Which firm-level strategies or initiatives have seen a change in priority in the last 12 months compared to the year before? Increase allocation Neither increase nor decrease VC Decrease allocation Policymaker / regulator Angel LP Founder Non-tech employee 0 25 50 75 100 % of respondents Notes: Numbers do not add to 100 as respondents could choose multiple options. Sources: While we’ve observed a surge in interest from institutional investors in European tech, which is bene昀椀ting local companies and entrepreneurs, it’s important to highlight that this uptick has been relatively modest from the perspective of local European fund managers. Leyla Holterud Partner, Stepstone The increased interest has primarily been absorbed by US general part- ners (GPs) that have raised larger funds and increased their allocation to Europe or have established a local presence. This has been driven by a number of factors that investors take into account when adding new manager relationships including currency, denominator and numerator considerations, macroeconomic and geopolitical factors and limited dynamism by local managers. | 214