Pension funds like to invest locally VCs based in the Nordic countries are the largest bene昀椀ciaries of local pension funds’ investment activities. Interestingly, the Nordics is also the region in Europe with the highest share of funding raised from non-local pension funds, highlighting the need for a strong base of local LPs in order to attract overseas interest. Pension funds committed ($M) to VC funds by LP region and fund location, 2023 RoW LPs CEE LPs 600 Southern Europe LPs UK&Ireland LPs 500 Rest of Europe LPs ) DACH LPs M400 $ ( North America LPs d e t t i France&Benelux LPs m300 m Nordics LPs o c s d n200 u F 100 0 s d x H e E ic n lu C p E d la e A o C r e n D ur o r e N &I B E K & rn U e e c th an u r o F S VC Region Notes: Taken from the European Data Sources: Cooperative, developed by Invest Europe. EDC data converted at EUR:USD of 1:1.0917, the rate on 30 June 2023 217 | Fundraising