European pension funds committed to VC funds as a share of total funds raised and total European pension funds assets (%) per year, 2018 to 2022 % of total funds raised % of total pension funds assets 6 0.03 4.8 0.024 % o f d t e o t s a i l a3.6 0.018 r p e s n d s n i u o f n l a f t u o n t d s f2.4 0.012 o a s % s e t s 1.2 0.006 0 0 Notes: 2018 2019 2020 2021 2022 Taken from the European Data Cooperative, devel- oped by Invest Europe. EDC data converted at EUR:USD of 1:1.0917, the rate on 30 Sources: June 2023. The data shows incremental amounts in each year for venture funds, not only final closing. The whole ecosystem wants to see more institutional investment To better understand industry sentiment on the question of unlocking capital at scale for the European tech ecosystem, survey respondents were asked to share their perspective on whether European institutional investors should increase or decrease their allocation to venture capital. The response was, unsurprisingly, overwhelmingly skewed in support of increased allocation (76% of respondents), including a large share of respondents that felt that the increase should be signi昀椀cant (36% of respondents). It’s easy to challenge the premise of the question. Of course, most respondents are likely to be in favour of an increase in support. But what stood out to us is the strength and consistency of support across all stakehold- er groups, from VCs (surprise!) to policymakers to Limited Partners themselves. Even 66% of those survey re- spondents working outside of the tech sector perceived the need for increased allocation to venture capital. The survey registers a strong call to action. 213 | Fundraising