Amidst tariff uncertainty and AI-fication of everything, Europe’s private capital landscape continues to demonstrate remarkable resilience and innovation. According to PitchBook’s 2024 Annual Manager Performance Score League Tables, European VCs and PEs are not just competing on the global stage; they’re leading it.
Using a methodology that accounts for strategy, performance and fund maturity, PitchBook’s performance scores are a peek into how fund families perform relative to their peer groups. With scores ranging from 0-100 (where 50 represents neutral performance), the top European performers are significantly outpacing their benchmarks and setting new standards for excellence in private capital management.
Top 5 Dutch VCs in Europe
With its strategic location, strong technology sector, and investor sentiment, the Netherlands has always held a dominant position in European venture capital. While Amsterdam remains a popular hub for tech investment, the likes of Leiden, Eindhoven, Delft, Rotterdam, Utrecht, and others have caught up. The success of venture capital investors like Cottonwood Technology Fund should not come as a surprise.
The Dutch VCs are not only backing the most important startups in the Netherlands, but they are also supporting technologies that will play an important role in European tech sovereignty. Here are the top 5 Dutch VCs in Europe.
Cottonwood Technology Fund
| Image Credit: Cottonwood
With an impressive score of 77.6 on PitchBook’s 2024 Annual Manager Performance Score League Tables, Cottonwood Technology Fund not only scores big but also stands out as an elite VC firm in Europe. Its technology focus aligns perfectly with the Netherlands’ deeptech innovation strengths, and it fundamentally believes in the fact that an economy cannot sustain without early-stage VCs. Its portfolio companies, like Q*Bird, Keiron, Sencure, Flexiramics, Reyedar show the ability of the Dutch VC to bring unique IPs to the market. By backing inPhocal and Orange Quantum Systems, it is becoming a vital cog in the country’s vision to become a deep tech champion.
A specialist in life sciences, Naarden-based BioGeneration Ventures plays a key role in turning the Netherlands into a strong player in Europe’s biotechnology landscape. It has an impressive score of 72.8, and it backed Leiden-based Azafaros in 2018, which had one of the biggest funding rounds of 2025. Founded in 2006, the firm is known for investing in early-stage companies in life sciences, medical, and healthcare sectors. BGV was an early investor in European biotech company Acerta Pharma, whose cancer drug Calquence® (acalabrutinib) gained FDA approval and was consequently acquired by AstraZeneca for $7B. Its portfolio includes Azafaros, Avidicure, Confo Therapeutics, Scenic Biotech, etc.
With 93 investments and 44 exits, Newion is a VC firm that prefers to invest in early-stage software companies with HQ in northwest Europe. Based in Amsterdam, the VC firm was founded in 2000, and its recent investments include Nuwacom, Koppla, Churned, Neople, Parloa, Alleo, airfocus, and PartsCloud. Newion emphasises long-term partnerships and works closely with its portfolio companies to help them scale sustainably. The firm has a strong track record of identifying high-potential software startups early in their journey. Its disciplined investment approach and deep domain expertise have made it a respected name in the European venture scene.
Amsterdam-based HenQ prides itself as the early-stage backer for the odd ones out in B2B software. With a performance score of 65.8, it continues to play an important role in the Dutch venture capital ecosystem, supporting innovative startups and growth-stage companies. It has backed unicorn Mews, and its portfolio company Sendcloud is widely considered a future unicorn. HenQ maintains a contrarian philosophy, often investing in overlooked founders with unconventional ideas. The firm provides hands-on support while encouraging founder autonomy and bold experimentation. Its dedication to unique B2B startups has helped shape several standout companies in Europe’s tech landscape.
Prime Ventures rounds out the top five Dutch VCs with a performance score of 61.1. The score has earned one of the Netherlands’ oldest VC firms a bronze badge. It was known for its successful backing of companies like Thuisbezorgd.nl and Mendix. Its focus on advanced-stage tech companies and maximising returns from its existing portfolio means the VC firm is well positioned to navigate the changing landscape of the VC market. However, Prime Ventures communicated this year that they will cancel their investment activities because late-stage software companies are overvalued.
The dominance of Dutch firms in European VC rankings highlights the Netherlands’ exceptional ecosystem for venture capital investment, combining strong deal flow, experienced management teams, and favourable market conditions that continue to attract global investors seeking superior returns.
Top 10 VC and PE in EuropeRed Dot Capital Partners | VC | Israel | Score – 90.4
With a performance score of 90.4, Red Dot Capital Partners leads the European venture capital rankings. Based in Israel, this VC firm has not only established itself as the continent’s premier VC firm but has also delivered exceptional returns. PitchBook places it in the gold badge tier, representing the top 10 per cent of performers within the strategy category.
VIA Equity | PE | Denmark | Score – 83.1
Denmark’s VIA Equity takes the crown in European private equity with a stellar performance score of 83.1. This Copenhagen-based firm has proven that Nordic investors can compete with the best globally, demonstrating exceptional skill in identifying and nurturing growth opportunities across European markets.
4BIO Capital | VC | UK | Score – 81.9
Managed by 4BIO Capital, 4BIO Ventures in the UK secures the third position with a performance score of 81.9. A specialist in life sciences investments, this firm has capitalised on Europe’s robust biotech sector, delivering substantial returns to investors while supporting groundbreaking life sciences innovations.
CapVest Partners | PE | UK | Score – 79.3
With a performance score of 79.3, CapVest Partners closely follows 4BIO Capital, demonstrating the strength of the UK’s private equity sector. The firm’s strategic approach to middle-market investments has consistently generated superior returns, making it one of Europe’s most reliable private equity players.
Alain Le Loux is a General Partner at Cottonwood Technology Fund | Image Credit: CottonwoodCottonwood Technology Fund | VC | Netherlands | Score – 77.6
The Netherlands’ Cottonwood Technology Fund is one of three VC firms in Europe to earn the “Golden Badge” from PitchBook. Based in Enschede, this Dutch VC firm has helped many founders bring their deep tech ideas to life with its early-stage backing and foundational export. Its technology investments are a testament to the Netherlands’ position as a major tech hub in Europe.
BlueYard Capital | VC | Germany | Score – 77.2
Germany’s BlueYard Capital, operating under the BY Capital fund, has achieved a performance score of 77.2. The Berlin-based firm has successfully navigated the German startup ecosystem, backing innovative companies that have delivered substantial returns to investors.
Momenta Ventures | VC | Switzerland | Score – 75.8
Switzerland’s Momenta Ventures, through their Digital Industry Fund, has earned a performance score of 75.8. The firm’s focus on digital transformation and industrial technology has proven highly successful in the Swiss market and beyond.
BioGeneration Ventures | VC | Netherlands | Score – 72.8
Another strong performer from the Netherlands, BioGeneration Ventures has achieved a score of 72.8. Specializing in life sciences and biotechnology investments, the firm has contributed to the Netherlands’ reputation as a leading biotech investment destination.
Down 2 Earth Capital | PE | Belgium | Score – 71.8
Belgium’s Down 2 Earth Capital has secured a performance score of 71.8 in the private equity space. This Brussels-based firm has demonstrated consistent excellence in identifying and developing investment opportunities across European markets.
Fortissimo Capital | PE | Israel | Score – 71.3
Completing the top 10, Israel’s Fortissimo Capital has achieved a performance score of 71.3 in the private equity sector. The firm’s strong performance underscores Israel’s growing prominence in the global private capital ecosystem.