Several larger-scale funds defy the market downturn The maturing of Europe’s investor landscape is characterised by a small, but growing number of large-scale VC fund managers based in the region. This year, several of these managers de昀椀ed challenging fundraising conditions to close on signi昀椀cantly-sized vehicles. This includes three funds that closed in excess of $1B, including Generation Investment Management spin-off Just Climate’s $1.5 billion ‘Climate Assets Fund’, the $1.1B NATO Innovation Fund, and Highland Europe’s 昀椀fth technology growth fund of just over $1B. Largest European VC funds raised in 2023 Size of Fund Name ($M) Fund Name Fund Location Generation Investment London, United 1 Management 1,500 Climate Assets Fund I Kingdom Amsterdam, 2 NATO Innovation Fund 1,107 NATO Innovation Fund Netherlands Highland Europe Technology London, United 3 Highland Europe 1,070 Growth V Kingdom 4 HV Capital 770 HV Capital Fund IX Growth Munich, Germany London, United 5 Dawn Capital 620 Dawn Capital V Kingdom 6 High-Tech Gründerfonds 529 High-Tech Gründerfonds IV Bonn, Germany 5 Eurazeo Smart City Fund II Paris, France 7 Eurazeo 43 London, United 8 Hedosophia 356 Hedosophia Partners V Kingdom London, United 9 Notion 326 Notion Capital V Kingdom 10 Hitachi Ventures 300 Hitachi Ventures Fund III Munich, Germany Notes: Includes funds that had a final close after 1 January 2023 with the fund location in Europe. Data as of Sources: 30 September 2023 | 210