Damien Henault

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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"I could be the Lionel Messi of mining, but ..." Hg's Nic Humphries shares advice for young and old people about what to learn or study in the age of AI. Watch the entire conversation on Alt Goes Mainstream here: https://lnkd.in/erQGkAMK

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𝐏𝐄 𝐯𝐬. 𝐕𝐂 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞: 𝐀 𝐭𝐚𝐥𝐞 𝐨𝐟 𝐭𝐰𝐨 𝐟𝐨𝐨𝐭𝐩𝐫𝐢𝐧𝐭𝐬 Our latest data at Gain.pro highlights how PE and VC firms invest across Europe: ▪ PE-backed businesses are widely spread across the continent ▪ VC-owned assets are clustered in cities 📊 Sector focus drives this: – VC assets = 47% TMT (vs. 17% for PE) → drawn to innovation hubs – PE = 24% Services + 22% Industrials (vs. 13% & 7% for VC) → broader geographic reach beyond capitals 🌍 Top destinations: – Both: London & Paris lead – VC: 25% of assets in 11 cities (Berlin, Munich, Amsterdam next) – PE: 25% spread across 22 cities (Stockholm, Milan, Madrid stand out) ➡️ Same continent. Very different maps.

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🚀 Big news from FirstPartyCapital Today we are proud to announce the launch of FirstPartyFinance, our new solution to help founders access the flexible, non-dilutive capital they need to scale. For too long, innovation in our sector has been held back by slow payment terms and a lack of understanding by traditional financial institutions. FirstPartyFinance aims to change that by connecting ad tech and digital media companies with debt solutions that increase cash flow, fuel growth, and allow founders to maintain more control and ownership of their companies. This marks the third pillar of our support model for adtech businesses: • FirstPartyCapital: direct investment in high-growth companies • FirstPartyStudio: strategic incubation and operational support • FirstPartyFinance: debt financing Delighted to be working with my former FastPay colleague, James Ryall, to launch this new business unit! FirstPartyFinance will serve companies both inside and outside the FPC equity portfolio, and seeks to provide global coverage including the US, UK, Europe, APAC, and Brazil. The goal is simple: Adtech vendors and publishers the liquidity they need to compete and innovate at a time of huge change in the industry. 👉 If you are building in adtech or digital media and want to explore how this can support your growth, we’d love to talk. #AdTech #VC #Innovation #FirstPartyFinance #FirstPartyCapital #FirstPartyStudio #lending #debtfinance

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Deep tech is the foundation of Europe’s future edge. DSR markets matter not just as customers, but as scaling partners: they need to fund early, take risks others won’t, and create volume that strengthens business models. For European founders navigating fragmented markets, dual-use strategies are how we turn foundational technologies into global champions. I just contributed to "Dual-Use Founder's Handbook: From Foundation to Scale", a comprehensive guide for European tech founders navigating dual-use markets. Read the handbook here: https://lnkd.in/dgjcrJ9S Thanks to Balnord, Polski Fundusz Rozwoju S.A. (PFR), Casimir Pulaski Foundation, and Warsaw Security Forum. Paweł Huras, PhD, Tomasz Korzeniowski, Benjamin Wolba, Maciej Łaska, Michał Żołnierowicz, Krzysztof Mazur, David DANA🎗️, Karol Molenda, Radoslaw Piesiewicz, Izabela Albrycht, Jarosław Dąbrowski, Sebastian Klaus , Aleksander Dobrzyniecki, Gabrielė Poteliūnaitė, Wojciech Drewczyński, Nabil B., Konrad Koncerewicz

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