从储蓄到主权：创新、养老基金与欧洲长期经济增长

Innovation and Long-TermEconomic Growth in Europe What you need to know ●European tech has matured.A growing wave of scaleups with $100M+ revenues makes Europe one of theworldʼs most attractive places to invest. ●Too much dependence on overseas capital.Value created in European startups flows back to overseas pension ●European tech ecosystem capital need is~0.2% of GDP.*and 1.5% infrastructure investment needs. ●Europeʼs pension funds invest almost nothing in venture capital.This is not just a missed opportunity — itʼs astrategic vulnerability that undermines Europeʼs tech sovereignty. ●The tide may be turning.Signs are emerging that pension funds are beginning to take a bigger role. Thequestion is whether it will happen fast enough to shape the next decade of growth. ●Pension fund allocation of2% of AuMMarket and Capital Markets Union are worthwhile long-term goals. But Pension Funds are existing infrastructure, naturally borderless, just like the European startup ecosystem itself. Introducing the newSee which institutional LPs are most active in VC Dealroom LP dashboardDealroom LP Ranking 1The Rise of European Tech 2From Savings to Sovereignty 3Why European Tech Matters $3.5 T value created by European VC-backed companies since 1990. Incl categoryleaders like Adyen vs. Stripe, Revolut, Spotify vs. Netflix, OpenAI vs. DeepMind After a 30 year latestart, Europe's youngergeneration ofVC-backed startups aretakinga growing share of Enterprise value today of VC backed companies by founding year But thereʼs a bigproblem: Europeis reliant onoverseas capital This picture has notchanged in last 10years, despite Also the absolute amount is falling short by about $30B per year.Especially at Series C, D, E+, pre-IPO rounds (as well as post-IPO) And high-growth companies reaching meaningful scale across Europe 1The Rise of European Tech 2From Savings to Sovereignty Rewiring Europeʼs savings: from risk-averse to long-term growth European Pension fund commitments have inched towards $858 million toEuropean VC in 2024 directly (and additionally invested via Fund-of-Funds) With ~€5 billion committedto European VC in the lastdecade, European Pensionfunds represent still only3% and this percentage has Meanwhile, US pensionfunds are underpinningtheir VC industry, withonly 1-3% allocated to Only 2% of Europeʼs $15trillion = $300 billionwhich would transform The Nordics andBenelux lead when itcomes to pension fund Dealroomʼs newLP Rankingconfirms Nordicpension fundsare the most 1The Rise of European Tech2From Savings to Sovereignty3Why European Tech Matters Itʼs now clear that innovationʼs really big waves play outover 50 years or more - and they compound Resulting in massive companies Tech vs. Non-Tech: Earnings powercontinues to I'm somewhatembarrassed to saythatTim Cookhasmade Berkshire a lotmore money than I – Warren Buffett,illustrating the Power Law Power Law is not new. But this time, concentration also hyper-locally. San Franciscoproductivity is 1.8x The Bay Area is ananomaly within the US, Indeed, tech hubs are driving economic growth Draghi and others madeconvincing case thattechnology drives Summary conclusions 1.European tech is investable.Wave of $100M+ revenue scaleups. 2.Value leaks abroad.Overseas capital captures Europeʼs returns. 3.Gap ≈0.2%of GDP*.Small ask, big impact. 4.Pensions in VC ≈ nil.A tech-sovereignty risk. 5.Momentum is building.Will it move fast enough? 6.Pensions are the rails.2% →VCwould transform; (CMU is longer-term).