Brief summary and informational discussion from VC Night @ Epicenter in Amsterdam. September 2019

1. CACHETTE CAPITAL
MANAGEMENT
FUND-OF-FUNDS
EARLY STAGE VENTURE CAPITAL
cachettecapital.com

2. “ 70-80% of all venture capital for
startups in Europe comes directly or
indirectly from the government. That
percentage should be much lower.
HRH Prince Constantijn van Oranje
TechLeap.NL
www.cachettecapital.com

3. WHAT IS CACHETTE
CAPITAL?

4. FUND-OF-FUNDS: [fuhnd oh fuhnds]
Financial tool for diversifying or lowering risk in a asset class
Example:
A fund-of-funds invests into other funds as a means of
achieving maximized diversification and minimal risk
associated. A fund-of-funds might invest into hedge funds,
bonds, or other funds like with venture capital.

5. WHO INVESTS
INTO A FUND
OF FUNDS?
Investors in FOFs are often
pooled investments from
corporations, pensions,
endowments, family offices
or banks themselves

6. WHY EUROPE?
WHY VENTURE?
Venture capital as an asset class is on
the rise globally, putting Europe in a
special place for growth into private
equity and early stage venture capital

7. OTHER ASSET CLASSES….
RECESSION SCARES
GEOPOLITCAL TENSIONS
PAY TO PARK
2 year / 10 year U.S. Treasury bond
yields point to recession linked
data for the 1st time since 2007
Brexit, U.S.-China trade wars, oil
prices and political uncertainty in
emerging markets are destabilizing
otherwise traditional asset classes,
which could also be a side affect of
needed disruption
There is $17 Trillion of loss-making
negative-yielding debt globally, which is
about 1/3 of all investment grade
securities. That’s about 18x the size of
the GDP of the Netherlands

8. Historically pensions have
been underperforming due
to many reasons including
longer life spans and defined
benefits schemes (db)
From this pressure, pensions
have started to move into
private equity.
VENTURE CAPITAL IS NEXT
PENSIONS ARE RIPE FOR VENTURE
cachettecapital.com

9. Europe funds Europe EU growth €21 billion Global growth
European tech is
growing 5x faster
than the European
economy
In capital was
invested into
European tech in
2018
Funding rounds
larger than €10
million lead EU
growth
VENTURE CAPITAL IN EUROPE
5x
More than half (55%)
of venture capital in
Europe was funded
by Europeans
cachettecapital.com

10. VENTURE CAPITAL GROWTH IN EUROPECCM
SOURCE: STATE OF EUROPEAN TECH 2017, ATOMICO
cachettecapital.com

11. # OF BILLION DOLLAR EU COMPANIESCCM
SOURCE: STATE OF EUROPEAN TECH 2017, ATOMICO
cachettecapital.com

12. WHAT’S NEXT?

13. Venture capital is powering the
future.
Are founders ready to build?

14. ABOUT US
LEARN MORE:
CACHETTECAPITAL.COM
FRED. ROESKESTRAAT 115
1076 EE AMSTERDAM
NETHERLANDS
+31(0) 629 358 245
Supporters of #FundRight
Fundright.NL