Harald Nieder

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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🔥 Europe’s startup scene just got a big reality check — and the results are impossible to ignore. At Nordic Tech Week, Norrsken VC dropped the largest impact pulse report to date, built on insights from 660 founders & investors. The verdict? ➡️ Impact-optimism is on the rise. Highlights that stood out: 🚀 60% of founders + investors say the future looks bright 📈 this optimism has increased in 2025. 💶 3 out of 4 investors are doubling down on impact bets ⚡️ Energy. Industrials. Healthcare. → The sectors to watch But let’s be real: Europe’s still holding itself back. The potential is massive — if we dare to unlock it. Reach out to us at Norrsken Evolve if you are a pre-seed founder building in resilience and sustainability. 👉 Full report in comments. Props to the team for putting this together: Per Frykebrant, David Frykman, Tove Larsson, Beata Enwall, Agate S. Freimane, Ludvig Bergstrom

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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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⚡ From energy vision to profitable reality. In just 8 months, Cloover (Jodok Betschart) scaled from €1M → €5M ARR (5x) — all while reaching profitability. With €1.2B in funding lines secured and hundreds of installers onboarded across 4 markets, they’re building the “Shopify of Energy.” But what’s just as striking? 🌍 Europe is fast becoming the epicenter of climate-tech. From Berlin outward, a new wave of startups is scaling faster than ever — and Cloover is one of the clearest signals. Profitable growth + massive market tailwinds = a European powerhouse in the making. 💡 For more real-time revenue updates like this, check out Specter.

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