Simone Sallustio

The VC secondary market is on fire. But many LPs are rushing in without fully appreciating the risks. VenCap International plc has been active in VC secondaries (LP positions only) since 1987 — and this is one of the hottest markets we’ve seen. In the first half of 2025 we reviewed $6.5bn of secondary VC deals — a 41% jump from the $4.6bn we saw in the same period last year. This includes both GP-led and LP-led deals. Here are 4 lessons we've learned from nearly 40 years of buying secondaries: 1️⃣ Power law still rules – a few companies will drive most returns. 2️⃣ Quality over discount – our best deal was bought at a premium to NAV. 3️⃣ Know the valuation policy – different VCs can value the same company very differently. 4️⃣ Factor in manager behavior – holding winners vs. selling early can make or break returns. VC secondaries ≠ PE secondaries. The risks are different — but for LPs who can access the right deal, at the right price, the rewards can be exceptional.

158

17 Comments

When Fabrizio Del Maffeo co-founded Axelera AI, he wasn’t chasing buzzwords. He was solving a real problem: making cutting-edge AI actually usable at the edge. From launching the company with backing from Bitfury and IMEC, to assembling a world-class team in just weeks, Fabrizio’s journey is pure execution. The result? A purpose-built chip that combines performance, efficiency, and simplicity — built not in Silicon Valley, but in Europe. In a world obsessed with cloud AI, Axelera AI is quietly reshaping the edge. And they’re doing it fast. 🧠⚡️ Read the full interview here 👉 https://lnkd.in/dWcY4ePg #EdgeAI #StartupStory #AIHardware #TechLeadership #VerveVC #AxeleraAI #DeepTech

150

2 Comments

𝐏𝐄 𝐯𝐬. 𝐕𝐂 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞: 𝐀 𝐭𝐚𝐥𝐞 𝐨𝐟 𝐭𝐰𝐨 𝐟𝐨𝐨𝐭𝐩𝐫𝐢𝐧𝐭𝐬 Our latest data at Gain.pro highlights how PE and VC firms invest across Europe: ▪ PE-backed businesses are widely spread across the continent ▪ VC-owned assets are clustered in cities 📊 Sector focus drives this: – VC assets = 47% TMT (vs. 17% for PE) → drawn to innovation hubs – PE = 24% Services + 22% Industrials (vs. 13% & 7% for VC) → broader geographic reach beyond capitals 🌍 Top destinations: – Both: London & Paris lead – VC: 25% of assets in 11 cities (Berlin, Munich, Amsterdam next) – PE: 25% spread across 22 cities (Stockholm, Milan, Madrid stand out) ➡️ Same continent. Very different maps.

84

2 Comments

𝗪𝗵𝗲𝗿𝗲 𝘁𝗼 𝗯𝗲𝗴𝗶𝗻 ... For some time now, I’ve wanted to share what I’ve learned (continue to learn) about Innovation, both from my time in venture and engaging with a wide variety of companies around the globe. If I’m being honest here, my colleagues at INNOVERA (https://www.innovera.ai/), a company I’ve started with Kamran Elahian to help companies, governments, and investor groups drive to more effective management of innovation, finally forced my hand to the keyboard. So, where, where, where to begin? Let’s start with how I think about what innovation is. Traditional innovation, think pre-2023, was R&D-driven, product-focused, and efficiency-oriented, centered on breakthrough technologies, patents, and competitive advantage with long development cycles. It was bound mainly by classical definitions of “adjacent”, “sustaining”, and “disruptive”. My argument is that for innovation to succeed, how we look at it must change. Innovation is the continuous transformation of ideas, technologies, and business models to create value while proactively mitigating risks in a dynamic, unpredictable world. Innovation is a strategic risk management tool, and when done right, results in: 𝗙𝘂𝘁𝘂𝗿𝗲-𝗣𝗿𝗼𝗼𝗳𝗶𝗻𝗴 – Anticipation of market shifts, regulatory changes, and technological disruptions before they become threats. 𝗚𝗿𝗼𝘄𝘁𝗵 + 𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼n – Expanded revenue streams and business models while reducing dependency on a single product, service, or market. 𝗔𝗴𝗶𝗹𝗶𝘁𝘆 + 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 – Ability to iterate and pivot in response to crises, competition, and unforeseen changes. Now, what becomes interesting is that managing innovation overlaps with decision-making in the business context. Critical business decisions, such as those related to innovation, ultimately have massive exposure. As I unpack my thoughts on innovation, if you choose to join the journey here, I’ll bring our conversation back to the unifying construct of what I call “decision making under uncertainty”. Before I let you go, let’s do an honesty check. How capable is your organization in managing AI, innovation, and critical business decisions? 𝗔 – Everything is under control 𝗕 – We have a reasonable idea of what to do 𝗖 – We mean well – but can’t execute I’ll share with you what I’ve heard from the audiences to whom I’ve asked this question in my next post. Until then, [p]

156

9 Comments

NEW: Open Equity episode is now live! This week we’re doing something different. Because I invited Jasper Crocker-Kilic, the founder of nalu, our podcast production partner, on the show. Together, we walk through how to 5x his podcast agency (…the summary of a plan we sketched on a napkin the night before). No fluff. No theory. The exact step-by-step to hit his $100k / month revenue goals - and beyond. The principles apply for early-stage as well as larger companies. Perhaps yours? Here’s some of what we cover: 1. How repositioning for enterprise customers can unlock bigger margins with less day to day pains. 2. The hidden barrier almost every agency and services business struggles with - and how to solve it (experience from scaling to $250M+) 3. How to free yourself from operations in 3 simple steps (I learnt this scaling a 0-175+ team in under 24 months) 4. The overlooked strategy for finding acquirers and strategic partners for your company (hint: you probably know them already) And much more… Great fun, thanks to Jasper for being a good sport. After our napkin planning chat I put him on the spot to join me in the studio, he kindly agreed. Is this format valuable? Let me know. Any other words of wisdom to support Jasper's success? Do share. → Watch the full episode now by searching 'Open Equity With Thomas Cornwall' on YouTube, Spotify - or click the links in the comments below.

35

3 Comments

How to turn Europe's "savers" into "investors?" At ING's Private Markets Day in Amsterdam, ING's Global Head of Private Banking, Wealth Management & Investments Anneka Treon unpacked a topic that is on the minds of many in Europe. Anneka pointed out that “while over half of US household assets are invested in capital markets, less than one-fifth are [invested] in Europe. Much of Europe’s wealth still sits in low-yield bank deposits.”   European Central Bank President Christine Lagarde echoed a similar sentiment in her speech at the 34th European Banking Congress, saying that Europe would “not succeed without mobilizing private capital much more effectively.” Lagarde noted that Europeans save a high percentage of their income, amounting to 13% in 2023 compared with 8% in the US. Europeans favor low-risk, liquid savings products. That means €11.5 trillion is held in cash and deposits in Europe, representing 1/3 of households’ financial assets. That compares to 1/10th of household financial assets in the US. As a result, Lagarde posited, European households are less wealthy than they could be. She observed that US household wealth has grown by around three times more than that of EU households since 2009. Getting people invested could be a boon for the region’s investment activities. But there’s some nuance to it. While innovations in wealth management technology have given rise to brokerage apps that provide access to investing, they've also ushered in the ability for people to try to make "fast money." "Slow money," both wealth management's approach to wealth building and private markets investing, could deserve a place in investors' portfolios. As ING's Private Markets Day this past week illustrated, the work that the ING Private Markets business, Johan Kloeze RBA, Michiel Elshof, Guido van Lunteren and team, are doing could be a piece to the puzzle of helping to transform Europe's savers into investors and unlock access to private markets for UHNW & HNW communities. Read on for more about "fast money" and "slow money"👇 This week's Alt Goes Mainstream's AGM Alts Weekly, brought to you by Juniper Square, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 📊 Chart of the Week presented by MSCI Private Assets: do loan valuations signal distress? 🗞️ AGM News of the Week, this week covering: 📌 The Wall Street Journal's Isaac Taylor on the rise of private credit secondaries, with quotes from Coller Capital, Pantheon, and Campbell Lutyens. 💻 Who is hiring: Senior-level positions from companies Blackstone, KKR, Apollo Global Management, Inc., Blue Owl Capital, Franklin Templeton, iCapital, Goldman Sachs, Partners Group, Ultimus Fund Solutions, Cerity Partners, Allocate, SageSpring Wealth Partners, MSCI Inc. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eV8AeEg3

33

8 Comments