E554 | Joe Schorge, Isomer Capital: Winning in European Secondaries (EUVC Summit 2025)

Aug 22, 2025

Joe Schorge, founder and managing partner of Isomer Capital, shares his insights on the European venture capital landscape at the EUVC Summit 2025. He presents a metaphor of orchards, emphasizing the abundance of high-quality startup potential in Europe. Joe discusses the importance of secondary markets in facilitating exits and liquidity for GPs and LPs. He urges investors to adapt by loosening restrictions on secondary transactions. With more assets available than ever, he highlights that secondaries are crucial for progress, not merely shortcuts.

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ANECDOTE

The Farming Metaphor That Framed The Talk

Joe opens with a farming metaphor asking the audience to picture orchards and ripening fruit.
He uses that image to frame European venture as a harvest ready to be managed and sold.

INSIGHT

Europe's Record Crop Of Venture Companies

European VC has produced an unprecedented volume and variety of high-quality companies over the past 12–14 years.
That maturity now creates a large pool of assets that are ready for exit when markets reopen.

INSIGHT

Exit Windows Have Closed For Years

Exit markets have been mostly closed for almost three years, creating a backlog of companies awaiting liquidity.
That gap is the core reason secondaries are now a crucial part of the ecosystem.

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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?”

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 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

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.

“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.

Planting Was Easy. Harvesting Is Hard.The European Secondary Market: Why Now?Where to Begin?A New Era of Venture Hygiene