Capital Conversations: Insights into the World of Venture Capital IMD

With trillions in assets worldwide, pension funds play a dual role, acting as both asset and liability managers, influencing their exposure to venture capital.
In this episode of Capital Conversations, Bertrand Mueller a founding partner at DAA Capital, uncovers the strategies and dynamics behind this often-overlooked relationship.
We learn how pension funds shape their engagement with venture capital by providing stable, long-term capital, adjusting risk profiles, and seeking diversification within the venture capital landscape.
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Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here

Part 2 of our conversation with Chris Douvos, on how the Emerging Managers segment in Venture Capital has evolved since 2010.
Chris Douvos founded Ahoy Capital in 2018, focusing on backing emerging venture capital fund managers. With nearly two decades in venture capital, he's a pioneer in the micro-VC movement.
At Ahoy Capital, the focus is on intentionally right-sized investment vehicles, believing that size can hinder performance. They prioritize concentrated portfolios, anchored by top-performing VC managers, alongside dynamic emerging managers and co-investments.
With experience catalyzing leading managers since the early micro-VC days, Ahoy pursues a conviction-based strategy, backing dynamic nascent managers and companies with sustainable competitive advantages or leveraging innovation ecosystems. *****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here

In this new episode of Capital Conversations, we explore “How the Emerging Managers segment in Venture Capital has evolved since 2010” with Chris Douvos.
Chris Douvos founded Ahoy Capital in 2018, focusing on backing emerging venture capital fund managers. With nearly two decades in venture capital, he's a pioneer in the micro-VC movement.
At Ahoy Capital, the focus is on intentionally right-sized investment vehicles, believing that size can hinder performance. They prioritize concentrated portfolios, anchored by top-performing VC managers, alongside dynamic emerging managers and co-investments.
With experience catalyzing leading managers since the early micro-VC days, Ahoy pursues a conviction-based strategy, backing dynamic nascent managers and companies with sustainable competitive advantages or leveraging innovation ecosystems. *****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here

In the second part of Fergal Mullen's interview, the co-founder and Partner of Highland Europe provides a pragmatic take on venture capital practices, addressing key industry dogmas.
Mullen questions the bias against first-time entrepreneurs and talks about the importance of getting feedback from founders. He delves into the significance of geographical proximity, critiques the "Unicorn or Bust" mentality, and offers a practical approach to board meetings.
In closing, he emphasizes the importance of aligning fund size with strategy, considering diverse market sizes, and recognizing the potential in hardware investments.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here

Fergal Mullen is a co-founder and Partner of Highland Europe focused on enterprise SaaS and consumer internet companies. He represents Highland Europe on the boards of GetYourGuide.com, AMCS, Nexthink, Bitmovin, Meditopia, Unibuddy, and Podimo.
Highland Europe is currently investing from its 5th Fund which is just over €1B. In total, the firm manages approximately €3B. Until the formation of Highland Europe, Fergal was a General Partner with Highland Capital Partners.
He launched the firm in Europe in 2007 and Co-Founded Highland Europe in 2011.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here

In episode one of Capital Conversations, Olivier Laplace, Managing Partner at VI Partners, discusses the evolving landscape of the technology investment market.
Olivier Laplace explores the nature of the current crisis, drawing parallels to previous downturns and highlighting the unique features of the current situation. His advice to founders centers on building a robust business, conducting thorough due diligence on investors, and navigating the changing dynamics of talent acquisition and fundraising.
Key points include the impact of a 2020 bubble on startup valuations, the transitional phase in 2021 marked by a decline in IPOs, and the influence of long-term interest rates on venture capital dynamics.
*****
Through our research, thought leadership, and annual program, IMD’s Venture Asset Management Initiative aims to demystify venture asset management in Switzerland and across Europe.
To find out more about IMD visit imd.org
For more information about our Venture Asset Management Initiative click here