Europe's venture capital firms are facing a painful 2023 as some struggle to prove returns to LPs in bid to raise fresh capital
The disappearance of the startup exit market has stymied LP interest in speculative growth.Europe's venture capital sector has enjoyed a booming run in recent years.
Now, the dramatically changed economic landscape has left not only the startups facing a scarcity of available capital, but also the venture capital firms that fund them too. It should take around three to six months to raise a new fund, depending on its size, one London-based partner said. Longer than a year looks bad they said, while anything beyond 18 months is considered terrible.
"Someone has to be really distressed because it really affects your reputation," one London-based partner at a US fund said."It often doesn't come to anything because it's a psychological game, if an asset was worth say $100 million to you at the start of last year, you don't want to sell it for $40 million now."
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