Welcome back to another episode of the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.
Today we welcome David Vlerick, Founding Partner at Bluegrass Ventures, to discuss how LP capital can be mobilised with meaning, why a platform approach makes venture more accessible, and what it takes to shift mindsets in a conservative market like Belgium.
Bluegrass Ventures backs top-decile, small-to-mid-sized VC funds globally, while giving investors flexibility and transparency through a platform model. In this conversation, David shares his journey from law and private equity into venture, the philosophy behind Bluegrass, and why he believes primary capital is one of the most powerful forces for shaping a brighter future.
🎧 Here’s what’s covered:
01:00 David’s Path: From law and private equity to launching Bluegrass Ventures.
05:00 Building Bluegrass: Why a platform, why small-to-mid-size funds, and why top-decile track records matter.
08:00 Fund Selection: Unfair advantages, avoiding hype cycles, and sector-focused funds.
15:00 The Person Behind Bluegrass: Travel, poetry, and how fatherhood shapes perspective.
22:00 Risk in VC: Why startups ≠ diversified funds, and what the data says.
27:00 Primary Capital: Fueling the future vs. parking money in secondary markets.
31:00 Belgium’s Culture: From conservatism and PE comfort to embracing venture.
36:00 Platform Model: How Bluegrass balances investor choice with portfolio discipline.
42:00 Venture as Community: High-calibre people, collaborative networks, and optimism.
43:00 Bluegrass’s Mission: Delivering Belgium’s best financial product and moving more money with meaning.
You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).
✍️ Show Notes
Bluegrass Ventures Philosophy
Focus: Small-to-mid-size, top-decile VC funds.
Avoid: Hype-cycle sector bets.
Look for: Proven track record and an unfair advantage (sourcing, winning, managing).
Model: Platform structure → LPs choose funds, or take a fund-of-funds approach.
Primary vs Secondary Capital
Secondary: Buying shares from another investor, money doesn’t go into the company.
Primary: Fuel for companies shaping the future.
David: “Primary capital is more money, more fun, more purpose.”
Why Venture is Misunderstood
People conflate startup risk with fund risk.
In reality, diversified top-decile funds carry negligible risk of loss.
Persistence of performance: good funds tend to stay good.
Belgium’s Cultural Shift
Conservative investor base: family offices comfortable with PE, wary of VC.
Bluegrass’s mission: educate, provide access, and shift capital into venture.
Early traction: many investors backing VC for the first time via Bluegrass.
Takeaways for Founders & VCs
For LPs: Venture funds ≠ startups. Diversified top funds are less risky than most assume.
For Emerging Managers: Demonstrate a clear edge — sourcing, winning, or sector credibility.
For Founders: LP culture is shifting — patient capital is finding its way into venture.
For the Ecosystem: Access matters. Platforms can open doors and channel capital into purposeful innovation.
💡 One-liner takeaway:
David Vlerick’s Bluegrass Ventures is proving that with the right structure, LP money can flow into venture with meaning — delivering returns, purpose, and accessibility.
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