Supported by NATO Innovation Fund and European Commission
About the Project
The Pension Fund Project is a year-round industry initiative of Venture Connections and European Women in VC, dedicated to one question:
how European and UK pension capital reaches the companies building Europe's future. Europe's pension and insurance pools hold some €13 trillion.
Around 0.1% of it reaches venture capital. Yet European venture has returned 20.8% net per year over the past decade, ahead of North America's 18.2%, and Europe's VC-backed companies are now worth €3.7 trillion. An allocation of just 2% would transform the flow of capital into European innovation.
The Project builds the evidence and the dialogue to close that gap. Its activities include independent research and an annual report, case studies of European companies built with venture and growth capital, closed-door workshops with pension fund managers, and convenings with policymakers in Brussels and London,
including the annual launch at the European Commission and the European Pensions and Growth Forum.
All investment decisions rest with the institutions themselves; the Project's role is knowledge, evidence and connection.
What we’ve done so far
.jpg)
.jpg)
.avif)
.avif)
.avif)
.avif)
Where Pension Investment meets Venture and Growth Capital
We take the argument to the rooms where allocation decisions are made, from closed-door sessions with pension fund managers to pension symposiums to European Commission, the office of the UK Chancellor and the European Parliament.
.jpg)
Be part of the 2026 edition | Brussels, November 2026
Join pension funds, policymakers, and Europe's leading investors and shape the future of long-term capital in Europe.
.png)
Europe’s Opportunity
Europe’s innovation economy faces a capital paradox. Despite global leadership in science and technology, European startups often lack access to the long-term capital needed to scale. Pension systems still rely heavily on pay-as-you-go models, leaving few investable assets.
The Draghi Report on European competitiveness made it clear: without stronger participation from institutional investors, Europe risks losing ground in the global race for innovation.
The data confirms it, while European startups can raise significant early rounds, far fewer reach unicorn scale compared to their US peers. The gap widens as funding amounts increase.
Discover the world of Venture & Growth Capital
Real companies, real returns, and the value creation that pension capital makes possible. Each case shows what European/UK venture and growth capital builds: the jobs, the technology, and the companies competing globally.
University project turned into a €12bn space-intelligence champion used by armed forces, governments, insurers and disaster-response teams worldwide.
Sector: Space Tech/Dual-Use
Backed by: ScaleUp Europe/EQT, Nokia, Qatar Investment Authority, TCV,Solidium, Tesi, Keva, Varma, Ilmarinen
Present your case in the 2026 edition
Venture and growth funds from across Europe and the UK are invited to present one investment case in the 2026 Pension Fund Project. Partner cases appear on this page and in the printed report, travel with the Project's work through the year, and each partner fund joins the European Pensions and Growth Forum in Brussels on 26 November.