In Visible Capital with PitchBook
67 episodes - English - Latest episode: over 1 year ago -Historically, the private markets have been on the fringe, but as trillions of dollars have flowed into this dynamic asset class, there is an increasing need for greater insight. Since 2007, PitchBook has been shining a light on key trends and events in venture capital, private equity and M&A through comprehensive data and detailed analysis. Subscribe to our podcast for thoughtful conversations with industry leaders and PitchBook analysts to help you better understand the evolving capital markets.
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Episodes
Leveraged loan warning signs
January 27, 2023 10:00 - 28 minutes - 26.1 MBIn the first episode of Season 7, we take a look at the clouds gathering in the US and European leveraged loan markets. In the US market, we discuss sector-specific stress (3:00), our restructuring watch list (4:52), the near-term maturity wall (6:30), the CLO market (9:11), and secondary market gains in 2023 (10:35). We then discuss the European market (11:34), looking at the maturity wall (11:59), loan issuance (13:10), our loan market survey (14:30), and the credit quality of loans in the...
The venture debt playbook
November 15, 2022 10:00 - 1 hour - 70.3 MBAs the markets have turned south, venture debt seems to have become all the rage. But how many startups are actually raising it? This week, Armentum managing partner John Markell joins the podcast to unpack the world of venture debt. Markell shares his thoughts on how venture lenders go about underwriting young companies, why investors are souring on the consumer market, how venture debt differs from structured equity, and which types of startups should—or really shouldn't—raise debt. Plus,...
Seed's silver linings
November 10, 2022 10:00 - 27 minutes - 25.1 MBMaëlle Gavet, CEO of Techstars, joins the podcast live from Web Summit 2022 in this bonus episode of the "In Visible Capital" podcast. Gavet unpacks Techstars' approach to pre-seed investing and talks investing in the Middle East and Africa, opportunities in the farm-to-fork supply chain, and why she expects VCs to start disappearing as LPs concentrate their capital. Check out the episode to hear why Gavet is optomistic about the early stage, despite a daunting geopolitical landscape. Liste...
Venture's gravity check
November 08, 2022 10:00 - 1 hour - 69.9 MBWhat looked like a recession at the onset of the pandemic turned out to be anything but: valuations inflated, funds grew and capital poured into the private markets. But, it couldn't last forever. In this week's episode of the "In Visible Capital" podcast, SignalFire founder and CEO Chris Farmer discusses why the venture capital balloon burst. Farmer also touches on how SignalFire leverages data to find and support entrepreneurs, why the firm turned to seed deals as a means of countering uns...
A new life for downside protection
November 01, 2022 09:00 - 1 hour - 61.7 MBVenture capital firm G Squared was founded with one idea in mind: venture-backed companies are staying private longer. And with the IPO market now frozen over, that thesis is proving true. In the latest episode of "In Visible Capital," G Squared founder and managing partner Larry Aschebrook checks back in with PitchBook senior editor James Thorne to discuss why his firm is pressing pause on the secondary market as primary investors load up deals with downside protection, and what those prot...
VC's New York story
October 25, 2022 09:00 - 1 hour - 73.8 MBInterplay managing partner Mark Peter Davis joins the podcast to discuss the advantage and disadvantages of being a VC in New York, the ins and outs of entrepreneurship, and how Interplay approaches investments in the blockchain space—while avoiding the crypto hype. Plus, PitchBook senior news editor James Thorne shares insights from his reporting on the exodus of executive leadership at Softbank. In this episode of Sapphire Ventures' series "GameChangers," Sapphire partner and Head of Reve...
From science fiction to science fact
October 18, 2022 09:00 - 1 hour - 65.2 MBLux Capital co-founder and managing partner Josh Wolfe joins the podcast to discuss why it's always a good time to be investing in the future. From nuclear power to computers that can smell, Wolfe shares which technologies and sectors he is most bullish on and dives into his skepticism of the recent Inflation Reduction and CHIPS acts. Check out the episode to hear more about Lux's strategies and which kind of companies—and investors—Wolfe expects to see survive the downturn. Plus, PitchBook ...
VCs dust off their term sheets
October 11, 2022 09:00 - 1 hour - 66.5 MBPitchBook senior editor James Thorne sits down with Brad Feld, partner and co-founder of early-stage VC firm Foundry, to discuss how venture investors behave in a downturn, why entrepreneurs may want to steer clear of structured deals, and why so many good companies are born in such bad times. Plus, PitchBook senior analyst Kyle Stanford joins to discuss key takeaways from the Q3 2022 PitchBook-NVCA Venture Monitor and Quantitative Perspectives: Silver Linings on the Time Horizon. In this e...
The new PE behavioral health play
March 29, 2022 09:00 - 1 hour - 63.2 MBInvestment in behavioral health companies has exploded in recent years, with a notable uptick in private equity activity since the beginning of the pandemic. PE firms closed over 70 buyouts in behavioral health in 2020, more than double 2016's number, according to PitchBook data. In this episode, PitchBook PE and healthcare senior analyst Rebecca Springer welcomes Avi Jayaraman and Dexter Braff for a discussion about the rapidly evolving behavioral health industry and how private equity is ...
M&A in a time of change
March 22, 2022 09:00 - 57 minutes - 53 MBPitchBook financial writer Marina Temkin interviews Union Square Advisors' Emily Anderson, who leads the firm's private equity practice. Anderson shares her thoughts on the current M&A environment in a time of declining valuations and rising interest rates and how it could affect private equity activity. Plus, host Alexander Davis shares some insights from his recent reporting at SXSW, as well as the PitchBook news team's two-year retrospective on the pandemic. In the Upwork segment of "Inn...
PE's public market play
March 15, 2022 09:00 - 46 minutes - 43.2 MBAfter some of the largest private equity firms—including Blackstone, Apollo Global Management, KKR, The Carlyle Group and Ares—went public nearly a decade ago, a new wave of US and European PE firms is hitting the public markets. In this episode of "In Visible Capital," private equity reporter Ryan Prete sits down with Wylie Fernyhough, PitchBook lead PE analyst, to discuss the performance of these publicly traded PE firms, how they have adapted to having public shareholders, the impact of ...
The ABCs of ESG for PE Firms
March 08, 2022 10:00 - 49 minutes - 45.5 MBTom Eveson, Sustainalytics' director of sustainable finance solutions and ESG for the Americas, joins PitchBook lead analyst Hilary Wiek to share his thoughts on how PE firms can support their portfolio companies in managing ESG risk, nonobvious factors that contribute to assessing that risk, what capital pressures are mainstreaming ESG and more. Plus, Ryan Prete joins to discuss his recent reporting on how major players in private equity are making sustainable investments. In the Upwork se...
Investing in (and with) technology at Advent International
March 01, 2022 10:00 - 1 hour - 58.1 MBAs a private equity industry stalwart, Advent International has invested in just about every industrial sector except tech—until recently, that is. As the East Coast firm builds up its tech practice, head of Advent Tech Bryan Taylor shares his thoughts on the firm's tech strategy, how it assembled its investing team and why recent turmoil in the market might affect buyout opportunities. Also, London Bureau Chief Andrew Woodman and senior analyst Dominick Mondesir join to discuss the European...
Seeking alpha while doing good
February 22, 2022 10:00 - 52 minutes - 48.7 MBPitchBook's London Bureau Chief Andrew Woodman interviews Eric Taylor, founder and CEO of Trident, to discuss how asset managers often overlook the S and G of ESG. Taylor shares his thoughts on how private equity can use diversity and inclusion to drive better returns, what tech can be used to remove unconscious bias from investing and where the industry has room to improve. Plus, Anikka Villegas joins the show to share insights from her Pitchbook Analyst Note: ESG, Impact, and Greenwashing ...
Changes within private equity
February 15, 2022 10:00 - 8 minutes - 7.59 MB"In Visible Capital," our podcast on the private markets, is back for its fifth season, launching on Feb. 22. This time, we've dedicated the whole season to private equity and the sweeping change across the asset class. Join us for wide-ranging conversation, analysis and highlights of the most compelling new trends affecting private equity. We look at the ways that PE has been reinventing itself in recent years. You'll hear from investors, analysts and our own reporters detailing how PE fir...
How evolving mindsets and innovation are building a better supply chain
December 07, 2021 10:00 - 1 hour - 55.7 MBPitchBook senior emerging tech analyst Asad Hussain joins to discuss our ongoing supply chain challenges and the technologies that may help solve those problems. Then, we revisit an episode from earlier in 2021 that examines the state of the supply chain and how disruptions from the pandemic have created more space for modernization and innovation. To cover these topics, we are joined by Ironspring managing partner Ty Findley, Flexe CEO Karl Siebrecht and Playground Global founder Bruce Leak.
VC Bradley Tusk on how startups can get their way with regulators
October 26, 2021 09:00 - 46 minutes - 42.7 MBPolitical strategist and VC Bradley Tusk joins the pod to discuss the importance of assessing regulatory risks for startups, how passion-inspiring tech succeeds, the state of the SPAC market and more. Also, PitchBook senior analyst Kyle Stanford joins to discuss key takeaways from the 2021 Q3 PitchBook-NVCA Venture Monitor report, which we will discuss further during a webinar on Nov. 3.
Seeding the next generation of UK unicorns
October 05, 2021 09:00 - 24 minutes - 22.7 MBIan Connatty, managing director for funds at British Patient Capital joins the show to help us explore the VC ecosystem in the UK, including why we may be seeing larger rounds for UK companies, what changes could create a more favorable exit environment and more. This is the last weekly episode of Season 4, but stay tuned for more timely in-depth conversations on your podcast feed and through PitchBook webinars.
How non-dilutive financing could reshape VC
September 28, 2021 09:00 - 46 minutes - 42.5 MBMiguel Fernandez, co-founder and CEO of Capchase, and Matt Burton, partner at QED Investors, discuss the growing number of options for founders to raise capital outside of traditional VC and venture debt. Plus, Hilary Wiek joins to share findings from the 2021 Sustainable Investment Survey (with more to be shared in our upcoming webinar). Listen to all of Season 4 and subscribe to get future episodes of "In Visible Capital" on Apple Podcasts, Spotify, Google Podcasts or wherever you listen....
Soccer clubs, the Super League and the future of sports investing
September 21, 2021 09:00 - 38 minutes - 35.4 MBThe fervent backlash to a proposed Super League of European football clubs caused that organization to suspend operations and cast doubt on the viability of new ownership structures within those clubs. One investor is approaching investments in the space with that in mind, and on this episode of “In Visible Capital,” Andrew Woodman interviews Joe DaGrosa of DaGrosa Capital Partners and Kapital Football to share his perspectives on how to successfully invest in European football clubs. Topics...
Why a hedge fund joined VC's cybersecurity arms race
September 14, 2021 09:00 - 32 minutes - 30.1 MBHosts Adam Lewis and Alec Davis discuss recent coverage of the femtech frenzy, PE's march on VC and an update on the red-hot fintech space. Then, Maverick Ventures managing director Matt Kinsella joins the show to share his perspectives after moving from hedge fund Maverick’s public equity business in 2014 to help start Maverick Ventures. Topics include: The mindset shift required to move from public stock picking to early-stage investments How the influx of capital from hedge funds and ot...
LPs' take on the changing world of venture
September 07, 2021 09:00 - 31 minutes - 29.3 MBPitchBook senior analyst Joshua Chao discusses key trends from the H1 2021 Greater China Venture Report before Hamilton Lane managing partner Miguel Luiña joins to share his perspectives on the challenges facing emerging fund managers, the democratization of venture capital and the lack of liquidity for venture investors.
Private equity's sports investing playbook
August 31, 2021 09:00 - 35 minutes - 32.9 MBPitchBook senior editor James Thorne discusses the risks facing VC investors with stakes in Chinese companies as a regulatory crackdown looms, and then RedBird Capital managing partner Rob Klein joins the show to discuss the firm's sports investing strategy, including recent deals for stakes in the Boston Red Sox, Liverpool FC and, alongside Dwayne "The Rock" Johnson, buying the XFL out of bankruptcy.
The rise of Edison Partners in the PE growth landscape
August 24, 2021 09:00 - 47 minutes - 43.9 MBPitchBook emerging technology analyst Robert Le shares some insights from the Q1 and Q2 Insurtech reports before Edison Partners general partner Kelly Ford joins the show to discuss how that New Jersey-based investor has successfully transitioned from venture capital investing to growth equity while specializing in the enterprise software space. Ford also shares insights into how Edison has managed to exceed benchmarks in hiring a diverse workforce.
The venture ecosystem’s fundraising shakeup
August 17, 2021 09:00 - 34 minutes - 31.5 MBPitchBook’s head of Emerging Technology Research shares insights from our latest Emerging Technology Indicator report before Alexander Davis chats with Samir Kaji, a veteran Silicon Valley VC fundraising adviser and co-founder of Allocate. Kaji breaks down how venture capitalists increasingly are opening up their fundraising beyond big institutional partners to family offices, individuals and independent asset managers. This episode is sponsored by Vanta.
Venturing outside Silicon Valley
August 10, 2021 09:00 - 53 minutes - 48.9 MBPitchBook's Lead Quantitative Research Analyst Andy White joins to discuss the trends his team is seeing within the data in our latest U.S. VC Quantitative Perspectives report. Then, Collin Gutman, co-founder and Managing Partner of SaaS Ventures, shares his thoughts on what it takes to grow venture ecosystems in cities outside traditional tech hubs and why he’s more bullish than ever on the future of tech. This episode of “In Visible Capital” is sponsored by Vanta.
"The Cult of We" with Eliot Brown
August 03, 2021 09:00 - 52 minutes - 48.1 MBHosts Adam Lewis and Alec Davis discuss how China's tech crackdown could impact Softbank before Eliot Brown, a reporter for the Wall Street Journal, joins the show to discuss "The Cult of We: WeWork and the Great Start-Up Delusion" That's the book he co-authored with Maureen Farrell detailing the rise and fall of WeWork. Hear stories uncovered during their in-depth reporting as co-host Alec Davis and Brown dig into the lessons that investors can take from this story.
In-depth conversations coming soon in Season 4
July 20, 2021 09:00 - 4 minutes - 4.18 MBSeason 4 of PitchBook’s In Visible Capital podcast launches on Aug. 3. Tune in to hear from a wide range of players in the private markets, including investors, founders, analysts and journalists.
Private equity's sports play
May 25, 2021 09:00 - 20 minutes - 18.8 MBHeadlined by Arctos Sports Partners acquiring a 5% stake in the Golden State Warriors in April, private equity has pushed further into the sports investing space over the past few years. PitchBook analyst Wylie Fernyhough joins the "In Visible Capital" podcast to discuss his recent analyst note about what’s driving the trend, including less restrictive ownership rules within leagues, skyrocketing valuations, the need for liquidity among current owners, the chance to achieve lofty returns for...
Emerging technologies from real estate to air taxis
May 18, 2021 09:00 - 53 minutes - 49.3 MBRecord-breaking VC activity over the past year has fueled innovation within emerging technologies. In this episode, sponsored by Ansarada, we take a look at where we live, how we work and how we might move between those locations by exploring electric vehicles, air taxis and real estate technology with PitchBook senior analyst Asad Hussain and quantitative research analyst Zane Carmean.
Autonomous finance's obstacles and opportunities
May 11, 2021 09:00 - 30 minutes - 27.6 MBAutonomous finance uses AI to make financial decisions on behalf of consumers without the need for direct human input. The service has become especially relevant over the last year as consumers have struggled to maintain financial health during the COVID-19 pandemic. In this episode, Paul Condra, head of emerging technology research, and Robert Le, senior emerging tech analyst, discuss how autonomous finance helps consumers better manage their financial health and performance, as well as the...
How the startup ecosystem has fared in the pandemic
May 04, 2021 09:00 - 25 minutes - 23.7 MBMore than a year after Sequoia issued its “Black Swan” letter, the US startup ecosystem has rebounded, with VC exit value, fundraising and dollars invested setting records last year. PitchBook venture capital reporter James Thorne joins for this episode—sponsored by Ansarada—to discuss the lasting impact the pandemic had on the startup world, including the rise in valuations for fintech companies, the surge in VC investments in cryptocurrencies, the shift to remote work and his thoughts on T...
The Biden administration's impact on the private markets
April 27, 2021 09:00 - 31 minutes - 28.5 MBWith President Joe Biden nearing his 100th day in office, his administration's economic policies have begun to take shape. The latest episode of "In Visible Capital" takes a closer look at what Biden's plans could mean for the private equity and venture capital world, including changes to tax policy, how his infrastructure plan could impact investors, the renewed push for financial regulation and a possible clampdown on the world's tech giants.
The evolution of GP stakes
April 20, 2021 09:00 - 24 minutes - 23 MBIn this episode—sponsored by Ansarada—host Adam Lewis takes a closer look at GP stakes investing, which has become an increasingly popular strategy for private equity firms over the past few years but still remains in its infancy. Topics covered include a brief look back at the history of GP stakes deals, how the space has progressed over the past decade-plus and how the future will increasingly focus on the middle market and opportunities outside the United States.
VC's resurgence, the IPO boom and what's in store for 2021
April 13, 2021 09:00 - 21 minutes - 19.9 MBWith one year of the pandemic behind us, Alexander Davis sizes up the venture capital market by looking at how dealmaking not only adapted, but roared back to life in terms of capital deployment, VC capital formation and exits and a banner year for initial public offerings by some of the biggest names in the business. Listen in as PitchBook analysts Cameron Stanfill and Joshua Chao share key findings from the Q4 2020 PitchBook-NVCA Venture Monitor report, and the outlook for what’s shaping ...
Private equity's fast rebound, rising valuations and surging SPACs
April 06, 2021 09:00 - 18 minutes - 16.6 MBTo kick off Season 3 of "In Visible Capital," private equity reporter Adam Lewis takes a closer look at the state of private equity. Topics include PitchBook analysts forecasting SPAC deal activity, discussing the possibility of government regulation for the asset class, predicting private equity fundraising in the near-term, and connecting why corporate carveouts continue to be a reliable investment strategy for investors and a needed source of cash for companies trying to shore up their ba...
Let's Talk About Race
February 26, 2021 10:00 - 1 hour - 63.4 MBThis week's podcast features our recent discussion about race and the evolving role of investors addressing racial inequality. We're resurfacing this conversation because even as Black History Month comes to an end, the hard work to increase diversity in the markets continues. We brought together four professionals to share their expertise on the topic: Lisa Lambert, head of National Grid Partners and former head of the Intel Diversity Fund; Barry Eggers, a founding partner at Lightspeed Ve...
COVID-19's impact on emerging technologies
February 09, 2021 10:00 - 24 minutes - 22.5 MBIn Season 2 of "In Visible Capital," we took a closer look at emerging technology trends during the pandemic with investors, founders, PitchBook analysts and other industry experts. Over several months, we looked at shifts and opportunities across healthcare, foodtech, mobility, the supply chain and more. In this week's episode—the Season 2 finale, sponsored by Gray Scalable—host Lee Gibbs talks with the head of our Emerging Technology Research team, Paul Condra, about the acceleration of in...
How shifting mindsets and innovation are building a better supply chain
February 02, 2021 10:00 - 49 minutes - 45.1 MBGlobal trade is a market worth trillions of dollars—yet up until this point, it's been managed primarily with spreadsheets and emails. This week on In Visible Capital, we talk about the state of the supply chain and how disruptions in the early days of COVID-19 created more space for modernization and innovation industry-wide. To cover these topics, we are joined by Ironspring Managing Partner Ty Findley, CEO of FLEXE Karl Siebrecht and Founder of Playground Global Bruce Leak.
Cities as stakeholders in mobility
January 26, 2021 10:00 - 24 minutes - 22.2 MBLast week, we talked about the promise of autonomous cars and recent advancements in self-driving technologies. This week, as a continuation of that discussion, we're taking a closer look at the role cities play as stakeholders in mobility and how the pandemic may have impacted our thoughts on movement. To provide their perspective, we are joined by Peter Barrett, founding partner at Playground Global, and Joy Tuffield, partner at Generation Investment Management.
Navigating the promise of autonomous vehicle technologies
January 19, 2021 10:00 - 29 minutes - 27.2 MBVC funding in mobility hit a new high in 2020 with $8.4 billion invested in the sector, up 33% year-over-year. Within the sector, autonomous vehicles have shown immense promise—attracting funding and exciting investors and entrepreneurs. This week on the "In Visible Capital" podcast, we talk with Joy Tuffield, partner at Generation Investment Management, and Luminar CEO Austin Russell about recent advancements in self-driving cars and the remaining barriers to ubiquity. Along with PitchBook ...
Ghost kitchens, virtual restaurants and the post-pandemic future of foodtech
January 12, 2021 10:00 - 26 minutes - 24.7 MBFood delivery apps and marketplaces have raised $31.3 billion since 2017. Still, the long-term profitability of these low-margin companies remains in question—something that could impact restaurants that are prioritizing takeout and delivery amid COVID-19. In this episode, we chat with REEF Technology’s VP of Corporate Strategy Felix Gonzalez Roson and Creating Culinary Communities’ COO Brad Reynolds about the evolution of foodtech, how ghost kitchens could help address food delivery apps’ r...
How grocery chains are embracing e-commerce technologies amid COVID-19
December 08, 2020 10:00 - 51 minutes - 47.5 MBIn this extended conversation with Publicis Groupe chief commerce strategy officer Jason Goldberg, we explore the history of grocery shopping in the US, how COVID-19 has fueled massive shifts in the landscape and how established chains are refining their e-commerce operations to meet shoppers where they’re at. The “Retail Geek” also highlights how grocery stores are providing a higher overall percentage of peoples’ calories during the pandemic and the steps these companies are taking to cont...
Grocery fulfillment and dark stores: Clear aisles, full carts, can’t lose?
December 01, 2020 10:00 - 26 minutes - 24.6 MBPrior to COVID-19, less than 4% of grocery purchases were made online. At the height of the pandemic, that number climbed to 35%. In this episode, we chat with Publicis Group Chief Commerce Strategy Officer Jason Goldberg about how more shoppers than ever are leveraging dark store and digital fulfillment technologies to meet their families’ nutritional needs. Plus, we catch up with PitchBook’s Alex Frederick—a senior analyst on the Emerging Technology team who focuses on food and agricultura...
The rapid rise of telehealth during COVID-19
November 24, 2020 10:00 - 28 minutes - 26.4 MBAt the beginning of 2020, 0.1% of all medical each week were conducted via telemedicine. By late April, the height of COVID-19’s first wave in the US, that number had increased to nearly 14%. In our final episode focusing on health and wellness tech, we’re joined by Dr. Janine Knudsen, a primary care doctor at Bellevue Hospital in New York City, and Activant Capital Founder and Partner Steve Sarracino to discuss advancements in telehealth brought on by the pandemic. Plus, PitchBook Analyst K...
Possibilities and limitations of digital contact tracing
November 17, 2020 10:00 - 26 minutes - 24.6 MBHangar Capital Managing Partner Josh Mendelsohn joins the show to discuss the possibilities and limitations of digital contact tracing during COVID-19. We’re also joined by Alex Haefner and Matt Harris from Envoy, a workplace management startup whose app has evolved to include a contact tracing feature. Plus, we catch up again with PitchBook Analyst Kaia Colban—an expert in health and wellness tech. For additional reading, check out Kaia’s recent report on how tech companies are helping empl...
Health and Wellness Tech: Biometric Devices and Wearables
November 10, 2020 10:00 - 23 minutes - 21.7 MBHost Lee Gibbs catches up with Harpreet Singh Rai, CEO of sleep tech startup Oura, about everything from the importance of quality sleep as a foundation for optimal health to potential obstacles in the expansion of wearable technologies. Featuring PitchBook Analyst Kaia Colban—an expert on health and wellness technologies across enterprise and retail—topics covered also include COVID-19’s role in the increased demand for health and wellness products and Oura’s partnership with the University...
Emerging technologies during the pandemic
October 20, 2020 09:00 - 4 minutes - 4.46 MBSeason 2 host Lee Gibbs joins Adam Lewis to kick off Season 2 of In Visible Capital, which takes a closer look at the emerging technology spaces that are shaping how we live during the COVID-19 pandemic and beyond. Click here for more of PitchBook’s reports, analyst notes and emerging technology research.
The resiliency of the private markets
September 22, 2020 09:00 - 7 minutes - 6.7 MBOur hosts clear their throats from the smoky Pacific Northwest air to wrap up season one with their key takeaways from taking a closer look at how players in the private markets have adapted so far during the pandemic. Stay tuned for season two coming this fall and get in touch with us at [email protected].
European VC plows ahead despite COVID-19
September 15, 2020 09:00 - 31 minutes - 28.8 MBPitchBook analyst and Goldman Sachs alum Nalin Patel joins host Adley Bowden to discuss the resilient state of the European VC ecosystem. Topics discussed include how COVID-19 has caused the work-from-home, healthcare, biotech and pharma industries to boom (6:05), why median valuations, deal sizes and step up rounds have remained strong (16:02), and why European VC fundraising has largely remained unscathed (24:02). Get the full Q2 2020 European Venture report here.