Peter Rip has made his second post on the evolution of venture capital.
This one is about LP decision making and is a backgrounder on how they predict future performance.
I think there are few differences between the US and Europe on this score. I suspect the biggest may be that as we are a much smaller market individuals at LPs often have to invest in both VC and private equity which is a lot for them to get their heads around.
Another factor which anecdotally seems to be important here which Peter doesn’t mention is that the track record of individuals (who may have changed funds) is important.