In the second half of 2025, I noticed a pattern in our Fund IV fundraising conversations at Eleven VC. One after another, institutional LPs – mainly from Europe – told us some version of the same narrative: they had made a strategic decision to move away from seed funds and concentrate their venture allocation entirely on growth VCs.

It was frustrating at times but I acknowledged their pursuit to maximize returns by capturing ‘the bigger opportunity’ growth capital presented – especially after years of scarcity in Europe. However, something about this narrative was off. I was not convinced. READ MORE