Appetite to add new European VC GPs remains strong As well as asking LPs to comment on their overall appetite to invest in European venture, the survey also asked respondents to speci昀椀cally state any change in their appetite to add net new managers to expand their portfolio of European VC funds. Almost half of all LP respondents (41%) stated an increased appetite to add new managers, while more than a third (41%) reported no change. Just 18% of LP respondents reported a decreased appetite to make commitments to new fund manager relationships. In the past 12 months, how has your 昀椀rm’s appetite to add net new European VC GPs to your portfolio changed compared to before? 41% Source of LPs stated an increased appetite to add new GPs to their portfolio. Smooth sailing behind and choppy waters ahead? Despite market headwinds, 2022 represented a record-breaking year for European VCs with funds raised in the year exceeding $24B, driven by an expansion of fundraising by both early-stage and later-stage fund managers. This year, however, looks set to record a meaningful year-on-year decline in total funds raised, with the 昀椀rst half of the year having recorded just $8.3B raised. The contraction in fundraising volumes during the 昀椀rst six months of the year is visible across all stages of investment focus. This falling number, however, should be framed within a longer-term perspective. Only a decade ago, European VCs raised just $5.1 billion for the full year of 2014. 195 | Fundraising