Manfred Heid

The VC secondary market is on fire. But many LPs are rushing in without fully appreciating the risks. VenCap International plc has been active in VC secondaries (LP positions only) since 1987 — and this is one of the hottest markets we’ve seen. In the first half of 2025 we reviewed $6.5bn of secondary VC deals — a 41% jump from the $4.6bn we saw in the same period last year. This includes both GP-led and LP-led deals. Here are 4 lessons we've learned from nearly 40 years of buying secondaries: 1️⃣ Power law still rules – a few companies will drive most returns. 2️⃣ Quality over discount – our best deal was bought at a premium to NAV. 3️⃣ Know the valuation policy – different VCs can value the same company very differently. 4️⃣ Factor in manager behavior – holding winners vs. selling early can make or break returns. VC secondaries ≠ PE secondaries. The risks are different — but for LPs who can access the right deal, at the right price, the rewards can be exceptional.

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"ETH takes an equity stake in spin-offs, usually two percent." 👍 ETH Zürich now offers some of the best terms for spinoffs in Europe thanks to their new Equity and Licensing Policy. Very happy to have played a small part in this thanks to Vanessa Wood and Frank Floessel. 🇨🇭 Other European universities should take note. European deeptech would be much better off with universities creating less friction for spinoff founders, and a big way for them to create less friction is via offering healthier terms. https://lnkd.in/emdx87jp

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At the crossroads of capital and culture — insights from the CultTech Investment Panel in Vienna At the CultTech Association Summit in Vienna, the investment panel — moderated by Severin Zugmayer of New Renaissance Ventures — brought together an unusually sharp mix of investors and operators: Sitar Teli (Connect Ventures), Charlotte Dryander (Sirius), and Michael Jacobsen (Abu Dhabi Department of Culture & Tourism). The discussion revealed a paradox at the heart of cultural innovation: the cultural & creative industries are vast but deeply fragmented — from museums and music to design and performing arts — and that very fragmentation often keeps traditional investors on the sidelines. Sitar Teli noted that “the internet works best when it can aggregate fragmented markets — culture resists that.” Charlotte Dryander showed how AI can start to bridge that divide by scaling one-to-one learning, while Michael Jacobsen reminded the room that culture remains an asset class of emotion — one that demands both private capital and public stewardship. At Insiber.com, part of Cohort 6 of the Culttech Accelerator, this is precisely the space we operate in. Our CyberControl platform helps cultural and creative organisations understand, control and insure their cyber risk — bringing structure, transparency, and resilience to one of the world’s most fragmented yet vital sectors. It might sound technical, even a little boring — but as the recent Louvre theft showed, having the right protection in place can be nothing short of a lifesaving asset for any institution of culture. We are there to make sure it will be available to all of them. #CultTech #CreativeEconomy #VentureCapital #AI #CyberResilience #Insiber #Vienna #CultureTech

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Liquidity is surging through GP-led secondaries worldwide, with forecasts predicting $55–$60 billion in exit value for 2025...But Europe still lags behind.   Despite its mature PE and VC ecosystem, secondary exit activity remains underutilized. This has created a bottleneck for LPs, slowing the reinvestment cycle and limiting capital flow into emerging opportunities.   In the IPO market, the US capitalized on reopening public markets in 2024, while Europe relied on isolated highlights like Puig’s €12.7 billion listing. Forward-thinking founders in Europe are navigating these challenges with creative strategies.   GP-led secondaries are gaining momentum, allowing private equity managers to unlock liquidity while retaining portfolio value. Venture debt, too, has emerged as a critical tool, enabling founders to extend cash runways without diluting equity.   Many growth-stage startups are strategically leveraging secondary markets to provide liquidity to early investors and employees while simultaneously positioning for future growth.   One sector stands out as a beacon of opportunity: AI investment.   According to PitchBook’s 2025 outlook, AI dealmaking will remain front and center across Europe, with new records likely to be set. Companies focused on sustainable AI, such as Mobius Labs and GEMESYS , will exemplify Europe’s strength in deep tech innovation.   This sector offers a clear path for investors looking to align with long-term growth while navigating liquidity constraints. #Venturecapital #AI #Deeptech #Startups   Follow us at APEX Ventures and subscribe to our newsletter for exclusive content on groundbreaking Deep Tech startups: 🔗 https://t2m.io/EV2qHQuo

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Glad to announce that Growth Capital has acted as the sole financial advisor to Blubrake on a € 12.0M round co-led by Algebris Investments, an independent global asset manager, Fundracer B.V., a Dutch micro-mobility investment fund, and Tri Star Group, a bike components supplier based in Singapore. Headquartered in Italy, Blubrake has develops cutting-edge anti-lock braking system (ABS) technology for e-bikes, enhancing safety and performance with seamless integration for original equipment manufacturers worldwide.   This funding will enable the company to scale operations, expand production, and solidify its leadership in e-bike safety. Blubrake transaction confirms Growth Capital’s leadership in #deeptech expertise, having recently advised Caracol (€11M round) and Cubbit ($12M round).

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