Number of first-time European VC funds and total amount raised ($B), 2014 to H1 2023 Total funds raised ($B) # of funds 6 100 4.8 80 ) B $ ( d3.6 60 # e s o i f a r f u s n d d n s u f l2.4 40 a t o T 1.2 20 0 0 4 5 6 7 8 9 0 1 2 3 1 1 1 1 1 1 2 2 2 2 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 H1 Notes: Taken from the European Data Cooperative, developed 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. Portfolios under review The changing investment environment means that LPs have to review their portfolios and allocation targets to consider potential adjustments to allocations across all asset classes, not just VC. The majority of LPs reported an intention to maintain their allocations across all asset classes. Looking at responses for venture capital speci昀椀cally, more LP respondents stated an intention to increase their allocation (35%) over the next 12 months compared to any other asset class. An intention to increase allocation to Credit, for example, was highlighted by 22% of LP respondents, while for Private Equity this number was 20%. Interestingly, however, 15% of LP respondents stated an intention to decrease allocation to venture capital over the next 12 months, which was the third-highest share of respondents, after cash (20%) and real estate (26%). 197 | Fundraising