At EUVC Summit 2025, Joe Schorge of Isomer Capital didn’t come with slides—he came with a metaphor. And it stuck.
He asked the room to imagine orchards of fruit. Not just apples or oranges, but a whole harvest cultivated over 12 to 14 years. Venture-backed companies. GPs. Fund positions. GP stakes. A record crop, grown with care across the UK and Europe.
“We’ve never had this much high-quality fruit in European venture. The question now is—how do we get it to market?”
E554 | EUVC Summit 2025 | Joe Schorge, Isomer Capital: Winning in European Secondaries
EUVC · Episode
Planting was easy. Harvesting is hard.
For years, Europe has been laser-focused on planting:
→ Backing great founders;
→ Building great firms;
→ Cultivating portfolios patiently.
But as Joe reminded the audience:
“People expected the fruit to somehow sell itself. But we’ve learned: exits aren’t automatic. Distribution isn’t easy. And not everyone has the truck to move a watermelon.”
Secondaries aren’t just a workaround. They’re a solution. Partial or full sales, done right, serve founders, GPs, and LPs alike.
The European secondary market: why now?
The market is waking up:
There’s more to buy than ever before: mature companies, vintage funds, GP stakes;
There’s more to sell than ever before: GPs needing liquidity, LPs rebalancing;
There’s more need than ever before: LPs want DPI, not just IRR.
“We’re all running 10-year funds. Buy-and-hold sounds noble, but LPs want cash back. And founders want momentum.”
Joe’s message to LPs?
→ Loosen your restrictions on secondary transactions;
→ Back the capital that makes liquidity possible;
→ Recognize that secondaries are a tool for progress, not shortcuts.
Where to begin?
Joe kept it simple:
Educate yourself – There’s a wealth of info online. Learn the mechanics and the nuance.
Look at your own portfolio – Where’s the fruit starting to ripen?
Talk to players in the space – From Isomer to a new wave of specialized secondary platforms, this market is growing fast.
A new era of venture hygiene
“Let’s harvest, replant, and build the future together.”
Secondaries aren’t just about exits. They’re about creating circulation, maturity, and movement in a market that’s ready for it.
European venture has planted well. Now it’s time to harvest with discipline—and get ready to sow the next cycle with even more conviction.
