Théo Thomas

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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In June, at Aldea Ventures’s AGM, I argued one simple thesis: Europe can lead the next tech cycle — if public capital stops being an afterthought and venture capital takes the risk in risk capital and bets on wicked founders and future tech. Quick summary: 1️⃣ The last cycle favoured software. The next one looks different - physical tech, deep-tech and AI-driven engineering are the front-runners. 2️⃣ Europe already has policy instruments and grant capital that can absorb front-loaded technical risk - that matters. Where we fail is follow-on private capital, scale-up craft and exit markets. 3️⃣ That’s an opportunity: more founders, more mission-driven micro-VCs, and smarter public-private playbooks can flip the script - as long as policy walks the talk on their ambitious plans. Why this matters: winners will be defined by who captures value in hardware + platform adjacencies - and Europe has a measurable shot if we back the boldest builders on the continent and leverage public capital smartly. I’ve challenged public funding repeatedly for speed & efficiency — but I’ve also seen deep-tech teams achieve ~1.5–3× public leverage on small pre-seed tickets, using grants to hyper-efficiently de-risk early technical milestones. DM for a deeper discussion, or comment your PoV.

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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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Auxxo Female Catalyst Fund, a German VC firm focused only on female-founded startups, has announced the first close of its second fund. including members of Encourage Ventures and VCs like Miki Yokoyama of Aurum Impact. Other key investors include the European Investment Fund, Speedinvest, Cherry Ventures, and Capnamic Ventures’ GPs. Dr. Gesa Miczaika | Bettine Schmitz | Dr. Sophie Pollok | Alena Redeker | Melanie Higgs | Fabiola Hochkirchen 🔗 Read full article link in comment #Auxxo #funding #FemaleFounders #WomenInTech #VCFunding #StartupEquity #eustartups #CatalystFund #news

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