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?”

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.

🤗 Join the EUVC Community

Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:

* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.

* On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.

* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe