, are backing European VCs at record levels. The volatility in absolute amounts is likely explained by the fact that the timing of new fundraises by larger, established European VCs is still significant enough to drive a material impact from one vintage year to the next.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"","prefix":"$","sources":["invest-europe"],"stacking":"normal","suffix":"M","title":"Capital invested ($M) by North American LPs by type","type":"column","yAxisLabel":"Capital invested ($M)","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"sponsorLabel":null,"sponsorUrl":null,"groups":[{"id":2450,"name":"Default","categories":["2017","2018","2019"],"series":[{"name":"Pension funds","data":[63,526,567],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Corporate investors","data":[103,218,157],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Insurance companies","data":[0,34,132],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Endowments and foundations","data":[58,452,110],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Fund of funds","data":[0,353,92],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Other asset managers (including PE houses other than fund of funds)","data":[87,50,71],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Family offices","data":[4,103,48],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Private individuals","data":[15,22,11],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Academic institutions","data":[12,7,0],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Banks","data":[1,3,0],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Sovereign wealth funds","data":[0,162,0],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null}]}]},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":24,"chartId":201,"titleNumber":"03.1.25","disableDataLabels":false,"disableLegend":false,"decimalPoints":1,"insight":"It is always interesting to compare the scale of European VC to its sister asset class of Growth and Buyout. As one would expect, European buyout is a much larger asset class, with buyout funds typically raising in multiples of 5-6x more than European VCs. It is more noteworthy, however, to observe that European growth funds have not scaled in terms of funds raised at the same pace as the underlying European tech ecosystem, nor compared to European VCs that invest before them. While European VCs and buyout firms are on track to raise record sums in 2020, European growth funds look set to record the lowest total in recent years.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"H1 2020 figures are preliminary. Taken from the European Data Cooperative, developed by Invest Europe. 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As an example, pension funds have invested more than $112.3B cumulatively into European buyout funds between 2015 and 2019, but their commitments to European VCs total just $3.6B over that same period, a relative multiple of more than 31x. Multiple factors explain this gap, including misconceptions around European VC performance, risk appetite, as well as the perception of the difficulty of putting large sums of capital to work. 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