Bruno Dizengremel

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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For all fresh European tech/AI/infra investors – a friendly (/mandatory) reading list Getting started in VC can really be overwhelming, especially when you now have to understand (and be able to explain to your colleagues) AI, coding, back-end infrastructure, and all things tech. Over the years, I’ve curated a set of newsletters/podcasts I turn to regularly and would blindly recommend, or even mandate, to every new investor who is keen to get how software development works, or just wants to sound smart (no shade). We can all copy what the large funds say, but do you even know what you are really talking about when dealing with a technical founder? Follow these newsletters and writers to save yourself (and the VC ecosystem) the potential embarrassment (or don’t! I applaud you for the hubris) :)  Must-read newsletters for investors in tech: Want to know how the best SW engineers work and solve problems? The Pragmatic Engineer. Gergely Orosz writes one of the best weekly newsletters for those who actually bother to get the nuts and bolts of it all – reports on engineering culture, best practices for SDLC, hiring, and how the greatest SW teams ship software. Prepare to learn. A lot! Like practical advice and hands-on examples on shipping product and AI? Every Inc., a great publication authored by a collective of writers ft. voices like Dan Shipper gives you just that – and also releases their own AI tools worth the price of admittance. If you really want to learn how people are building, using, and experimenting with AI, this one's for you. Can’t read, need pictures and numbers? Clouded Judgement. If a SaaS/Cloud investor tells me a deal is cheap/expensive, but isn’t aware of public market comps for listed tech companies, I wonder if they even know how to do their job. Jamin Ball makes it easy by serving up all key SaaS metrics weekly. If you need to know what great, good, and mediocre at scale look like, and how much your startup could exit for, go here. Ever wonder what keeps your tech teams up at night? Software Lead Weekly. Curated by Oren Ellenbogen from Forter, this newsletter provides a roundup of the best engineering and leadership reads of the week. Learn the best practices of scaling engineering orgs, how to ship code, how your SW eng thinks, with a dose of wry SW humor thrown in every time. Always has a few gems! Too much tech talk, need to see things through the lens of finance? The Diff. This daily (paid) newsletter by Byrne Hobart, CFA explores where technology, finance, and economics collide, and why it matters. Understand tech and businesses from a financial perspective, a lesson that most early-stage VCs think they understand, but really never learnt! Get gud, subscribe to The Diff. Am I missing anyone? Drop your favourites in the comments! PS: tl;dr not a fan of reading? I’ve got you covered, check the comments for two of the very best podcasts on companies there are.

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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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