Tomáš Min Zbynovsky

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.

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Rearming Europe is essential…but much of defense is largely unsuitable for venture investing. Other asset classes and types of capital often make more sense in the sector. Many VCs are making investments that simply aren't venture suitable. To note, there's definitely some parallels to cleantech/climatetech VCs who often invest in deals which would be more appropriate for project finance, infrastructure funds, etc. The irony - and oddity - of climatetech VCs now asking for defense dealflow is not lost on me. https://lnkd.in/edFAN8MN.

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PearX : 🍐 - 90% of the last batch raised seed rounds led by top-tier institutional firms - 1/3 of the batch hit $1mn in revenue by demo day - Small batch: 20 companies selected from over 2500 applications (<0.8% acceptance).

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𝗩𝗲𝗿𝘀𝗶𝗼𝗻 𝟮 𝗼𝗳 𝗼𝘂𝗿 𝗔𝗥/𝗩𝗥 𝗦𝘁𝗮𝗿𝘁𝘂𝗽 𝗠𝗮𝗽 𝗶𝘀 𝗵𝗲𝗿𝗲. The response to our first version was overwhelming; founders, investors, and operators from across Europe commented and reached out with suggestions. In this updated map, we’ve added over 70+ new companies to make the picture more complete. AR and VR were once seen as experimental... Today, they’re solving our major problems. By 2030, the global market is projected to reach $200B+, with Europe contributing $15.8B by 2029. But the more important shift is where AR/VR is actually starting to work. We’re already seeing tangible impact in healthcare: → The World Health Organization reports a 20% reduction in surgical errors through immersive simulation. → The NHS in the UK now treats over 10,000 patients annually using VR-based therapies. → In France, hospitals using AR-assisted surgeries have achieved 35% faster recovery rates. Backing these outcomes, the European Investment Bank recorded over €5 billion in public and private investment in AR/VR healthcare applications in 2022 alone. Countries like Germany, France, and the UK are leading the way through industrial use cases. 5G networks are improving the technical foundation. And the integration of AI is making AR and VR systems more intelligent, more responsive, and easier to apply in real-world environments. The broader trend is clear: AR/VR is no longer a speculative bet. That changes the lens for both founders and investors. Instead of asking “What can we build with AR/VR?”, the better question is: “Where does this technology naturally integrate to unlock measurable value?” #VentureCapital #AI #DeepTech #Startups Follow us at APEX Ventures and subscribe to our newsletter for exclusive content on groundbreaking Deep Tech startups: 🔗 https://t2m.io/EV2qHQuo

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Emerging Europe doesn’t get enough credit in VC. Enis Hulli (e2vc) has been backing founders out of Ukraine, Poland, Turkey and beyond — and his take is sharp: → Conviction > consensus. The best founders aren’t obvious. They’re the ones who iterate faster than the market shifts. → Talent is everywhere, capital isn’t. Emerging Europe is stacked with engineers, but global success often means building bridges to the U.S. → Remote isn’t enough. Post-pandemic hype said 'anyone can scale from anywhere.' Reality? Proximity to capital and networks still matters. We got into what it takes to spot overlooked talent, play in harder markets, and scale across borders. 🎧 New Nothing Ventured episode live now.

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I shared this M&A Due Diligence Gantt Chart before. Went viral. 🔥 Sharing again, now with a fresh lens on what it doesn’t show. 👇   This template is solid. (will share the download link in the comments)   But having bought and sold multiple companies, I’ve learned the real value is in the process you build around it.   Three things I’d add:   – Founder transition readiness   Is the seller truly ready to step back? Half the deals I’ve seen fall apart because the founder says they’re done but can’t let go.   – Cultural integration assessment   If the values don’t align, walk away. No amount of financial engineering can fix a culture clash.   – Durable demand validation   Will this business survive a recession? A trend shift? If it’s trendy or seasonal, it’s not durable.   The template is great for staying organized.   But smart acquirers know, we’re not just buying assets.   We’re buying a business that needs to run without the founder.   So don’t just focus on the numbers.   A great EBITDA means little if the business can’t survive the handoff.   #merger #founder #entrepreneurship #acquisition #investment ____ P.S. My newsletter (Join 20,000+ subscribers): https://lnkd.in/dNVbGxXv

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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.

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⚡ From energy vision to profitable reality. In just 8 months, Cloover (Jodok Betschart) scaled from €1M → €5M ARR (5x) — all while reaching profitability. With €1.2B in funding lines secured and hundreds of installers onboarded across 4 markets, they’re building the “Shopify of Energy.” But what’s just as striking? 🌍 Europe is fast becoming the epicenter of climate-tech. From Berlin outward, a new wave of startups is scaling faster than ever — and Cloover is one of the clearest signals. Profitable growth + massive market tailwinds = a European powerhouse in the making. 💡 For more real-time revenue updates like this, check out Specter.

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Oaktree just posted a job for “SVP, Head of AI” with a base salary of up to $225,000. This is one of the largest investment firms in the world, with over $200 billion in assets under management, hiring for what will be one of the most consequential roles of the decade… at a compensation level barely competitive with mid-level engineers at OpenAI or Anthropic. The mismatch says everything. AI will reshape every layer of capital markets, from risk modeling to deal sourcing to asset pricing. It’s not a “tech add-on.” It’s the new foundation of value creation. OpenAI and xAI are paying $800K–$1.5M for senior AI engineers. Meta reportedly offered nearly $1 billion in total compensation to poach top AI researchers from rivals. Even Disney offered more for its “VP of Collaboration and AI”. Meanwhile, legacy finance still views AI as an IT function rather than a strategic capability. That gap is the opportunity. The next era of investment firms will be built by those who see AI not as a tool, but as the strategy itself.

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𝐏𝐨𝐰𝐞𝐫 𝐥𝐚𝐰 𝐢𝐧 𝐕𝐂 The latest Dealroom.co Power Law 2025 report highlights: 👉 Just 2% of companies create 89% of all value. 👉 0.02% of companies create 61% of total returns. 👉 Only 1.2% of VC-backed startups ever become Unicorns, and 1.4% hit $100M+ in revenue. This is why: - Early-stage investing is a game of outliers. - Founders need to be clear on power law dynamics when building and fundraising. - Investors need conviction to double down on the rare few companies that truly break out. For founders, playing the traditional VC game: - You are not aiming to be “average” – you’re building something that could sit in the top 1%. - Traditional VC investors are not looking for “safe bets,” they’re looking for outliers – the kind of vision and execution that moves the needle. 👏 Huge congrats to LocalGlobe/Phoenix Group for topping the EMEA & UK rankings – proof of their long-term conviction in founders. 👏 Special shout-out to Chris Adelsbach for making the top 25 UK list as an angel investor! 👇 Full report in comments HSBC Innovation Banking Lauren

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Don’t decide in the board room how AI should be used in the org. Give everyone in the company access to the best AI tools and let them figure it out. This was brilliance delivered by Victor Riparbelli (Synthesia) during last weeks chat w Anton Osika (Lovable) and Des Traynor (Fin). Those who dare to unleash AI in their orgs will have massive gains. Just control that your data is protected (better paying for enterprise tools than having employees run with free unsafe options on their own). And then you can figure out the guardrails etc. as you go and see where they are actually needed. There are of course nuances here depending on what type of business you are etc… But you get the point.

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