This podcast episode explores the challenges of raising funds in the European ecosystem and the importance of transparency and honesty in the investment industry. It discusses the fund-to-fund model and the difficulties faced by emerging managers in fundraising. The episode also highlights the significance of consistency, network-building, and brand-building in early-stage investing. Additionally, it addresses the rise of funder funds in Europe and the need for a competitive private ecosystem to support emerging managers. The speaker emphasizes their preference for backing emerging managers and their belief in democratizing access to the venture ecosystem.