A coalition of German venture funds launches a new playbook and forum to encourage institutional investors to increase commitments to high-growth startups, seeking to close Europe’s funding gap with the US.
A coalition of 24 of Germany’s leading venture capital funds has launched a new forum and playbook designed to persuade institutional investors to commit more capital to high-growth companies, as the country’s startup ecosystem seeks to close a persistent funding gap with the United States.
The German Venture & Growth Forum brings together investors across Europe with the stated aim of mobilising more growth capital for Germany through structured dialogue between fund managers, institutional allocators and policymakers. At the centre of the initiative is the German Venture & Growth Playbook, which sets out how pension funds, insurers, professional pension schemes and foundations can approach venture and growth investing with market-aligned return expectations.
The launch is being marked at “Future at the table”, a side event to the SuperReturn conference in Berlin, where Federal Minister for Economic Affairs and Energy Katherina Reiche, Martin Blessing, the personal representative of the German chancellor for investments, and KfW chief executive Stefan Wintels are due to appear.
The forum argues that Germany’s main limitation is not industrial capability or talent, but access to capital. It says institutional investors in the country manage about €2.8 trillion, a pool that could direct materially more money into venture and growth strategies even with only low single-digit allocations. The playbook says that, with the right structure, as much as €15 billion in private capital could be channelled annually into German growth companies.
The campaign comes at a time when Europe remains heavily reliant on US money for its biggest startup rounds. The German Trade and Invest agency has said 41% of financing rounds above €100 million for European startups are backed by US capital, while 34% of funding for German startups comes from the US.
The playbook is intended to lower the barrier for investors who lack specialist venture teams. It outlines three main routes into the asset class: single funds, which provide direct exposure to a concentrated portfolio of companies; funds of funds, which spread risk across multiple managers; and co-investments, which allow investors to back individual deals alongside lead investors.
Single-fund strategies, the forum says, can offer access to a focused portfolio of around 20 to 30 companies, with general partners closely involved from early development through exit. Funds of funds, by contrast, can outsource manager selection and due diligence, while co-investments give institutional investors more direct exposure and potentially lower fees.
Supporters of the initiative say the stakes extend well beyond portfolio construction. Alexander Kudlich, an investor involved in the forum, said the widening economic gap between the United States and Europe is largely driven by a shortage of growth capital. Christian Nagel of Earlybird said the next generation of German founders could build major businesses in areas including artificial intelligence, fusion energy, robotics, quantum technologies, defence and space, if they can access the resources to scale. Dr Tanja Emmerling of High-Tech Gründerfonds said the aim is to create a stronger capital structure that supports innovation, startups, growth companies and eventual listings in Germany and Europe.
The broader case for the asset class is being made on both economic and financial grounds. The forum points out that venture-backed companies represent a large share of the world’s most valuable businesses and employ millions globally. It also argues that startup ecosystems can create substantial additional jobs and market value if capital is available.
KfW Research has long said that Germany’s venture market has matured, but still trails the most developed international ecosystems. Against that backdrop, the new coalition is trying to make a practical case for institutional participation rather than relying on policy rhetoric alone.
For Germany’s venture community, the message is clear: the country has the companies, the engineering base and the talent. What it lacks, according to the new forum, is a deeper domestic pool of growth capital.
- https://tech.eu/2026/06/08/german-vc-coalition-calls-for-institutional-capital-shift-to-power-next-generation-of-growth-companies/ – Please view link – unable to able to access data
- https://www.gvgf.de/ – The German Venture & Growth Forum (GVGF) is a coalition of 24 leading venture and growth funds across Europe. The forum aims to mobilise growth capital for Germany by facilitating structured dialogue among institutional investors, German VC players, and political decision-makers. Central to its mission is the German Venture & Growth Playbook, which provides guidance on strategic allocation to venture and growth, portfolio construction, and the current market landscape. The playbook is designed for insurers, pension funds, and foundations seeking to invest in venture capital.
- https://www.gtai.de/en/invest/business-location-germany/german-vc-companies-to-mobilize-eur-15-billion-2003252 – Germany’s leading venture capital investors have formed the German Venture & Growth Forum, aiming to raise €15 billion annually for start-ups. The initiative includes a playbook to guide institutional investors on investing in venture capital, with the goal of achieving a level of autonomy similar to the United States in this area. Currently, 41% of €100 million-plus financing rounds for European start-ups come from the US, with 34% of investment funding for German start-ups originating from the US.
- https://www.kfw.de/About-KfW/KfW-Research/Dossier-Venture-Capital.html – KfW Research provides insights into the German venture capital ecosystem, highlighting its role in financing start-ups and fostering economic competitiveness. The research indicates that while the German venture capital market has matured, it still lags behind international standards. KfW Research offers publications and a quarterly barometer on business sentiment among German investors, as well as a dashboard on the development of the German venture capital market.
- https://uk.marketscreener.com/news/wanted-billions-in-venture-capital-to-fuel-growth-ce7f5dd3d88bf525 – Germany’s venture capital scene, supported by the federal government, is courting major financial market players. In a strategy paper presented at the ‘Super Return’ investor conference in Berlin, 24 funds and investors argue that €15 billion in annual venture capital for promising start-ups could reignite German economic growth after years of stagnation. The primary targets are major asset managers and institutional investors, with the initiative highlighting the need for increased venture capital to fuel growth.
- https://www.heuking.de/en/landingpages/the-venture-capital-playbook.html – The Venture Capital Playbook, authored by Angela De Giacomo in cooperation with HEUKING and ‘wir – Das Magazin für Unternehmerfamilien’, is a practical handbook designed to assist families and family offices in successful startup investments. The playbook provides in-depth legal expertise and practical tools for venture capital investments, aligning closely with the content presented in the book. It offers insights into strategic asset allocation and guidance on avoiding costly mistakes while seizing opportunities in venture capital.
- https://www.startuprad.io/post/german-venture-capital-in-q1-2025-dealflow-quality-rises-amid-exit-anxiety-and-fundraising-chill – In Q1 2025, German venture capital deal quality improved, even as overall deal volume remained below peak levels. This analysis examines the shift from quantity to quality in the German VC market, covering sectors that attracted the most concentrated capital, how investor selectivity is reshaping the funding landscape, and what founders should expect from a market that increasingly favours proven metrics over growth narratives. The report highlights the evolving dynamics of the German venture capital ecosystem.
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The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article was published on June 8, 2026, and reports on events occurring on the same date, indicating high freshness. No evidence of recycled or outdated content was found.
Quotes check
Score:
8
Notes:
The article includes direct quotes from individuals such as Katherina Reiche, Martin Blessing, and Stefan Wintels. While these quotes are attributed, their earliest known usage could not be independently verified, raising concerns about their originality. The lack of verifiable sources for these quotes suggests they may be part of a press release or promotional material.
Source reliability
Score:
7
Notes:
The article originates from Tech.eu, a reputable source within the European tech industry. However, the reliance on a single source without cross-referencing with other independent outlets limits the verification of the information presented.
Plausibility check
Score:
9
Notes:
The claims made in the article align with known industry trends and the current state of the German venture capital ecosystem. However, the absence of independent verification and reliance on a single source raise questions about the accuracy and completeness of the information.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information on the launch of the German Venture and Growth Forum and the publication of the German Venture & Growth Playbook. However, the reliance on a single source without independent verification, the inability to verify the originality of direct quotes, and the lack of cross-referencing with other reputable outlets raise significant concerns about the accuracy and reliability of the information presented. Given these issues, the content cannot be fully verified, and publishing it carries inherent risks.