Nordic pension funds doing the heavy lifting The legislative environment can play a signi昀椀cant role in a pension fund investor’s appetite and ability to invest in the venture asset class. American and Nordic pension funds are often cited as role models for regions earlier on in their journeys, combining appropriate safeguards with a balanced portfolio risk. This is also re昀氀ected in the levels of investment 昀氀owing into VC, with Northern American and Nordic LPs on average accounting for the largest shares across the past 昀椀ve years. Despite representing one of the biggest ecosystems in Europe, pension funds in the UK and Ireland only represent 5% of pension funds committed to European VC in 2022. To put this further into scale, in 2022 UK & Irish pension funds committed a total of less than $200M to European venture funds, while Irish and UK tech companies themselves raised $31B in that year, a sum several hundred times higher. Pension funds committed ($M) to VC funds by LP region per year, 2018 to 2022 RoW LPs CEE LPs 1750 Southern Europe LPs UK&Ireland LPs Rest of Europe LPs 1500 DACH LPs North American LPs 1250 ) France&Benelux LPs M $ ( Nordics LPs d e1000 t t i m m o c 750 s d n u F 500 250 0 2018 2019 2020 2021 2022 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. | 216