Arcven Flashpoint Giano Capital HQ - Netherlands HQ - United Kingdom HQ - Switzerland Nordic Secondary Fund Rockby Siena Secondary Fund HQ - Denmark HQ - France HQ - Estonia Fund count trending down The decline in the count of funds closed is visible across almost all fund size categories, especially for those at the lowest end of the spectrum. In the 昀椀rst half of 2023, for example, just six funds sized under €25M have been closed, compared to around 40 per full year in the two preceding years. Similarly, just six funds size between €50-100M closed in the 昀椀rst six months of 2023, compared to 25 during the full year 2022. The one exception visible in the trend by fund size is for the largest fund size category, meaning funds closed in excess of €500M. Based on the rate of fund closes in H1 2023, this category is on track to exceed 2022’s total and to match the record of any prior year. This speaks to the fact that European VC is now seeing a growing number of funds scaling up to capture the dramatically increased European tech opportunity. It is an interesting contrast to a trend in the US of its largest-scale managers choosing - or needing - to downsize fund targets to take into account the shifts in the macro context. Of course, US funds scaled much bigger, much faster and so the trend is indicative of region- al-speci昀椀c trends. 201 | Fundraising