EUVC E661 | Jack Leeney, 7GC: The AI Supercycle, IPO Windows & Europe’s Missing M&A Flywheel
This week, Andreas Munk Holm sits down with Jack Leeney, co-founder of 7GC, the transatlantic growth fund bridging Silicon Valley and Europe and a backer of AI giants like Anthropic, alongside European rising stars Poolside and Fluidstack.
From IPOs at Morgan Stanley to running Telefónica’s US venture arm and now operating a dual-continental fund, Jack shares how 7GC reads the AI supercycle, why infrastructure and platforms win first, and what Europe must fix to unlock the next wave of venture liquidity.
🎧 Here’s what’s covered:
02:00 7GC’s transatlantic model: investing where liquidity lives
05:00 AI’s stack order: infra → platforms → horizontal → vertical
10:40 Hype vs. compute cycles: why this time is different
11:30 OpenAI vs. Anthropic vs. Mistral: the new map of winners
17:40 Llama, open source, and Meta’s defensive play
19:00 European AI bets: Poolside, Fluidstack, and dual-market strategies
22:40 The EU AI Act: noise, nuance, and why customers still decide
26:30 IPOs are back: US windows, European silence
33:00 Liquidity, secondaries, and when 7GC hands stock to LPs
37:40 Europe’s missing link: scaled M&A
43:00 What policymakers and corporates must do next