Welcome back to another episode of the EUVC Podcast. Today, we’re thrilled to feature Leyla Holterud, partner at Vintage Investment Partners.
Many will know Leyla from her years at StepStone, where she helped shape venture growth strategy across EMEA. Now at Vintage, she’s helping deploy $4.3B from a global multi-strategy platform spanning fund-of-funds, growth, and secondaries with a renewed focus on Europe and a newly launched London office.
Here what’s covered:
00:45 Why Vintage: Doubling Down on Europe
02:05 How European VC Has Evolved Over the Last Decade
04:48 The Barbell Debate: Fund Size vs Strategy
06:54 What Actually Makes a Venture Fund Succeed
12:52 How AI Is Reshaping Fund Strategy & Fund Sizes
13:39 What Defines a True Multi-Strategy Platform VC
16:06 Can Seed Managers Successfully Grow into Growth?
18:24 What Makes a Great VC Founder (How Vintage Underwrites Managers)
21:48 How Vintage Approaches Emerging Managers
23:02 Sector Heat: AI, FinTech & Energy in Europe
25:57 When Specialization Works (and When It Doesn’t)
30:38 What Global LPs Really Think About Europe
35:15 The Power of Combining FoF, Growth & Secondaries
38:54 How Vintage Navigates Data, AI & Portfolio Depth
40:47 Europe’s Growth Capital Debate (US vs EU)
You can listen to the full episode on Apple Podcasts and Spotify 🎧
From StepStone to Vintage: A Strategic Move
When asked about her decision to join Vintage, Leyla explained it was the right time to focus on the European ecosystem.
“Vintage has a similar thesis to mine, and I really love the team. It was a great opportunity to join a very smart and experienced group,” she said.
This move places Leyla at the intersection of fund-of-funds growth, secondaries, and venture investing, allowing her to observe Europe’s venture market from a unique perspective.
The Evolution of European Venture
Leyla has been investing in European VC for over a decade and has witnessed significant changes:
Europe’s share of global venture capital has grown to over one-third of U.S. volume.
Following the 2022 market reset, European investment contracted less than in the U.S., demonstrating resilience.
Unicorn numbers have quadrupled, fueled by emerging “founder factories” and stronger, stickier funding.
“It all comes together for something very interesting. The fundamentals are stronger now, and the ecosystem is genuinely globally relevant,” Leyla said.
The Barbell Debate: Fund Sizes in Europe
The so-called “barbell” of European venture characterized by very large funds and very small ones, with mid-sized funds struggling is a recurring topic. Leyla offered a nuanced take:
Fund size alone does not determine success.
Success depends on the individuals managing the fund, their strategy, and their ability to access top founders.
Smaller funds can outperform large ones if well-executed, and vice versa.
“At the end of the day, we back individuals with an unfair advantage to access the best founders. That’s more important than fund size,” she emphasized.
Platform Funds and Growth-Stage Investing
Leyla discussed what it takes to build successful multi-strategy platform funds:
Exceptional individuals with domain expertise, operator experience, or board experience.
Early identification of trends and emerging technologies.
Strong platform support for portfolio companies, from hiring to enterprise sales.
Transitioning from seed to growth-stage investing is possible but requires dedicated teams and strategic hiring. For Vintage, this multi-stage capability allows deep involvement across portfolio companies.
Underwriting Managers: What Makes a VC Founder Unique
Evaluating a fund manager, Leyla noted, is similar to evaluating a tech founder:
Track record: Angel investments, operational experience, or prior fund experience.
Character and ambition: Hungry, transparent, long-term partnership potential.
Ability to pick top companies: Insight into who can scale and succeed.
Vintage invests in both emerging managers and large platforms, identifying the next generation of outstanding fund managers.
Sector Focus: AI, FinTech, and Energy
Leyla highlighted sectors driving European VC today:
AI: Especially at the application and infrastructure integration layers.
FinTech: Enabled further by AI technologies.
Energy: Aging infrastructure presents opportunities.
She notes that generalist strategies often outperform unless there’s a clear standalone opportunity justifying specialization.
European Regulation and the Global Venture Perspective
Regulatory complexity in Europe can act as both a moat and a challenge. GDPR and climate regulations, for example, are competitive advantages for local companies that navigate them successfully.
Leyla sees European growth as increasingly attractive to large-scale LPs, with Europe now consistently representing 30–40% of the global venture ecosystem.
The Power of Combining Fund-of-Funds, Growth, and Secondaries
Vintage’s multi-pronged strategy allows:
LPs to access top-tier managers and emerging funds.
Portfolio companies to receive capital support and operational guidance.
Secondary investments to provide liquidity solutions in a market where companies stay private longer.
“Having all three capabilities makes us a very valuable partner to everyone in the ecosystem,” Leyla said.
Looking Ahead: Vintage in 10 Years
When asked to envision Vintage’s success over the next decade, Leyla hopes:
The firm will maintain its recognition as a trusted, collaborative partner.
They will continue to support emerging and established managers across the Globe, and specifically in Europe.
They will help European entrepreneurs thrive and unlock more capital and DPI for LPs, GPs, and builders.
“Building the UK presence is just a first step. Our goal is to be a long-term, meaningful contributor to the ecosystem,” Leyla concluded.
