Hussein Kanji

I think in Europe they've had to. I have a controversial take on this, which is the worry about governments funding, especially at those kinds of concentrations, is you end up with governments having market power. And I am a big believer in capitalism. I'm a big believer in the markets.

I think in Europe they've had to. I have a controversial take on this, which is the worry about governments funding, especially at those kinds of concentrations, is you end up with governments having market power. And I am a big believer in capitalism. I'm a big believer in the markets.

I think if you have someone like the EIF, where there's 30% of the aggregate capital of the LP commits, it's too big. What you should really have is what happened with AT&T in the US, where they broke it down into the bells. You had five different bells kind of competing with each other in telecom. You probably need five of EIFs competing with each other in the market.

I think if you have someone like the EIF, where there's 30% of the aggregate capital of the LP commits, it's too big. What you should really have is what happened with AT&T in the US, where they broke it down into the bells. You had five different bells kind of competing with each other in telecom. You probably need five of EIFs competing with each other in the market.

I think if you have someone like the EIF, where there's 30% of the aggregate capital of the LP commits, it's too big. What you should really have is what happened with AT&T in the US, where they broke it down into the bells. You had five different bells kind of competing with each other in telecom. You probably need five of EIFs competing with each other in the market.

If the government's going to step in to help, you don't want to concentrate it in one big power, because then you end up with weird terms, like you said, that may not be market. And it's really hard for the market to then function the way it needs to function. So if you're going to do it, do it in a competitive way.

If the government's going to step in to help, you don't want to concentrate it in one big power, because then you end up with weird terms, like you said, that may not be market. And it's really hard for the market to then function the way it needs to function. So if you're going to do it, do it in a competitive way.

If the government's going to step in to help, you don't want to concentrate it in one big power, because then you end up with weird terms, like you said, that may not be market. And it's really hard for the market to then function the way it needs to function. So if you're going to do it, do it in a competitive way.

So I looked this up. So the pension funds in the UK, so the defined contribution scheme, about 10% of the capital in the pension funds is invested in the top tech names in America, 10%. And about 5% of the pension funds is invested in UK equities. So they're actually pretty long tech as far as pension funds go. They're not in venture. I have a genuine worry. It is really hard to be a VC.

So I looked this up. So the pension funds in the UK, so the defined contribution scheme, about 10% of the capital in the pension funds is invested in the top tech names in America, 10%. And about 5% of the pension funds is invested in UK equities. So they're actually pretty long tech as far as pension funds go. They're not in venture. I have a genuine worry. It is really hard to be a VC.

So I looked this up. So the pension funds in the UK, so the defined contribution scheme, about 10% of the capital in the pension funds is invested in the top tech names in America, 10%. And about 5% of the pension funds is invested in UK equities. So they're actually pretty long tech as far as pension funds go. They're not in venture. I have a genuine worry. It is really hard to be a VC.

It is really hard to be a founder. It is, I think, also reasonably hard to be an LP. Like if you're coming in from scratch with no knowledge, I don't know if you really know what you're doing. It takes money and time to train a VC. I think it takes money and time to train an LP. Super hard. So, OK, pension funds now decide to allocate capital to venture. Who's going to do it?

It is really hard to be a founder. It is, I think, also reasonably hard to be an LP. Like if you're coming in from scratch with no knowledge, I don't know if you really know what you're doing. It takes money and time to train a VC. I think it takes money and time to train an LP. Super hard. So, OK, pension funds now decide to allocate capital to venture. Who's going to do it?

It is really hard to be a founder. It is, I think, also reasonably hard to be an LP. Like if you're coming in from scratch with no knowledge, I don't know if you really know what you're doing. It takes money and time to train a VC. I think it takes money and time to train an LP. Super hard. So, OK, pension funds now decide to allocate capital to venture. Who's going to do it?

Where's the talent base in the UK of experienced LPs who know how venture works, who know what kind of funds to bet on? There are none. Yeah. So there's going to be a problem.

Where's the talent base in the UK of experienced LPs who know how venture works, who know what kind of funds to bet on? There are none. Yeah. So there's going to be a problem.

Where's the talent base in the UK of experienced LPs who know how venture works, who know what kind of funds to bet on? There are none. Yeah. So there's going to be a problem.

Yeah, this is this is the other problem that I think we've had ever since 21. We have had a number of people enter the industry. We used to have like 10,000 people doing kind of this tech investing venture, etc. It's gone up to like 35,000. It's come back down to the historic norm. But there are a lot of people doing this stuff.

Yeah, this is this is the other problem that I think we've had ever since 21. We have had a number of people enter the industry. We used to have like 10,000 people doing kind of this tech investing venture, etc. It's gone up to like 35,000. It's come back down to the historic norm. But there are a lot of people doing this stuff.

Yeah, this is this is the other problem that I think we've had ever since 21. We have had a number of people enter the industry. We used to have like 10,000 people doing kind of this tech investing venture, etc. It's gone up to like 35,000. It's come back down to the historic norm. But there are a lot of people doing this stuff.