Happy last weeks of summer!
As we gear up for a busy return after the holidays, we wanted to spotlight a growing trend in venture capital: the rise of solo GPs.
Unlike traditional VC firms with multiple layers of partners and investment committees, solo GPs run lean and move fast, backing companies based on one person’s conviction. In Europe, they’re beginning to play a larger role—spotting opportunities earlier, taking bets others might avoid, and adding a more personal touch to how capital gets deployed. (On the flip side, some LPs remain cautious: entrusting an entire fund to a single decision-maker can feel like putting all their eggs in one basket).
After our conversation with Francesco Perticarari, solo GP and founder of Silicon Roundabout Ventures, it’s clear why this model deserves more attention.
“Being solo means I have no one to cry with,” he laughs. “You do it all. Fundraising, due diligence, LP calls, travel, research… but I love it.”
The rise of solo GPs across the world.
In recent years, solo GPs have become a growing trend in the venture capital sector. In 2024, nine large US venture firms raised more than half of all new capital, while emerging managers secured only about 20% of the total, down from nearly 50% in 2017.
In Europe, the number of first-time fund announcements dropped to 34 in 2024, a 50% decline from 2022. Fundraising timelines have lengthened, with the industry average now at 15 months, and solo GPs often report even longer processes with low conversion rates from prospective LPs.
This trend has led many high-profile investors to leave large venture firms to launch their own funds. In 2024, Sequoia’s Matt Miller and Two Sigma’s Villi Iltchev announced solo ventures, while Elad Gil became the first solo GP to raise a billion-dollar fund.
In Europe, we recently had:
Robin Haak, a former founder and ex-GP at Revaia Capital, founded Robin Capital.
Gloria Bäuerlein, a VC turned operator and angel investor, founded Puzzle Ventures (the first female solo GP fund).
Maria Rotilu, a former investor at Octopus Ventures, Oxford Seed Fund, and Hustle Fund, founded Openseed.
Anthony Danon, who co-founded Cocoa with Carmen Alfonso Rico, has recently launched Rerail.
… and many more others that you can check out here.
With IPO markets closed and recent fund vintages underperforming, LPs have concentrated their commitments with a small group of established firms. This has made raising a solo GP fund extremely difficult.
However, brave souls are out there, and some of the first-time fund announcements that we have seen in the first half of this year are coming from solo GPs.
Smaller funds have an economic advantage.
Research, including data tracked by Carta, shows that smaller VC funds tend to produce stronger return multiples than larger ones across most vintages. The math works in their favor: even a relatively modest exit can return the entire fund.
For example, a $10 million fund writing a $350,000 check for a 7% stake in a seed-stage startup could see that single investment return the full fund if the company exits at $50 million. This return profile makes solo GP-led funds appealing to LPs who are seeking high-conviction bets, specialization in niche sectors, and the potential for outsized performance relative to larger vehicles.
Last, but not least, with a solo GP, accountability is direct and personal; the individual GP’s reputation, track record, and decision-making are on the line. There’s no diffusion of responsibility across a partnership, and LPs know exactly who is sourcing deals, making investment decisions, and managing relationships with founders.
🎧 Podcast Spotlight | Building the Anti-Hype Fund
Francesco isn’t your typical investor; he started from code, built Europe’s largest deep tech community with 15,000+ members, and backed frontier tech founders long before they were on anyone’s radar.
Now, he’s running a £5M solo GP microfund backed by Molten Ventures, unicorn founders, and seasoned angels—doubling down on “unfashionable” deep tech bets across computing, photonics, defense, and climate infrastructure.
Francesco shares what it really means to operate as a solo GP, why microfunds matter for Europe’s innovation future, and how conviction, not consensus, drives his approach.
Key insights from the episode:
The solo GP edge – Running lean means speed, conviction, and no committees. Francesco explains why making the call yourself can be a competitive advantage—despite the challenges of doing it all.
Betting on the unfashionable – From photonic computing to defense tech, Francesco invests in startups the crowd overlooks, often before a round even exists.
Microfunds as VC’s R&D arm – Small funds take the early risks others won’t, spotting trends before they hit the mainstream.
Europe’s VC problem – Why overreliance on public money, bureaucracy, and “hype-driven” investing is holding back the continent’s frontier tech.
From peace marches to defense tech – Francesco opens up about his shift from peace activism to investing in defense startups—why he now believes strength can be a path to peace.
No more bullsh*t – A straight talk on why Europe needs more conviction-driven fund managers and LPs willing to back the weird, the hard, and the non-obvious.
🚀 Backing the Bold at 0100 International: Why LPs Are Backing Emerging VC Managers
At 0100 International, we’ll explore why limited partners (LPs) are increasingly allocating capital to emerging VC managers—from first- and second-time funds to the new wave of solo GPs redefining the model.
This fireside chat will unpack what makes these managers stand out, how LPs assess long-term success, and the qualities they look for before writing that first check.
Expect insights on:
What drives LPs to trust new managers with capital?
How solo GPs fit into the larger emerging managers landscape.
Why this new wave may be key to Europe’s venture future.
More speakers are to be announced soon!
🌍 Across the Ecosystem | News & Useful Resources for You
We’re not the only ones paying close attention to the rise of solo GPs in today’s venture landscape. Solo GPs, once seen as a niche or an extension of angel investing, are now shaping early-stage deal flow, competing with the largest firms, and redefining what it means to run a fund.
Here are some more insights and resources about the emerging trend of solo GPs from the ecosystem:
🗞️ News | Solo GPs: why you probably shouldn't raise a fund
Raising a solo GP fund has become increasingly difficult in the current market. As an alternative, deal-by-deal (DBD) investing has become a practical path for solo GPs.
Through special purpose vehicles (SPVs), they syndicate individual investments to LPs, offering flexibility, faster portfolio building, and lower costs for managers compared to raising a traditional fund.
🎙️Podcast | Why Solo GPs Are Europe’s Secret Weapon
In this episode of the EUVC Podcast, Andreas Munk Holm speaks with Sarah Drinkwater, Founding Partner at Common Magic, and Anthony Danon, Founder at Rerail, about the growing role of solo GPs and micro funds in Europe.
They explore why smaller, conviction-driven funds are resonating with founders, how syndication and “headless rounds” are changing early-stage dynamics, and the shift from angel investing to structured fund management.