EUVC SV | E502 | Joe Schorge, Isomer Capital — Unlocking European Liquidity, Secondaries as a Catalyst & Why Predictive Power is a Myth
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Jun 25, 2025 Joe Schorge, founder of Isomer Capital, dives into the evolving landscape of European venture capital. He discusses the new proactive approach to secondaries and what true liquidity means today. Joe reflects on the influence of macroeconomic factors on exit timelines and the rising importance of diversification for long-term portfolio health. He emphasizes that while growth persists, predicting market movements is an illusion. Aspiring LPs are offered invaluable insights into navigating this complex ecosystem with wisdom and a sprinkle of humor.
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Paper Gains vs Real Liquidity
- The European tech ecosystem holds great gains but lacks liquidity for practical returns.
- Joe highlights that "it's not a return until you can buy a beer with it," emphasizing real cash flow matters.
Exit Market Closure and Optimism
- Venture exit markets remain mostly closed due to macro uncertainty and political factors like tariffs.
- Joe remains optimistic that exits will return once macro stability is restored, backed by strong company growth.
Tech Demand Outlasts Cycles
- The need for technology continues to grow despite capital market cycles.
- Venture will see exits once stability returns, reflecting years of prior company building.