Fund Modelling Challenges 2025-2026

A community-driven deep dive into the hardest (and least discussed) part of venture capital.

Fund modelling is the quiet backbone of every venture fund - the thing everyone relies on, yet almost nobody openly talks about.

Participate in the Survey

At EUVC, we’ve spent years inside the weeds with GPs, LPs and emerging managers through masterclasses, fund modelling workshops and hundreds of GP–LP conversations.

And the pattern is always the same:

Everyone builds models.

Very few feel confident in them.

Nobody wants to admit it.

So we’re doing what EUVC does best: opening the conversation, gathering the data, and giving the whole ecosystem a clearer signal.
- David Cruz e Silva, Founder

Why This Matters

Whether you’re fundraising, deploying, pacing, or planning follow-ons, your model quietly determines everything:

Fund size = strategy. Get it wrong and you misalign your LP base from day one.
Reserves & pacing. Everyone models it differently; almost everyone regrets it later.
Portfolio construction. Too shallow → luck.
Too concentrated → no room to execute.
Waterfalls. Not just technical plumbing — they determine who actually gets paid.
Liquidity & fees. Until ops are covered, your fund is basically subsidised by your sanity.

These issues show up across GPs, LPs, and emerging managers alike — but because nobody shares their messy assumptions publicly, the whole industry is flying half blind.

This survey is designed to change that.

Share Your Perspective

What We’re Doing

We’re collecting real challenges from across Europe’s venture ecosystem - GPs, LPs, and allocators - to map the biggest friction points in fund modelling today.

Then we’ll share the insights back with the community.

This will feed into:

upcoming EUVC masterclasses
new tools & templates
LP/GP education
and potentially a benchmark report the whole ecosystem can rely on

Because fund modelling isn’t “Excel work.” It’s fund strategy, portfolio theory, and financial reality rolled into one.

Add Your Voice (Takes 3 Minutes)

What’s your biggest challenge when building or reviewing a fund model?

Start the Survey

Your answers won’t vanish into a spreadsheet. They’ll shape what we build next — and help raise the modelling standard for Europe’s venture ecosystem.