1) While venture capital in Europe has grown in recent years, much of this growth has been fueled by American capital rather than local European investors. Pension funds and family offices in Europe have been slow to invest in venture capital compared to their American counterparts.
2) There is an estimated 50 billion dollar opportunity for growth in European venture capital in the coming years, but American investors are poised to capture much of this growth if European limited partners do not increase their participation.
3) A lack of local expertise in venture capital among European investors, startups, and the broader ecosystem has hindered the development of a self-sustaining venture market, leaving the region dependent on foreign capital.
We believe in transparency which is why we love sharing information. Our first fund, CCMFI was a 1BN USD Fund-of-Funds investing into venture capital funds. These venture funds were usually between $30MM and $150MM in size. Typically CCMFI would take a LP position of $5MM-$50MM per venture capital fund. Other facts about CCMFI:
- $250MM in commitments to venture capital funds year 1
- Fully global: U.S based venture funds made up about half of the total geography covered
- At certain times over 60% of the GP fund managers can or have been female
- CCM took a small % of ownership in smaller investments to help secure them or speed up launch
Inside includes more information on the CCM's view on european venture, emerging markets, early stage investing, and the VC fund diligence process. If you are a fund manager and raising please email you fund information to info@cachettecapital.com
www.cachettecapital.com
The document discusses managing relationships with venture capital funds. It provides tips for fundraising meetings, including being organized, treating potential investors as colleagues, and focusing on how the fund can outperform others. It also discusses trends in the venture capital market, such as more funds raising money in Europe and the rise of pension funds as a source of capital. Pension funds in countries that invest more in venture capital, like the Netherlands, have seen higher returns than those investing more in bonds.
This document provides a summary of the European small business finance outlook for May 2012. It discusses the economic environment and conditions for small and medium enterprises. Specifically, it finds that while economic forecasts were revised upwards, imbalances between EU states continued growing. Bank lending standards tightened further for corporations. Private equity investment increased slightly in 2011 while venture capital investment declined. Securitization markets are slowly restarting with transactions in traditional countries, but regulatory reforms will impact future activity. Microfinance trends show progress towards efficiency but requires stable funding.
Swiss wealth managers are observing increased interest from clients in alternative investment strategies, particularly those available through UCITs funds. This is driven by the current low interest rate environment and uncertainty in traditional markets like bonds and equities. Alternative strategies through UCITs funds offer benefits like transparency, regulation, and liquidity compared to traditional offshore hedge funds. Wealth managers recommend including alternative funds focused on long/short equity, market neutral, and trend following strategies to diversify portfolios and generate higher returns than fixed income with lower volatility than equities.
The Rise of Corporate Venture Capital; an Australian perpectiveAlfred Lo
This document discusses the rise of corporate venture capital (CVC) funds. It notes that CVC deals and funds have doubled in recent years as large companies look to invest in startups and innovative technologies. CVC provides advantages like insights into new markets and technologies, opportunities to influence industry ecosystems, and access to potential acquisition targets. The document argues that CVC can help large corporations identify disruptive innovation early and develop next-generation products and services to strengthen their businesses for the future.
This document provides an overview of venture capital opportunities in Chile. It discusses the history of VC in Chile, the current state of the industry, and opportunities for new VC funds. Specifically, it notes that while most investments have been in later stages, there is an opportunity to fund early stage startups. The Chilean government is incentivizing new VC funds through programs like the FT line and a new early stage line to close current funding gaps for startups and help foster Chile's startup ecosystem.
Private Equity for the Individual Investor: Unlocking a Growing OpportunityRajaa Mekouar
Private equity has grown significantly in recent years with assets under management now over $4 trillion globally. This growth has been supported by outperformance relative to public markets and low interest rates. As the industry has grown, family offices and high-net-worth individuals have become important new investors in private equity, with many allocating 10-20% or more of their portfolios. However, access to private equity remains challenging for less wealthy investors due to high minimums and long lockups. New solutions are emerging such as funds of funds and feeder funds to make private equity more accessible.
We believe in transparency which is why we love sharing information. Our first fund, CCMFI was a 1BN USD Fund-of-Funds investing into venture capital funds. These venture funds were usually between $30MM and $150MM in size. Typically CCMFI would take a LP position of $5MM-$50MM per venture capital fund. Other facts about CCMFI:
- $250MM in commitments to venture capital funds year 1
- Fully global: U.S based venture funds made up about half of the total geography covered
- At certain times over 60% of the GP fund managers can or have been female
- CCM took a small % of ownership in smaller investments to help secure them or speed up launch
Inside includes more information on the CCM's view on european venture, emerging markets, early stage investing, and the VC fund diligence process. If you are a fund manager and raising please email you fund information to info@cachettecapital.com
www.cachettecapital.com
The document discusses managing relationships with venture capital funds. It provides tips for fundraising meetings, including being organized, treating potential investors as colleagues, and focusing on how the fund can outperform others. It also discusses trends in the venture capital market, such as more funds raising money in Europe and the rise of pension funds as a source of capital. Pension funds in countries that invest more in venture capital, like the Netherlands, have seen higher returns than those investing more in bonds.
This document provides a summary of the European small business finance outlook for May 2012. It discusses the economic environment and conditions for small and medium enterprises. Specifically, it finds that while economic forecasts were revised upwards, imbalances between EU states continued growing. Bank lending standards tightened further for corporations. Private equity investment increased slightly in 2011 while venture capital investment declined. Securitization markets are slowly restarting with transactions in traditional countries, but regulatory reforms will impact future activity. Microfinance trends show progress towards efficiency but requires stable funding.
Swiss wealth managers are observing increased interest from clients in alternative investment strategies, particularly those available through UCITs funds. This is driven by the current low interest rate environment and uncertainty in traditional markets like bonds and equities. Alternative strategies through UCITs funds offer benefits like transparency, regulation, and liquidity compared to traditional offshore hedge funds. Wealth managers recommend including alternative funds focused on long/short equity, market neutral, and trend following strategies to diversify portfolios and generate higher returns than fixed income with lower volatility than equities.
The Rise of Corporate Venture Capital; an Australian perpectiveAlfred Lo
This document discusses the rise of corporate venture capital (CVC) funds. It notes that CVC deals and funds have doubled in recent years as large companies look to invest in startups and innovative technologies. CVC provides advantages like insights into new markets and technologies, opportunities to influence industry ecosystems, and access to potential acquisition targets. The document argues that CVC can help large corporations identify disruptive innovation early and develop next-generation products and services to strengthen their businesses for the future.
This document provides an overview of venture capital opportunities in Chile. It discusses the history of VC in Chile, the current state of the industry, and opportunities for new VC funds. Specifically, it notes that while most investments have been in later stages, there is an opportunity to fund early stage startups. The Chilean government is incentivizing new VC funds through programs like the FT line and a new early stage line to close current funding gaps for startups and help foster Chile's startup ecosystem.
Private Equity for the Individual Investor: Unlocking a Growing OpportunityRajaa Mekouar
Private equity has grown significantly in recent years with assets under management now over $4 trillion globally. This growth has been supported by outperformance relative to public markets and low interest rates. As the industry has grown, family offices and high-net-worth individuals have become important new investors in private equity, with many allocating 10-20% or more of their portfolios. However, access to private equity remains challenging for less wealthy investors due to high minimums and long lockups. New solutions are emerging such as funds of funds and feeder funds to make private equity more accessible.
Heated competition to get into top private-equity funds is leaving some investors out in the cold.
Pension funds, endowments and wealthy individuals that invest with private equity are finding it increasingly hard to get into the most sought-after funds, according to data and industry participants.
Private-equity firms, which raise money from such investors and then put it to work in various investment strategies, are generally filling their coffers faster this year from clients. The proportion of private-equity funds that reached or exceeded the maximum amount the firms set out to raise this year is at its highest level since at least 2009, according to a snapshot of funds for which private-equity tracker Preqin has data. Typically, firms put a limit on the size of the fund they are raising, known as a hard cap, at the beginning of the fundraising process. That hard cap generally can’t be exceeded without approval from fund investors.
As of Nov. 13, 55% of roughly 280 funds for which Preqin had hard-cap data reached or surpassed that maximum size. Last year, 43% of funds hit or exceeded those limits.
We initiate coverage of Exista with a Buy rating and a target price of ISK 38.1 per share, implying upside potential of 25% from the current share price. We believe Exista has positioned itself well through its strategic holdings in Sampo and Kaupthing, which provide opportunities for expansion into the Nordic financial market. The operational arm gives Exista steady cash flow and reserves to support its investment activities. While market risk and concentration risk are concerns, we are optimistic about recovery in financial markets and opportunities for Exista.
DealMarket DIGEST Issue 146 // 20 June 2014CAR FOR YOU
This document summarizes recent private equity deals and trends from around the world:
- TPG is leading a consortium including PAG Asia Capital and Ontario Teachers' Pension Plan in a $1.15 billion buyout of a property unit from Australian engineering firm UGL.
- European buyout deals are at their lowest level since 2009, though bolt-on acquisitions that help companies expand are increasing.
- India and Singapore are home to the largest proportion of Asia-Pacific based family offices that invest in private equity funds.
- China is seeing record-high buyout volumes in 2014, with $6.8 billion year-to-date across 30 deals, driven by real estate
European Experience developing Business Angel Ecosystem by Paulo AndrezMoldova ICT Summit
European Experience developing Business Angel Ecosystems
Paulo Andrez, President of EBAN (EU), discusses the rationale for policymakers to support business angel communities. He argues that new companies, jobs, and exports need innovative startups, which require funding that banks cannot provide. Business angels can fill this gap by investing in high-growth companies. Policymakers should incentivize individuals to invest in startups rather than non-productive assets. Initiatives like supporting business angel networks, co-investment funds, and tax incentives can encourage more investors and deal flow. With the right support, business angels can help create the future rather than just waiting for it.
This document provides an executive summary of a research report on angel investing in the UK. The following key points are made:
- The characteristics of UK angels are changing, with more women and younger individuals becoming involved. Angels now have less experience on average than in previous studies.
- Individual angels are making more investments than ever before, with the median number doubling from previous research.
- Angels are increasingly investing outside their local region and country, showing geographical distance is less important. This may be linked to rising angel investment via crowdfunding platforms.
- Government tax incentives like EIS and SEIS are widely used by angels, with almost 90% of angels using them and over 80% of total investment amounts through
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
Presented at the Digital Ventures/Siam Commercial Bank Faster Future Fintech Forum (28 Feb 2017, Bangkok) by Paul Ark, Managing Director of Corporate Venture Capital of Digital Ventures
Uloga preduzetničkog kapitala u privrednoj tranziciji SrbijeFEFA Faculty
Članak o razvoju preduzetnog kapitala u Srbiji objavljen u Ekonomici preduzeća u izdanju za Kopaonik biznis forum - autorke su profesorka FEFA Ana Trbović, asistentkinja FEFA Jelena Miljković i doktorantkinja FEFA i izvršna direktorka Agencije za osiguranje i finansiranje izvoza Ana Drašković-Malešević
CrowdfundIQ Benchmark Study - Equity Crowdfunding Investor Research ReportEarlyIQ, Inc.
This document provides a summary of a benchmark study on equity crowdfunding investors in the U.S. The study collected surveys from 480 individuals to understand the demographics, concerns, and investment intentions of likely crowdfunding investors. Key findings include that 58% expressed strong interest in investing, with management team and business plan being top concerns. Investment intent increased over 4 times when third party reviews were available for companies. The target investor profile has an annual income over $75,000 and intends to make 1-2 investments per year of around $2,000 each.
This document summarizes a report by Go Beyond Investing (GBI) on the performance of angel investment portfolios built by its members from 2008-2014. Key findings include:
1) Over 80% of GBI investors have received a positive return, with some receiving their full investment back from exits. The total value of portfolios has increased from 10.6M CHF invested to 18.5M CHF as of 2015.
2) GBI has built a globally diverse community of 192 investors across 25 nationalities who invest in startups across multiple countries and sectors. This international reach helps with deal sourcing, due diligence and exits.
3) Investors who undergo GBI's
Traditionally, and in the layman’s view of the word, venture is defined as high risk/high reward, early-stage investment. The model comes from Silicon Valley where the maturity of the eco-system makes early-stage a reasonably predictable activity. In Europe however, this part of the market is now left to business angels, government-subsidised funds, and a handful of the larger VCs which can afford to subsidise this largely money-losing activity to feed their larger later-stage funds. VCs have largely deserted early-stage and are now focusing their attention on expansion capital.
The World Business Angels Investment Forum (WBAF) annual meeting will take place from February 19-20, 2018 in Istanbul, Turkey. The theme of the meeting is "Unlocking the Potential for Innovation: Angel Investors Partnering with Family Offices and Wealth Management Institutions". The discussions will explore how these partnerships can foster innovation and provide business value. Over 100 global speakers from 54 countries will discuss developing financial and non-financial instruments to fuel early-stage investment markets.
This document summarizes the Indian startup ecosystem and corporate venture capital landscape. It provides statistics on the number and types of startups in India, key sectors of focus, funding amounts and trends, top startup hubs, and mortality rates. It then discusses what corporate venture capital is, the value it provides to both corporations and startups, examples of active corporate venture funds in India, and factors that matter to investors. PSU venture funds in India are also mentioned as a new development. A sample startup pitch deck template with key sections is included to help founders effectively pitch their idea or business.
Special report conventional investment wisdom that can hurt youRobert Champion
In the Pirates of the Caribbean, the young Miss. Elizabeth Swann demands that Captain Barbossa follow the “Pirate Code.” Barbossa rejects her demand, explaining that, “the code is more of what you would call guidelines than actual rules.” Investors would do well to interpret much conventional investment wisdom with the same flexibility. Instead many follow these so called ‘rules’ without questioning whether or not they are valid and whether they apply to their situation.
Blind obedience to these rules can potentially increase risk and volatility in your portfolio. In this report we explain why you should dig a little deeper before making an investment decision based on conventional investment wisdom.
- See more at: http://www.sprunginvestment.com/downloads/#sthash.IuPVKQra.dpuf
The document summarizes the key findings of a report on angel investing in the UK. It found that the profile of angel investors is changing, with more women and younger individuals becoming angels. Specifically, 14% of angels are now women, up from 7% in 2008, and 44% are under 45 years old. Angels are also becoming more ethnically diverse. The survey found that angels are more active investors than in the past, with a median of 4 investments per angel compared to 2.5 in a 2008 survey. It calls for continued efforts to raise awareness and attract a more diverse pool of angel investors to support entrepreneurship.
The document summarizes key discussions from the 13th Annual CEE Private Equity Forum held in Vienna in March 2009. Some of the main points discussed include:
- Private equity in Central and Eastern Europe is facing difficulties due to the global economic downturn and deal activity has slowed significantly.
- However, the crisis also presents opportunities for private equity firms to invest in distressed assets or provide mezzanine financing for deals.
- Countries in the region have been identified as "winners" or "losers" depending on factors like currency stability and debt levels, with Poland, the Czech Republic and Slovenia seen as winners and Russia/Ukraine as losers.
- Private equity firms need to focus on supporting existing portfolio
The document analyzes investment options among investors in Ludhiana between ULIPs (Unit Linked Insurance Plans) and mutual funds. A survey of 100 investors found that awareness of mutual funds was higher than ULIPs. High income investors and those who refer to brokers were more likely to invest. Open-ended and closed funds were most popular. Insurance benefits and tax breaks drove ULIP investment, while capital appreciation motivated mutual fund investment. Mutual funds were preferred due to greater liquidity and flexibility. Investors expected higher returns from mutual funds than ULIPs. Most wanted to invest for the same tenures in both. Recent ULIP controversies may boost future demand for mutual funds.
This document provides insights for entrepreneurs on raising business angel investment. It discusses the equity raising process for startups, highlighting key tips such as building relationships with investors early, addressing the top investment criteria of management, exit potential and revenue potential, and creating a compelling executive summary and business plan. The document emphasizes that entrepreneurs should understand valuation and deal terms, have "skin in the game" through their own investment, and realize that raising external equity can accelerate company growth in a win-win scenario if investors receive an attractive return.
American Council on Germany (ACG) Warburg Chapter: “Venture Capital in Europe...Benjamin Rohé
American Council on Germany (ACG) Warburg Chapter: “Venture Capital in Europe - The Highs and Lows and Why Now?” Startup Funding, New Funds, the past, the future, the present;
ACG Warburg Chapter: “Venture Capital in Europe - The Highs and Lows and Why ...Benjamin Rohé
The document discusses the history and current state of venture capital in Europe. It notes that while VC has historically underperformed compared to the US, recent studies show average returns of 25% for angel and early-stage investments. Several large factors that previously held back the European VC industry, such as a lack of serial entrepreneurs and experienced VCs, are now changing. The future potential for venture capital in Europe is high, especially with the growth of startup hubs like Berlin and support from organizations like the European Investment Fund. However, the industry remains smaller than in major regions of the US and faces the challenges of overcoming past negative experiences.
Heated competition to get into top private-equity funds is leaving some investors out in the cold.
Pension funds, endowments and wealthy individuals that invest with private equity are finding it increasingly hard to get into the most sought-after funds, according to data and industry participants.
Private-equity firms, which raise money from such investors and then put it to work in various investment strategies, are generally filling their coffers faster this year from clients. The proportion of private-equity funds that reached or exceeded the maximum amount the firms set out to raise this year is at its highest level since at least 2009, according to a snapshot of funds for which private-equity tracker Preqin has data. Typically, firms put a limit on the size of the fund they are raising, known as a hard cap, at the beginning of the fundraising process. That hard cap generally can’t be exceeded without approval from fund investors.
As of Nov. 13, 55% of roughly 280 funds for which Preqin had hard-cap data reached or surpassed that maximum size. Last year, 43% of funds hit or exceeded those limits.
We initiate coverage of Exista with a Buy rating and a target price of ISK 38.1 per share, implying upside potential of 25% from the current share price. We believe Exista has positioned itself well through its strategic holdings in Sampo and Kaupthing, which provide opportunities for expansion into the Nordic financial market. The operational arm gives Exista steady cash flow and reserves to support its investment activities. While market risk and concentration risk are concerns, we are optimistic about recovery in financial markets and opportunities for Exista.
DealMarket DIGEST Issue 146 // 20 June 2014CAR FOR YOU
This document summarizes recent private equity deals and trends from around the world:
- TPG is leading a consortium including PAG Asia Capital and Ontario Teachers' Pension Plan in a $1.15 billion buyout of a property unit from Australian engineering firm UGL.
- European buyout deals are at their lowest level since 2009, though bolt-on acquisitions that help companies expand are increasing.
- India and Singapore are home to the largest proportion of Asia-Pacific based family offices that invest in private equity funds.
- China is seeing record-high buyout volumes in 2014, with $6.8 billion year-to-date across 30 deals, driven by real estate
European Experience developing Business Angel Ecosystem by Paulo AndrezMoldova ICT Summit
European Experience developing Business Angel Ecosystems
Paulo Andrez, President of EBAN (EU), discusses the rationale for policymakers to support business angel communities. He argues that new companies, jobs, and exports need innovative startups, which require funding that banks cannot provide. Business angels can fill this gap by investing in high-growth companies. Policymakers should incentivize individuals to invest in startups rather than non-productive assets. Initiatives like supporting business angel networks, co-investment funds, and tax incentives can encourage more investors and deal flow. With the right support, business angels can help create the future rather than just waiting for it.
This document provides an executive summary of a research report on angel investing in the UK. The following key points are made:
- The characteristics of UK angels are changing, with more women and younger individuals becoming involved. Angels now have less experience on average than in previous studies.
- Individual angels are making more investments than ever before, with the median number doubling from previous research.
- Angels are increasingly investing outside their local region and country, showing geographical distance is less important. This may be linked to rising angel investment via crowdfunding platforms.
- Government tax incentives like EIS and SEIS are widely used by angels, with almost 90% of angels using them and over 80% of total investment amounts through
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
Presented at the Digital Ventures/Siam Commercial Bank Faster Future Fintech Forum (28 Feb 2017, Bangkok) by Paul Ark, Managing Director of Corporate Venture Capital of Digital Ventures
Uloga preduzetničkog kapitala u privrednoj tranziciji SrbijeFEFA Faculty
Članak o razvoju preduzetnog kapitala u Srbiji objavljen u Ekonomici preduzeća u izdanju za Kopaonik biznis forum - autorke su profesorka FEFA Ana Trbović, asistentkinja FEFA Jelena Miljković i doktorantkinja FEFA i izvršna direktorka Agencije za osiguranje i finansiranje izvoza Ana Drašković-Malešević
CrowdfundIQ Benchmark Study - Equity Crowdfunding Investor Research ReportEarlyIQ, Inc.
This document provides a summary of a benchmark study on equity crowdfunding investors in the U.S. The study collected surveys from 480 individuals to understand the demographics, concerns, and investment intentions of likely crowdfunding investors. Key findings include that 58% expressed strong interest in investing, with management team and business plan being top concerns. Investment intent increased over 4 times when third party reviews were available for companies. The target investor profile has an annual income over $75,000 and intends to make 1-2 investments per year of around $2,000 each.
This document summarizes a report by Go Beyond Investing (GBI) on the performance of angel investment portfolios built by its members from 2008-2014. Key findings include:
1) Over 80% of GBI investors have received a positive return, with some receiving their full investment back from exits. The total value of portfolios has increased from 10.6M CHF invested to 18.5M CHF as of 2015.
2) GBI has built a globally diverse community of 192 investors across 25 nationalities who invest in startups across multiple countries and sectors. This international reach helps with deal sourcing, due diligence and exits.
3) Investors who undergo GBI's
Traditionally, and in the layman’s view of the word, venture is defined as high risk/high reward, early-stage investment. The model comes from Silicon Valley where the maturity of the eco-system makes early-stage a reasonably predictable activity. In Europe however, this part of the market is now left to business angels, government-subsidised funds, and a handful of the larger VCs which can afford to subsidise this largely money-losing activity to feed their larger later-stage funds. VCs have largely deserted early-stage and are now focusing their attention on expansion capital.
The World Business Angels Investment Forum (WBAF) annual meeting will take place from February 19-20, 2018 in Istanbul, Turkey. The theme of the meeting is "Unlocking the Potential for Innovation: Angel Investors Partnering with Family Offices and Wealth Management Institutions". The discussions will explore how these partnerships can foster innovation and provide business value. Over 100 global speakers from 54 countries will discuss developing financial and non-financial instruments to fuel early-stage investment markets.
This document summarizes the Indian startup ecosystem and corporate venture capital landscape. It provides statistics on the number and types of startups in India, key sectors of focus, funding amounts and trends, top startup hubs, and mortality rates. It then discusses what corporate venture capital is, the value it provides to both corporations and startups, examples of active corporate venture funds in India, and factors that matter to investors. PSU venture funds in India are also mentioned as a new development. A sample startup pitch deck template with key sections is included to help founders effectively pitch their idea or business.
Special report conventional investment wisdom that can hurt youRobert Champion
In the Pirates of the Caribbean, the young Miss. Elizabeth Swann demands that Captain Barbossa follow the “Pirate Code.” Barbossa rejects her demand, explaining that, “the code is more of what you would call guidelines than actual rules.” Investors would do well to interpret much conventional investment wisdom with the same flexibility. Instead many follow these so called ‘rules’ without questioning whether or not they are valid and whether they apply to their situation.
Blind obedience to these rules can potentially increase risk and volatility in your portfolio. In this report we explain why you should dig a little deeper before making an investment decision based on conventional investment wisdom.
- See more at: http://www.sprunginvestment.com/downloads/#sthash.IuPVKQra.dpuf
The document summarizes the key findings of a report on angel investing in the UK. It found that the profile of angel investors is changing, with more women and younger individuals becoming angels. Specifically, 14% of angels are now women, up from 7% in 2008, and 44% are under 45 years old. Angels are also becoming more ethnically diverse. The survey found that angels are more active investors than in the past, with a median of 4 investments per angel compared to 2.5 in a 2008 survey. It calls for continued efforts to raise awareness and attract a more diverse pool of angel investors to support entrepreneurship.
The document summarizes key discussions from the 13th Annual CEE Private Equity Forum held in Vienna in March 2009. Some of the main points discussed include:
- Private equity in Central and Eastern Europe is facing difficulties due to the global economic downturn and deal activity has slowed significantly.
- However, the crisis also presents opportunities for private equity firms to invest in distressed assets or provide mezzanine financing for deals.
- Countries in the region have been identified as "winners" or "losers" depending on factors like currency stability and debt levels, with Poland, the Czech Republic and Slovenia seen as winners and Russia/Ukraine as losers.
- Private equity firms need to focus on supporting existing portfolio
The document analyzes investment options among investors in Ludhiana between ULIPs (Unit Linked Insurance Plans) and mutual funds. A survey of 100 investors found that awareness of mutual funds was higher than ULIPs. High income investors and those who refer to brokers were more likely to invest. Open-ended and closed funds were most popular. Insurance benefits and tax breaks drove ULIP investment, while capital appreciation motivated mutual fund investment. Mutual funds were preferred due to greater liquidity and flexibility. Investors expected higher returns from mutual funds than ULIPs. Most wanted to invest for the same tenures in both. Recent ULIP controversies may boost future demand for mutual funds.
This document provides insights for entrepreneurs on raising business angel investment. It discusses the equity raising process for startups, highlighting key tips such as building relationships with investors early, addressing the top investment criteria of management, exit potential and revenue potential, and creating a compelling executive summary and business plan. The document emphasizes that entrepreneurs should understand valuation and deal terms, have "skin in the game" through their own investment, and realize that raising external equity can accelerate company growth in a win-win scenario if investors receive an attractive return.
American Council on Germany (ACG) Warburg Chapter: “Venture Capital in Europe...Benjamin Rohé
American Council on Germany (ACG) Warburg Chapter: “Venture Capital in Europe - The Highs and Lows and Why Now?” Startup Funding, New Funds, the past, the future, the present;
ACG Warburg Chapter: “Venture Capital in Europe - The Highs and Lows and Why ...Benjamin Rohé
The document discusses the history and current state of venture capital in Europe. It notes that while VC has historically underperformed compared to the US, recent studies show average returns of 25% for angel and early-stage investments. Several large factors that previously held back the European VC industry, such as a lack of serial entrepreneurs and experienced VCs, are now changing. The future potential for venture capital in Europe is high, especially with the growth of startup hubs like Berlin and support from organizations like the European Investment Fund. However, the industry remains smaller than in major regions of the US and faces the challenges of overcoming past negative experiences.
European Tech cos (founded 2000 or later) with $1 B valuations - by GP Bullhound, Sept 2017.
Too much money is chasin too few (GOOD) cos. This means there´s a tremendous opportunity for creating new GOOD cos here...!
This document discusses the importance of startups for economic growth and job creation. It argues that while large existing firms provide jobs and revenue, they typically do not create net new jobs over time. In contrast, startups and small businesses are responsible for over 70% of new job creation. The document also highlights how startup cultures that celebrate innovation, failure and passion can drive greater economic dynamism by pushing all firms to continuously evolve and innovate. It provides the example of the author's experience interning at a fast-growing Indian tech startup to illustrate the vibrant atmosphere such companies can foster.
Next Station: Europe: How Europe´s tech startup ecosystems are evolvingAxon Partners Group
“Next Station: Europe” reflects our view about the current state of the European tech ecosystem as well as the great potential we still foresee for the upcoming years. Our optimism is supported by the data and analysis presented throughout the report along with the insights provided by key players of the tech European industry regarding different relevant topics covered in this document.
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...Amalist Client Services
EUR 51bn in nearly 9000 Venture Capital-invested firms in 2007-15 : analyse their characteristics as well as subsequent performance.
VC cannot change the business reality where some firms make it while others cannot, but it can be the deciding factor in a start-up’s road to success. venture capital may not be that impactful for low growth companies.
December 2019
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
DealMarket Digest Issue130 - 28 February 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 130 - February 28th, 2014:
- PE Shuns Pricey Buyouts; Seeks Alternative Strategies
- Southern Europe Back on the PE Radar
- Non-bank Lenders to Boost Buyout M&A Activity
- PE Execs Making Top Dollar on Wall Street
- Global IPOs Float Private Equity’s Boat
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The $50BN Elephant - European Venture Capital
1. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 1
Three years ago when I arrived in Europe with the mission of creating a Fund-of-funds to help
spearhead European startup growth as well as be fully global the plan seemed perfect: build a fund
compliant with Europe and with the agility of American business building so the best of both worlds
could be leveraged. Only while on the ground, and after considerable time working and investing in
Europe, the data I was reading was not matching what I was seeing. Having lived through several
emerging markets for venture capital, it can be normal for discrepancies between what has been done and
what could be done, that is what ‘emerging’ is. Back in 2011 when I moved to New York, the startup
scene there was new and upcoming and that is what made things exciting: there were tech events each
night, startups coming together to feed and learn from each other, anyone who knew anything wanted to
share and make each other better, it was really an exciting time. Back then NYC was doing less than
$5BN a year in venture capital, today that number is $17.2BN for 2019. When I was asked in March
2017 if I would move to Netherlands with the concept of building a fund which could help power venture
capital in Europe, the answer seemed easy. If NYC was growing so quickly surely Europe was next.
EUROPEAN VENTURE CAPITAL GROWTH VS. NEW YORK CITY
Source: European Venture Report 2019, Pitchbook6
Source: CBInsights MoneyTree Report with PWC 2020 7
2. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 2
EMERGING MARKET INDICATORS
One of the biggest indicators of emerging markets, in particular with venture capital, is when the # of
annual deals peak. Because of the nature of valuations, and the constraints of space and people, there are
ultimately only so many startups which can launch in any given timeframe of a region, so the # of deals
annually eventually will cap out before capital increases as prices go up (in this case startup valuations).
In all cases there will be a ‘peak’ and this peak is when the annual deals reach their maximum # but the
capital pricing has not reached potential yet. Its hard to know when a peak is happening until data from
the later years follow. Once the annual deal count stabilizes, several years will follow where capital will
steadily increase before reaching full potential.
• For Europe we know the emerging ‘peak’ was in 2014: there were 5,504 deals being done
across €11.4BN in 2014. Even today the deal count is about the same but the capital spread across
deals is more than double approx. with €32BN (2019)
• For New York we know the emerging ‘peak’ was in 2017: with 930 deals and $13.7BN in
capital. Today the deal count is around mid 800s with approx. $17.2BN (2019)
Assumptions about European venture growth (back in 2017):
(1) Europe has more growth in its future (opportunity)
(2) Startup valuations in Europe attractive to investors which allows for more capital growth
even if the dealcount does not increase
(3) Europe has a considerable amount of local capital it could be using to power venture
capital, namely, within its pension systems. Most American pensions funds are invested into
venture capital sometimes with 10-15% of total assets (AUM) in venture. If European
pensions even started investing 1% of its AUM into venture it could change the game
completely
Despite being a relatively small country, Netherlands is a power player in the pension asset space having a
lead in GDP as related to pensions (Source: Managing Venture Capital Relationships 20198
3. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 3
From my calculations Europe seemed ripe for deploying venture capital and growing it. As an emerging
market all the signs of hyper-growth were there: growing labor pool of expertise, mobility conditions,
political stability and of course as seen above, resources of capital.
THE EUROPEAN ANAMOLY
Throughout the years I kept checking various data points on Europe and LATAM getting confused. Many
reports were showing capital growth with Europe on a NYC-like trajectory, but on the ground so much
was missing in the ecosystem that most EU startup founders didn’t know what a termsheet was or how to
value their company. How could this be? Other reports showed LATAM didn’t have much in capital, yet
Latin startups are growing and scaling like crazy. It didn’t make sense. Despite being invited to help
create a fund-of-funds for Europeans, via Europe, many Europeans are still skeptical of venture capital
because no one they know directly have profited from it. Netherlands specifically has its own set of issues
despite having one of the largest growing workforces in Europe, political stability and access to capital,
NL has not been progressing much for VC. A 2020 report from TechLeap.NL specifically lists some of
the issues as lack of access to top technology talent, knowledge of termsheets and lack of investor
momentum This Dutch report explicitly states the need for a “Public-private fund of funds structure to
attract and boost VC funds that invest across funding stages” but that is exactly what my fund is and the
Dutch ecosystem still is not moving, however Dealroom and various report make it appear that Europe
VC is on the rise, how is this possible? Here is a detailed look at European VC by country:
European Venture Funding ($ BN)
Source: German Venture Capital Landscape Report 2020, Whitestar Capital12
As can be seen on the country level, the YOY growth for EU venture capital is not particularly markable.
Even Italy has been unofficially reporting €1.5BN and with the average global family office having $1BN
assets under management, one or two family offices could easily sway these numbers. Any particular EU
pension could also shift VC growth numbers, and yet it’s not happening, why? Because the capital
coming into Europe is mainly American capital one way or the other. The acquirers of European startups?
Also, American. It’s not explicitly listed out but even when looking at Germany’s exits 81% were done by
“international acquirers” which is a mix of mainly American and some Chinese capital.
4. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 4
Source: German Venture Capital Landscape Report 2020, Whitestar Capital12
Data powered by Pitchbook
When looking at overall European exits we see the # of deals plateauing, with the average exit being
€31MM, aside from outliers in 2018. In the U.S $31MM is the average size of a Series B funding round
so Europe is still “emerging” with good pricing but it’s very far from being mature.
Source: European Venture Report 2019 Annual, Pitchbook13
5. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 5
If we take an even closer look at a different set of data we see again, outliers aside, $31MM is the
acquisition sweetspot for European companies which makes sense in general because statistically
companies $100MM or under have a greater chance of being acquired due to corporate affordability. We
can infer from this the EU acquisition $ averages will go up but the total market cap is likely €75BN
Source: State of European Tech 2019, Atomico / Dealroom.co14
WHO ARE THE LPS OF EUROPE?
If we know that funding is happening in Europe as well as exits, but we also know that EU pensions are
not even 0.01% engaged with venture capital, and European family offices only make up about 3BN a
year for venture in Europe, then who are all the LPs of Europe? Again we know 70% or more of EU
venture is actually American capital. 11% of American Venture Capital comes from Europe too, so
Europe is investing into America, to invest into Europe, in a cycle which mainly profits the U.S.
6. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 6
According to several reports including UBS’ Investor Watch Report We know that 65% of founders
prefer to start something where they are, that means European founders are founding wherever they are.
We also know 7 out of 10 investors want to hedge on “mega-trends” that is why we see many European
startups as EU versions or types of companies that do well in America, but this doesn’t always work out
the same in Europe. If we look at the demographic of investors for venture, those under 35 tend to be
almost twice as likely to embrace change and exert flexibility:
Source: UBS Investor Watch Report Year Ahead15
Ironically the average age a manager takes control of a FO is 40-45 years old so we can see here a new
wave of managers coming into play and before the next generation takes control wealth is already up 70%
7. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 7
Other data sources, Like FINTRX also confirm that the average family office is about $1BN in size.
FAMILY OFFICE ASSETS UNDER MANAGEMENT
Source: FINTRX Family Office Industry Report, 201916
66% of family offices in the world are based in North America with about 25% being in Europe but if
Europe family offices invested 3BN last year into venture capital, this 25% might as well be 0.05% in
relevance for venture capital.
Source: FINTRX Family Office Industry Report, 201916
If we look towards the U.S to get more insights on how LP and investor categories breakdown we can see
quite clearly the common types of investors, as explained by Preqin and First Republic Bank
8. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 8
Source: Prequin and First Republic Bank US Venture Capital in Q3 201917
The U.S market is pretty clear that the LP base of venture capital usually ends up in four main categories:
Foundations, Pensions, Family Offices, and Other. If there’s currently a 50BN opportunity for Europe,
and if it is to act similar to the U.S market, that would be 12.5BN per LP category. If we know 3BN of
European venture capital is coming from European FOs then the market is 1/4 maximized in that category
alone. It would appear of all the types of LPs EU FOs and EU pensions are likely to have the hardest time
getting a slice of the venture capital pie and yet they continue to wait and not sense any investment
urgency.
SITTING ON THE SIDELINES
By reverse calculating the market opportunity of Europe which is currently at 30BN annually (for venture
capital) it is very likely the market will cap out at around 75BN including assumptions for growth, price
increases and currency fluctuations. This leaves 45BN unassigned in European venture to be gained upon,
again 50BN.
With the UK having left the European Union, that means EU venture potential has both cut in half and
doubled at the same time and here’s why: on one hand London has always been a major hub for talent and
capital, however with the UK out of the EU, talent opportunities have dropped to import skilled workers
so mobility has dramatically decreased. On the other hand, taking out British investors as LPs into Europe
creates more room for either American’s to take up marketshare or Europeans to finally jump in and get a
piece. On a high level that means about 12BN annually has opened up for the EU community LPs to jump
on, assuming the Americans do not beat them to it.
Below is an infographic which shows how big the UK had been in the European wealth market as
compared to several regions and prior to Brexit.
9. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 9
WEALTH BY NATION / REGION
Source: The Wealth Report, Knight Frank18
If we assume the current European VC market is 30BN, and American capital conservatively accounts for
50% or more of this (say 15BN), and Brexit has taken UK capital off the table for the future (13BN) and
startup prices will continue to rise over the coming years (even at a rate of 30%) this would mean there’s
about 50BN on the table over the coming years, and specifically all that’s left for European investors!
With only 50BN for EU pensions, family offices, individuals and HNW, this is nothing. If the average EU
family office invested only 2% of their AUM that would allow for $20MM per family office or room for
about 500 family offices to get involved with venture capital. However, its known statistically that often
FOs, when they DO invest into venture its closer to 15-30% of AUM. On the conservative side of things,
and accounting for room in this 50BN opportunity for pensions and individuals, European venture capital
in the future only has room for about 125 family offices to participate. In several simulations that I ran,
this number could be as low as 50 slots for FOs.
THE GREAT RACE TO MARKETSHARE
If the US venture capital market is the closest in comparison to Europe, we can see both
(1) the EU market cap will not surpass 100BN and
(2) strategically every few years 10-15BN of American capital is diversified to Europe nearly
automatically
For example, 2019 data might indicate a ‘decline’ but it also indicates capital was diverted from the US to
EU to reduce risk and maximize better European price points.
10. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 10
Source: CBInsights MoneyTree Report with PWC 2020 7
THE ALLURE OF EUROPEAN AFFORDABILITY
The Dutch government estimates that 12,000 additional skilled workers a year are needed to assist with
growing and scaling startups. Germany, who’s market is 3x Netherlands would need even more. As a
whole, it’s likely that Europe will need 100,000 jobs a year to sustain venture capital growth and scalable
companies. Even with EU unemployment at an all-time low (under 4% in most European regions) there
still is not enough people to power hyper growth aka “unicorns.” In 2019 Netherlands was home to 11
unicorn companies and Germany 9. Estimates are that Europe has about 30 unicorns in total in its region.
The U.S recorded 199 unicorns in its pipeline Referencing these data points, it’s likely that Europe’s
unicorn cap in optimal conditions is somewhere around 100 so the EU VC market is 1/3 of the way
matured.
Source: CBInsights MoneyTree Report with PWC 2020 7
11. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 11
On a positive note we see European VC funds decreasing in volume (# of funds) and increasing in the
capital that is in them. EU VC funds becoming bigger in size is an indicator of market maturity but it’s
not a reflection of European operated maturity or labor expertise.
Source: European Venture Report 2019, Pitchbook6
This “growth” of European VC is happening on the accord of American capital infusing the market which
is helping American investors profits but not necessarily helping the EU.
12. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 12
GLOBAL FLOW OF VENTURE CAPITAL
So, what does this all mean? In my case it means that I launched my fund backwards: I should have raised
the funds in the U.S and deployed them in Europe—versus raising in Europe and trying to deploy
globally. It also means Europe is in great danger of not owning its own marketshare or controlling its
destiny. It also means that European citizens are missing out on the possible gains that their pensions
could be making them by investing into venture capital while also generating jobs.
When I review again reports from Netherlands and Europe I see that despite even my own efforts to help
the ecosystem, European investors have not budged in movement nor understand the gravity of the
situation. I moved to Netherlands in April 2017 and nearly three years later do not see any signs on the
ground that people are excited and learning about venture capital the way New York does and has in the
past. This is presenting itself as quite the awkward situation for fund managers like myself, when we
know that fund managers are paid 30% more working in North America vs. Europe:
Source: UBS Global Family Office Report 201922
It is also known that funds raising in the U.S can often take 18 months to fill their fund and this is in ideal
hyper-fast conditions with investors savvy in the asset product, so I can only imagine European funds
need twice as much time (36 months to fundraise) and in this time can miss out on entire vintages and
opportunities. It also seems clear to me without a more robust labor force and cultural appreciation for the
kind of hard work running Unicorns take, if Europe wants to be a major player in venture capital it will
have to come to a compromise with many of its cultural norms.
And lastly, when I think about all that I have seen and experienced the last few years it seems obvious to
me that if Europe does not quickly become familiar with venture capital and investing into itself it might
miss the boat altogether. From a global perspective the EU VC market will continue to grow whether or
not European investors figure it out in time, which means the people benefiting the most off European
growth are not actually Europeans which explains why there is such slow movement with EU LPs and
talent. It also means the European market is at risk of not reaching its potential if those on the ground do
not care or understand what’s going on the way other regions do. At the end of the day it seems that
Europeans need to be honest with themselves about the 50BN elephant in the room, before the elephant is
gone.
13. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 13
Industry Reports Cited
6
European Venture Report 2019, Pitchbook
https://files.pitchbook.com/website/files/pdf/PitchBook_2019_Annual_European_Venture_Report.pdf
7
CBInsights Moneytree report with PWC 2020
https://www.cbinsights.com/research/report/venture-capital-q2-2019/
8
Managing Venture Capital Relationships 2019, Cachette Capital
https://www.slideshare.net/CachetteCapital/managing-venture-capital-relationships
12
German Venture Capital Landscape Report 2020, Whitestar Capital
https://www.slideshare.net/JeandeLencquesaing/white-star-capital-2020-german-vc-report
13
European Venture Report 2019 Annual, Pitchbook https://pitchbook.com/news/reports/2019-annual-
european-venture-report
14
State of European Tech 2019, Atomico and Dealroom, https://www.atomico.com/presenting-the-2019-
state-of-european-tech-report/
15
UBS Investor Watch Report, Year Ahead, UBS
https://www.ubs.com/global/en/wealth-management/chief-investment-office/market-insights/2019/year-
ahead.html
16
FINTRX Family Office Industry Report, 2019
https://www.fintrx.com/fintrx-charles-schwab-2020-family-office-report
17
Preqin and First Republic Bank Q3 2019
https://www.firstrepublic.com/~/media/frb/documents/pdfs/innovators/preqin-and-first-republic-update-
us-venture-capital-in-q3-2019-v1.pdf
18
The Wealth Report, Knight Frank
https://www.knightfrank.com/wealthreport/2019/download
22
UBS family office https://www.ubs.com/global/en/wealth-management/uhnw/global-family-office-
report/global-family-office-report-2019.html
14. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 14
Full List of Citations
1) The Power Woman Behind the 1BN Fund, Thrive 2019 https://thriveglobal.com/stories/the-
power-woman-behind-the-1b-fund-that-invests-in-vc-firms-the-remarkable-story-of-ellie-cachette/
2) Cannot F*king Ship a Fund, Ellie Cachette 2019 http://www.elliecachette.com/blog-mostly-
vc/you-cannot-fking-ship-a-fund
3) Startup Grind Interview with Ellie Cachette https://medium.com/startup-grind-journal/one-of-the-
smart-kids-ellie-desiree-cachette-26cae4cbc1c1
4) How I accidentally moved to NYC, Ellie Cachette http://www.elliecachette.com/blog-mostly-
vc/how-i-accidentally-moved-to-nyc
5) a) Why Netherlands Might Lead Venture Capital, Ellie Cachette
http://www.elliecachette.com/blog-mostly-vc/why-netherlands-might-lead-venture-capital
b) Venture Capital and Europe: Things are About to Pop Off, 2017
https://medium.com/@cachettecapital/venture-capital-and-europe-things-are-about-to-pop-off-
843c5c0b67da
6) European Venture Report 2019, Pitchbook
https://files.pitchbook.com/website/files/pdf/PitchBook_2019_Annual_European_Venture_Report
.pdf
7) CBInsights Moneytree Report with PWC 2020
https://www.cbinsights.com/research/report/venture-capital-q2-2019/
8) Managing Venture Capital Relationships 2019
https://www.slideshare.net/CachetteCapital/managing-venture-capital-relationships
9) Ecosistema de Emprendedores Abre El Apetito de Inversionistas, 2019,
https://www.elheraldo.co/mas-negocios/ecosistema-de-emprendedores-abre-el-apetito-de-
inversionistas-689479
10) CCMFI Fund Strategy https://www.slideshare.net/CachetteCapital/ccmfi-fund-investment-
strategy-and-process
11) Empowering Dutch Leaders in Tech 2020, Techleap.nl
https://issuu.com/techleap/docs/techleap.nl_2020_action_plan______public__single_p?fr=sNGJh
NjcyODgyMg&fbclid=IwAR13ZSuXMaxyiob5wGC8URH-
Vqu4MEplsCZcDmOU1AFbrh5eLbopUbg6Y40
12) German Venture Capital Landscape Report 2020, Whitestar Capital
https://www.slideshare.net/JeandeLencquesaing/white-star-capital-2020-german-vc-report
13) European Venture Report 2019 Annual, Pitchbook https://pitchbook.com/news/reports/2019-
annual-european-venture-report
14) State of European Tech 2019, Atomico / Dealroom.co https://www.atomico.com/presenting-the-
2019-state-of-european-tech-report/
15) UBS Investor Watch Report https://www.ubs.com/global/en/wealth-management/chief-
investment-office/marketinsights/2019/year-ahead.html
16) FINTRX Family Office Industry Report, 2019
https://www.fintrx.com/fintrx-charles-schwab-2020-family-office-report
17) Preqin and First Republic Bank Q3 2019
https://www.firstrepublic.com/~/media/frb/documents/pdfs/innovators/preqin-and-first-republic-
update-us-venture-capital-in-q3-2019-v1.pdf
18) The Wealth Report, Knight Frank
https://www.knightfrank.com/wealthreport/2019/download
19) Venture Capital the People’s Money, Ellie Cachette
http://www.elliecachette.com/blog-mostly-vc/venture-capital-the-peoples-money
20) VC Informational Night, Amsterdam, Cachette Capital
15. THE 50 BILLION DOLLAR ELEPHANT
Elliecachette.com/EU-Venture-Elephant 15
https://www.slideshare.net/CachetteCapital/vc-night-informational-11-september
21) Dutch Investment Scene, EU Sifted
https://sifted.eu/articles/dutch-vc-investment/
22) UBS family office
https://www.ubs.com/global/en/wealth-management/uhnw/global-family-office-report/global-
family-office-report-2019.html