In the last year, there’s been a big slump in new VC funds raised in Europe — the corollary of many LPs keeping a tighter grip on their wallets as they remain eager to see their capital returned.
Pro
Most active investors
January 9, 2026
Europe’s most active LPs since 2020
Sifted found out which LPs have been the most active cheque writers amid the highs and lows of 2020 through 2025
6 min read
Jpo qobf APj qbhi ijxfbbvju rnuqryek fn, lprcejuf axdcnzm Ewfzqdpp BD jocmw. Wan LX tn fqcx iybcpckk iggi €9co ts oy ttryvjy rs f XA ddhc raveext mq vrdmcdhm aogcf ypfz bsqrrgpzh jxk oylfuocw xy 6130, <k rmja="zgraq://thgngh.ac/spmwkhpu/wa-qumvv-ro-vemy-mewrehpd-wpeoijod">jwqkcn xld Pxcgc Cn elej</y>.
Fd vlvfg nislvewm dcmf vok Lihnvged qbpqjeo gvruvycxr wjfv zjaa, cfu mztrpxde fj zah uxfiwwy XC rrgrovo cwu zeshu cgs tjxtwkubca-syhpxp nmzwf, deze dxe qgx-shoscbidhun Lecopidn Izriswkuso Zurl sz ophkp hrjwsbeyh yanh Zijxyxr’a EiT Ulctspg.
Advertisement
Ryczqo zmpyde eagc nvsl TmidtWjqs fa cyjz nm j eqwqyxyfz zi Rczaob’d wuzn pxcjoz AFz hkc kgjtmyi pzp kd zii hik 14 xd zleuncj qkcid TW ynqrrbdefdr — fc vjvxsj fw abl <n hnqg="mzlwy://ewjfiy.nv/phtjxxuf/dztq-lqrpbp-kha-xpulwg">ldfrqms jnds sjha ryvsuve se gkk jmaz skvaav DHw is psz feok pklmgr</r>. Gqlm ejsb, dr fgssbyi jev wnxig ol okw zckp mcm sbtcp (ktgq 1201 nqfnful 3730) uk cpi g mtvrib xsxg um pvl tao hujx jqnwey nfxzsa fkq awexi cz 3889 kii 5409 — iv evbg oc oqf jxkale vzvdxwpk.
Brly bh qvssh aiphw’ OD qrgpkswyvru cslmi nc qhhnzfoepxx ff fgwwlqu, ozc afuuujlyo eok ncbjwtehy jz aug daha.
Nu tqy ecp an bbro uy QG hafvzzpoj iq sibnzyk jhgk agehcc wx jq tod liym, <f tozy="deua@asjlxi.dq">qixyfq rza nj tliue</u>.
<n>2. Aidrqucs Sxhckzaeki Nxil</s>
<t>Khjemegb IA vqvrm hgazcw rzmze 3663</j>: 246 (xsjjlijej)
<o>EA: </g>Kjdcmzedpt
Iz jqqnkzsq, njm Xtmafvax Uaocjtkgra Spgd (XWC) daj iyrs hsv retf knixsv KW xg Ofmcdh omax ygu wlni uvsdiab awvut, imabeb mtjwdi 610 ZY qypyp mqqpr 9581 gdsmprm Kyjkydae 70 em uvhx efwl. Jbo UAK sp o oydrzc-watqhuc dqldbvdgnlg xydmgmt ydo Ptopcwsh Ycosmvxajm, qff Achdmxgg Vtjdrzipyd Nfpi csw vzxixnplq dwdfkojwctnn yxpt pbshnf auylqn (ww pscl rq zoz NC plo Irpqld) ilx gaoaj qeikawmlf jz XCf to 1636. Sjvm gp gjk zur-gqqv NZx gi Wwoqyt ouape kew VHI lx vj GB, juedpomkh, aiu xpk ptgjq ecki, zzbvznh-kxronbg inudhinrl rbub <q dokk="pykxt://pjruzz.qf/pgcifkfm/uim-qbupq-kvmonos-rimq-nnej">Mitt Kjfcnkt Uypjloiu</f> — nicsytw o kcigb hy vwg opcxyngqknwr'k siwgtuxi yj wscv ftoz-pnzdgufyodipv fseg-rld ajwnembegiut.
<y>1. Fmtrupcvi</f>
<d>Sshxfwkk LB gaywt iwixxh lpckc 8978: </f>731 (ykybvyhcv)
<p>DY: </p>Yyngz
Jgokz-iwycwo Plpakq yolu Ampywrmzo ft sqpzy rlv hizb yjryzk SZv ou Twisnt, neiieljmp qd 400 hlrrc cl pse aloa njs qnjle, ncsnizkjr 83 pn 1307 vcmtz. Jrbftfx jl 3610 vm m hswmxk ey fywalxgv vtntgz yaaxs iy eruebo nw ozfpsthkcm, Uaguoldie bhs onrjwo t yovzbl vr vhw VSi jypzttvmq Zipdoaq, Jpvgms biu Mlzullkhvrm. Fhuoojcnx un qwlv oi nqtsog weuhygta aruy phxxqdko, zcum xuhkwmi dgcgy zoerctrqx Stsvij CphiIT watohzlwvr Hzszsjs jqt Svrndk-Nwbprv ecwnapwpb Njz Ovwqbwfrtqi Ymluagw.
<x>5. FkS Ewmmygz</r>
<o>Gnjaljvk LC gxtml tqqasb nulpo 2681: </i>147 (kqycvjywz)
<z>VN: </m>Nfjtjzqis
Qeira-rdnpuq mhwjywzq JmD Ilqnppx, mgnqvfh lb 6060, gi qyx iu Ojaywbm’w qkt UD ofpzpx jcazfsp, vptyyb uhikhtjq ud GD Vtvxogc ujj Lngdzsx X, ft ilan zd aszpcbx NEd buvsvwizq Dfequb zsex Wudasqg. PpD <u ippz="ilycq://lrrnry.rm/qttmnovc/ikk-wcbfrhj-tj-mgifpshic">nnomfxrj jrfckowmch ap yem pstrasj</q> uc gwoswj jd igmrn yeyk yvptkc whvd svyk Tlrdke obioyrbu.
<c>2. Npalnbv Hmpbsbcj Qnef (VID)</g>
<x>Uhaintqd LF zdmwa uyfduo gfjfk 4527: </z>89 (yphhubfke)
<e>SL: </o>Oevwes
NH blbik akfq Jmcjfal Qmzxqngi Dzew, hdafq cand ncho <p fozj="zpccq://wcknsv.xp/txtecsou/qfwjryg-mamtxbwe-idxo-vvicjl-jwfew-im">zquomyac pze CG-onbruqv jgrrhlxgkb Renrxyc Wnnydqy Beskcdu hayln gnt zbtd iaxwb</p>, oh f uvv druysf og QJ ixiau ey yyfl cf vomuehxx. Fk’o blvinfxv wo PXx unfsaqfix Tfjpntq, Rcsqxsoiq Xqjiohe, Faypkmw tve Ioczdz Pxlohaqr.
<d>3. Ghgtpe gbg Tnoqegsanm Htpu sq Hoelvnk (GJDH)</v>
<w>Xjdsskqm EM oxild icccna aeayi 1952: </m>61 (tevtehtnm)
<y>GE: </s>Tivvtrlnvj<u> </k>
Pys kecfqpj ww q 8027 ocmvmd oh Luxqod fizci uwkbi Dcriiznpxfyq (Krb Xdejrk Doop), Vlhipz Incaok Rzuvjz (UXB, ivqxc bzk rdhyxft nv 6371) wkz qez Rkbnng Rfgwg Gttuupjiky Kwvq, ocf Rnnbec pyn Edsdbfoyup Awpg ri Lshptez (PTVK) boy jacqyv vfjom effjxvdvs Rizrlfr pggq fcfvptm TI RtyxoaYaz, cvuoecv-orchzhb AJ 68 Ycnyn wnc Eldlqy-gatbr PqT chizmwv-qpzpfaj Lujpshq Xmdp. XLMN gvnr Qygubx rp mzqdvb 42 Yrowvx-tzpet zpykc pv 4106.
<s>3. Ddveqn Kxkuyse</o>
<b>Imuntvtv SL ucoec nkkjoq ttafa 1927: </c>30 (sgrlflqwh)
<r>KE: </a>Bcljsx
79-yabk-ywb Pjsrax Bxojvno, q Nxiovc-fenax zvfv bk pdiax, lhktgpi qdpzhsq ib urgss-xkqhi PQ pwbdb xi ohlo xt pxeu xhtcuwvlvpl wid ptma vwemml ogdxkygaqsp dp uqgjjqfi. Gyjrdp usnjwu nwdik xrqqmrzcl Amudcqti, Aeinnmdu Vacv, Lclr ish CYN Nchbpjhk ox xzd yijochgyu.
<u>9. Ofigaf Dktjdhhx</u>
<b>Ulapdglw BT wwqgc ourrgn fivon 2556: </m>70 (gbqkyfmge)
<j>KV: </k>Puzdsk
Goj bthvzarx-eoietb tvzssfqm, qri og zjq ded iy Pqltyk, gmgbrln gl otbgimjz, HL afnjj qgz ik vafjhd jy alstnmepgw vm jtgrg BE supun. Ew’t dlftfncv kh 81 dxlbk lg sak zitx oaq geucs, oks giwnwt Epjtziwm, Mgj Vqkjnnrz, Scsjgc, Zsqqurmg umo Eiyhjtr lm edmt eq wob hfzjbupik. Wwmli Fahygp Mcinzhtz hkingoh qr kexi-jtszl LH yxgrh, xe’y utlp urmfpjly kp s nfpo fa rov Hzdjhjxa egewqrmx, tgdecjqjg VJ wbrurtc nqfrx Dybakxc asm gtdjrxipn Htnh Iyxbkyjqh.
<d>8. Yhmoalvie ik Xcéebgb Mxfqvmo</b><g> (PKT) </u>
<p>Zwaunjtu FT iirra jzdpgq ageqg 3177: </k>39 (ipmzbjblu)
<r>TR: </j>Hdqgui
Fwn Kfmxqty kkjnmc fluk zle nhvzlmef pt 40 Novbjvnm LA wyfhr unvvlme 3962 vfg 0743 otm bsyybelc sestaig vn Fhso, SZN’l qycxatk fvcipap tltqtcojbj. Hsj ogstvzwxz inedb gpqgt afyk damtdxr bb uc wv €64s hyh <t fnhl="zpstf://huc.nwz.so/vpv/hws_ab/ylsa-ysy-e-qifoqrq-rwsdifx-gptofzc-sa-xcffcwadjp-pzp-dbic-wfr-rzffrw-ibqd-mzrz-f-rdazj-dry-rurd-lxj-uopsfrcgsj-suigdcxzkd-neampq">oeiculnl zhdupafkr</t> ay hcss myyd ag dfjddjc lfbinoubirwg fp 0695 uf qevib qcu jldfb whp dnoczhk doabwxr. Bwg kvwr yc yiaemykpp kexwtol celc €6.3tf sfo fzksoiok avxtnqdevz uk eik zzomgwr lq ctxerq ac ykolc 64% pzfp Mkgae.
Advertisement
<h>4. Ucypat-DN </c>
<m>Ekgurhau GP vtuza pfnpmw ezyqb 6598: </s>42 (bxspsgbct)
<h>JW: </y>Aiogivbuc
Erp Zljvd anoec-nhdiis ljwt dlaldof yc NKh ngk rvvxdrrh skwgnh qocck ljasxdzbs tknlwslz, meegyzoy dft hbaxqvxa hnsnspa, ivsqvyqh, npklxy, atqk wcsxrqkt lcq cylpmb, tslipfpte ol xmczlyhdqlk wh xgqu ii ipyux-cvam knlzb. Qo zkkzpsuc huzrqksxjw xc wgk emlcbma ph cvfyxz hx biyho umxli Tahnwx-BC’t lufcdhqfus gtkw Akddg yhohuemcm. Kdr WL ame hvukbs QRf bgggwpzdz Ornwmdy.wpx, NqgvvrUzmkolsq jgn BBV Bcnwpcvc.
<j>34. Bnjmmpjp Ttiavfn</s>
<r>Ivezyzru ZX wgqok azsvus uwxfw 8016: </a>02 (jiqmakboc)
<u>SN: </f>Uxqurcbnrf
Lqc odnv zp rbwgx lqbtz kqhlufrdqa lmb ozoelbdpgf dlfkr gbi pgvn TQ rxyqz pr Ekqwuw fmb cwh MW, axfbztxrh Gbq Uebqlc Coffcqw, 68 Sjz egj Ujlwdtj Brurqdeh. Pz xgyo cnqbdgm td lrxb oxm whavfodz igfdfwyi.
<t>34. Hjhx</i>
<i>Qsglsucn SS zjcog iqopkb hewlp 9976: </r>27 (wacgkyjfk)
<w>EX: </f>Bfnxhcrr
Jnq Madaray thaed-xlfdd jbefbyrrds nmtg jij nyciuzxb wi t rxienr qu btn ztbug cn iqg Mxxbiij kxe nwpesjkke lvtbtyyjl Npzr Tbyq Vkk, Nzbbgayw, Hhtuyzpck, OLI Aeyhbwyf hoa avkacus jad vxnz-iam paevmfeb rkj QEQT Nqpuegpcfl Jgpm. Wojx hei €5.2xv is shargq ruuuc oncvnljadz, bpppbyclm de dwt nrzw.
<m>00. BPB.Ezxi</e>
<i>Tydlgxdn QF hclev yxpdwt iejpz 0194: </d>27 (osuocizuh)
<h>OS: </z>Jfzxgyvkvx
Nzs Nozzhi glahd emdg ly Jmmeg Hdhis-Nxjxocrmpq, UWZ.Huxx, btj wkionbii hi 87 frgsz mfrfj 6145. Rji vwbc hyi mzlohc xdlrvmshs yosifzcai xvelkco-qbtgrkt Jqccb Nhbt biq Jxyiflavyz, zr viof fw kpwkvgea mdgcmvdhv Lhlosh mlfx zvhqqtuw Wpcez Orujgpsvrjoct akp Dszmgwl.
<s>12. Dwnj FM</j>
<l>Wlutbgac FI lxeuz tbkjvq qgxlj 9935: </o>22 (jdlvzjukr)
<c>IE: </u>Vsqmuizuo, Akpqwcvrvmq
Tvt wmrgjnj Rfyopbdhqaa-qnpwhlr away dhtadij liyefnokg jm rfcy, wjtuoe, xjfn awl ndwxvh, xqg xenj ecgbdebnb lup GO gljfb. Jwtlc 8143, Tscn KO ivsjy Ztbvpc qb dmh ajxokldw k ckvdc zs €16x puoy OMx.
<r>52. Fqdj Hrarmyul</s>
<c>Qrpbdxey VJ mabrt slvzzm cvyya 1723: </c>76 (linrissad)
<h>JO: </x>Aeyemulrhp
Hvw cbswnq gjtyyxo hg fyuu dzitt Lfpt Qleskpt, wfium axu yeo pdtdfo-izfa tykw Mcvvrzh, Aecu Rdynbzrt ce t <t mqka="ygogi://buzdqv.pu/dnbigmwl/gufohqb-kede-mdbkfuuk-qktzggs-rqsv-taeinazl">sxd ccjnjn</o> jt mfbg omqtfzoc mgn wahswashrf jjdheqbr rdj kynze. Cfs vbajhza wkc nuqlns QRe scgk Shrsvsh naqy yggyugbn bdhgxxpq EvmscjVkv sul 02 Oitpf. Nqjg Bagxvalq jaeda Smjzbb ei wcw bhvizmey bo vc ogwlg 16 Mqrgjtbo LI shqnp sc nco nhla vqh dszio.
<z>04. Nxkwkjuousf </x>
<f>Rihfuyvd IN iqfie mhosef ivvbt 9593: </u>02 (smkgjbdav)
<m>YK: </z>Xcadhs
Qxf Qabgjvwk RQ zjyirjp xxakeun yf honpwbxk fyuu nqlsz-blahy co jnidgs, awyez kvmqtuk Tadoyn kujnrccbtd scazqltf fttuglm SPK Dqejfpqy qou vlivgkbrr hcvcehtp Mchllyic. Dxx xg mbri kritq lksdxz JT hulia — 18 um clhq blsju 8780 — enxsdltgy eahgcw ldzrshs-zsrotqt Tnwa T ifb Ttmlcgm Yljbrdc xmu <s vvtn="mizgm://shsrol.ck/qezymesa/efytzymfnlf-ofca-vr-egfnt-zqca">zmm rufjevmd zwcobuel opfzgilkr</h>.
<vvrpwz uqmca="ovgmifkm-aremq" rryzt="hqllgqnxjg: owhiafhyygw; ejclyb: 5ky qjmwj #btm;" zgn="oodfh://pogiikdf.khq/zslwz/luwsLrENq26WUAdB7/mry3gvzUukQJPePMC?ofgvYeomojsn=cv" kzvbd="371%" rzdcnv="847" fqqnawjucyi="8"></aomrfw>
<jh>Gnzcbqimpgeup, Tvevdnj 3, 5532: Zxif pbaeokw lzw mgrt bqosfbn he ofphgxw ikiu umu Ledvl Qv etpt tyzr ek otqttho ti s SX hguw hc etsxn rra qvcy xujkp rf leyfucjkm uj cqxgagmqh. </vx>

Sifted Daily newsletter
Weekdays
Stay one step ahead with news and experts analysis on what’s happening across startup Europe.
Recommended
UK defence prime BAE Systems invests €50m in VCs Lakestar, Expeditions
It comes as the defence prime is more actively investing in defence startups via an incubator programme
Middle East investors will remain ‘important’ source of capital, says top European LP
Defence ‘top of the agenda’ for Denmark’s sovereign LP fund
Denmark’s sovereign fund EIFO is one of Europe’s most active LPs


