In my conversations with emerging venture fund managers, I am often asked about the Limited Partner (LP) landscape in Europe. Understanding your prospects is important when you want to raise a fund. But unfortunately, the LP ecosystem is opaque and difficult to navigate. A few structural characteristics are noticeable when analyzing the investor base of European venture funds. They help to explain why fundraising, especially as an emerging manager, is particularly hard on this side of the Atlantic. This post zooms into the status quo of the European LP landscape to discuss its structural problems and negative second-order effects.