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Sam Ettelaie
Thema • 6K followers
2025 LP Stats: We analysed every UK-domiciled GP/LP venture fund that appointed a Limited Partner in 2025 and saw the following: 📌 There were 1118 LPs invested in UK-domiciled VC funds in 2025*. This is an increase of 422 compared with 2024, when there were 696 LPs. The 2025 figure is also higher than in 2023 (1,059) and 2022 (873). 📌 There was an average of c.28 LPs per fund, excluding funds with a single LP appointed and LPs entering or exiting, likely via a secondary transaction. 📌 There were 30 LPs that invested in more than one UK-domiciled VC fund manager in 2025**. ⬆️ This represents a significant increase from 2024, when only 13 LPs invested in more than one UK-domiciled VC fund manager, and marks a return towards what we saw in 2023 (39) and 2022 (29). 📌 The 30 LPs that invested in at least two different VC fund managers in 2025 can be grouped as follows: ↳ HNWI = 3 ↳ Family Office = 10 ↳ VC Funds = 3 ↳ Fund of Funds = 5 ↳ Corporate = 4 ↳ Government Entity = 5 📌 7 LPs invested in more than 3 different UK GP/LP fund managers in 2025. 📌 Fewer than half of repeat LPs were UK-headquartered (13), with the US second (6), and Germany third (4). 🏛️ 5 different government entities and development banks from around the world invested in UK-domiciled VC funds in 2025. 💼 Despite the noise around the Mansion House Accord, we saw only one approved LGPS pool invest in a VC fund in 2025, alongside six individual councils. We expect this to increase later in 2026 once the pooling deadline has passed in April. ⬆️ Secondary activity in LP positions continues to increase, with c.12% of LPs appointed in 2025 appearing to replace existing LPs in older funds raised before 2024. 🔔 2025 LP EDI 🔔 📌 Of the 463 HNWIs who made an LP investment in their own name in 2025, 14.68% were women, up from 11.45% in 2024***. 🔔 2025 Fund Stats 🔔 📌 In 2025, 36 UK-domiciled GP/LP VC funds appear to have held a first close, a significant increase compared to 19 in 2024****. 📌 The most common fund vintages raised in 2025 were Fund I (12), Fund II (9), Fund III (6) and Fund IV+ (9). 📅 The busiest months for appointing LPs were May, November and January, while February, March and June were the quietest. Over the past three years, May has consistently been the most active month, with February and June consistently the least active. There has been an increase in the number of UK GP/LP vehicles which held a 1st close in 2025, which in turn explains the rise in the number of LPs. This may differ from what you've seen other platforms outline; this is largely because their LP datasets are limited and inaccurate. We are still noticing at Thema that many GPs are favouring other fund jurisdictions, particularly Lux. A huge thank you, as always, to Tom Rahman for building an exceptional tool that unlocks this dataset. In 2026, he and I plan to open this tool up to funds seeking a more efficient way to identify LPs. #VentureCapital #VC #LP
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Hector Mason
Episode 1 Ventures • 21K followers
Firstly, this isn't a post about Europe vs US. They're different beasts at different stages of development… However, as a European VC, it's critical to be connected to the US VC market. If you are, on average, you'll get bigger markups for your portfolio by taking advantage of the UK/US arbitrage among other things. Two examples of this are Lawhive and StackOne from our portfolio. Both have founders who've moved to the US and both have raised from GV (Google Ventures) with deep US ties of course. Same with companies like Mimica (Khosla Ventures), Carwow (Bessemer Venture Partners, Accel) and many more. You need to be able to pick the phone up to tier 1 US VCs and get them to meet your portfolio. So when Adam Shuaib, PhD, Millan Suri and I went to SF a few weeks back, we tried to cover as much ground as we could, meeting about 40 of the tier 1 US funds like Founders Fund, Greenoaks, Sequoia Capital, Thrive Capital, Andreessen Horowitz…. It takes time to build this network but the rewards are great. As you can see, we also went surfing.