Capital Flows

A conversation on what comes after the classic startup era

For more than two decades, venture capital was shaped by the software model: high margins, fast scaling, low marginal costs and equity-led growth. That model is not disappearing. But it is no longer enough to explain what comes next.

The next investment cycle may require a different lens: one that connects macro capital flows, industrial strategy, deep tech, debt, tokenisation, defence and the changing infrastructure of private markets.

In this live episode, Nicolas Colin and Benjamin Epstein will explore how the structure of capital is changing, what Europe should stop copying, and what investors, managers and operators need to understand as private markets move into a new phase.

What we’ll cover:

Capital flows and venture capital
Why the US venture capital industry cannot be understood only through culture, talent or regulation, and how global capital flows shape where risk capital is formed.

The end of the classic software-led cycle
Whether the startup era, at least in its classic SaaS-led form, is reaching maturity, and what that means for investors still using old mental models.

Deep tech and production capital
Why the next generation of companies may need more than equity capital, and how debt, project finance, asset-backed finance and non-dilutive capital could reshape private markets.

Tokenisation and programmable capital
How tokenisation, stablecoins and new market infrastructure could change fund subscriptions, transfers, reporting, settlement and secondary liquidity.

Europe’s next opportunity
Whether Europe’s fragmentation is only a weakness, or whether deep tech, defence, energy, industrial systems and new capital structures could make Europe better positioned for the next cycle.