Summary
The core message of the provided session excerpt is that venture capital and private equity are no longer as cleanly separated as they were a decade ago, but they still differ in what kinds of risk they are built to underwrite. The moderator framed VC as historically upside-focused and power-law driven, while PE was described as more downside-avoidant, seeking moderate upside in more controllable businesses. The panel then positioned the current market as one where boundaries are blurring: private equity has moved into growth and multi-stage platforms, while venture firms have raised growth and opportunity funds and are writing larger checks into later-stage companies. The shared value proposition across both sides was “partnership” with founders, but at different stages and with different tools.
Key Topics
5 key topics from Markus Schillo, Robin Haak, Franziska Kayser, Philipp Struth and Mark Bergen at Bits & Pretzels 2026 | Founders Festival in Munich. Thicker branches were mentioned more often in the talk.
Key Takeaways
- Match investor type to the company’s current risk profile.
- Prepare early for governance before late-stage capital arrives.
- Treat buy-and-build execution as harder than the thesis.
- Choose sectors with clear tailwinds before backing teams.
- Use PE capital when institutionalization and global scaling matter.
“VC is backing possibilities and PE is backing the certainty, if you want.”
Up Next
Next in agenda
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