Although many of Europe’s most active limited partner (LP) investors are homegrown — like the public-private EU backer the European Investment Fund — several of the US’s largest LPs have spied opportunity across the Atlantic, actively investing in some of Europe’s best-known VC funds in recent years.
The LP landscape in the US is very different from Europe: big university endowments and pension funds dominate American VC funds’ coffers, whereas in Europe most funding comes from state and government backers.
But the EU ecosystem has grown: there are now over 4,000 active funds in Europe, though that figure has fallen from its peak in 2022 — and some US LPs have helped fund some of Europe’s biggest fundraises in 2024.
Sifted found a number of US-based LPs investing in European venture, using PitchBook data from 2019-2025 and other research. We reached out to or independently confirmed the holdings of each LP through websites, tax filings and reports; not every LP responded to Sifted’s request.
If you know of an LP missing from this list, get in touch: anne@sifted.eu. We will be updating the list.
University of Michigan Endowment
HQ: Ann Arbor, Michigan
LP type: Endowment
The roughly $19bn endowment is one of the largest in the US, and has been investing in European VC for years. The endowment has backed a number of staid as well as up-and-coming European VCs, including global investor Accel, which has had a London presence since 2000, British AI-focused firm Air Street Capital, and London-based Plural.
Alaska Permanent Fund Corporation
HQ: Juneau, Alaska
LP type: State fund
The state-owned fund has invested into some European VC heavy-hitters, like German multi-stage venture firm HV Capital — including its latest, and ninth, €700m fund in 2023 — and Creandum, which has offices in Stockholm, Berlin, London and San Francisco, in its €500m fund last year. It has also backed numerous funds managed by Index Ventures, which is dual headquartered in London and San Francisco.
The Juneau-based fund has nearly $81bn in assets under management as of January 2025, according to its site.
California Public Employees Retirement System (CalPERS)
HQ: Sacramento, California
LP type: Pension fund
The California Public Employees Retirement System, which it says is the US’s largest public pension fund, has invested in London-based multi-stage firm Balderton Capital’s two big 2024 fundraises, when it raised a $615m early-stage fund and a $685m growth fund, together making up the largest sum raised to invest solely in European startups.
The LP also invested in European biotech and life sciences investor Forbion’s recent €164.5m fund announced this year; the VC was originally a venture arm of Dutch bank ABN AMRO, before spinning out as an independent firm in 2006.
MacArthur Foundation
HQ: Chicago, Illinois
LP type: Foundation
The foundation of American insurance tycoon John Donald MacArthur and his wife Catherine MacArthur has backed several of London-based Celonis and Wolt-backer 83North’s funds, as well as several of Index Ventures’s funds, the LP confirmed to Sifted. It’s invested in at least 9 European funds since 2017.
Massachusetts Pension Reserves Investment Trust
HQ: Boston, Massachusetts
LP type: Pension fund
MassPRIM, for short, confirmed to Sifted that it’s made 8 new fund commitments in the last five years to European funds. MassPRIM has backed Index Ventures. According to its most recent financial statement, it had over $105bn in assets under management.
Unbound Philanthropy
HQ: New York, New York
LP type: Foundation
The New York-based foundation, which focuses on funding climate and migrant causes, has invested into a couple of Berlin-based VC Cherry Ventures’ funds, including its €300m seed fund in 2022, according to tax filings.
Nevada Public Employees’ Retirement System
HQ: Las Vegas and Carson City, Nevada
LP type: Pension fund
The Nevada-based pension fund, NVPERS for short, has invested into Berlin-based HV Capital’s funds, according to reports and PitchBook data.
Adams Street Partners
HQ: Chicago, Illinois
LP type: Fund of funds
The Chicago-based fund of funds has backed at least 50 European funds, investing at least $1.5bn, Europe partner Ross Morrison told Sifted in February of 2024. Though the LP largely keeps mum about its investments, it appears recipients include Accel and Index Ventures (where Morrison sits on the advisory board), as well as Balderton Capital, according to PitchBook data. Adams Street Partners declined to comment on its holdings.
