The European VC (EUVC)

E703 | Max Bray and Juliet Bailin, Kindred Capital VC: LP Conviction, $15B Funds & The Venture Barbell

In this episode Max Bray and Juliet Bailin of Kindred Capital discuss the current state of venture capital, focusing on LP conviction, the challenges of fundraising in a tough macro environment, and the emerging split between large, secure funds and smaller, more agile “venture barbell” models. They highlight LPs’ frustration with opaque fund operations, inconsistent liquidity decisions, and a lack of deep venture expertise, especially among newer European LPs and emerging managers. Both guests argue that VCs need greater humility and specialized support, suggesting stronger LP advisory committees and dedicated education to improve fund modeling and transparency. The conversation underscores how the recent $15 billion Andreessen Horowitz raise amplifies the tension between scale and scarcity in the industry.