E571 | EUVC Summit 2025 | Bernard Dalle, Index Ventures & Thomas Kristensen, LGT Capital Partners: Lessons from Building Index

At EUVC Summit 2025, few sessions packed as much history, humility, and hard-earned wisdom as the conversation with Bernard Dallé and Thomas Kristensen.

What began as a one-man show in the early ’90s—when venture in Europe was barely a concept—has become one of the most respected platforms in the global industry.

“I joined Index before it even existed as a venture firm. It was still Index Securities.”

This was more than a talk. It was a journey through time, with insights for every fund manager—new or seasoned—building for the long haul.

Before Skype, before unicorns, before European VC had a flag to wave, it was about scraping together conviction and capital.

• Index Fund I: $17 million

• Raised in 1999, following years of groundwork and trial

• No real ecosystem, no pattern recognition, and no “easy” capital

“You can’t raise without a track record. So we used Fund I to create it.”

And then came the landmark deal: Skype’s acquisition by eBay for $3–4 billion. That one outcome shifted the trajectory of Index—and of European venture as a whole.

“After Skype, we could raise with more ease. It gave us credibility.”

One of the standout themes was Index’s philosophy around team building:

“The hires that worked? People we knew—or people who joined slightly below partner level and grew into the role.”

In contrast, hiring senior talent cold—especially across geographies—proved far harder. Culture cohesion was key, and misalignment at the top often broke the system.

The advice was clear:

• Grow talent internally when you can

• Only bring in outsiders when they’re “known entities”

• Avoid parachuting in partners who haven’t lived the firm’s values

“At some point, having someone senior focused purely on operations becomes essential.”

This wasn’t about back office—it was about survival.
Today’s LP demands include:

• ESG compliance

• Fund reporting

• Exit prep

• Ongoing fundraising

• Portfolio support

“You need to start thinking about this 10 years in advance.”

“It takes 15 years to become somewhat successful in this business. And once you get there—you need to start thinking about who’ll take over.”

Venture isn’t just about spotting founders. It’s about building the kind of firm that can back them for decades to come.

Bernard and Thomas left the stage with no fluff—just a quiet reminder:

Build slowly. Hire wisely. Think in generations.

And good luck to all of us doing the same.

The Early Days: A Market Without MomentumScaling a Firm: Culture First, Titles LaterOps Matter More Than You ThinkThe Final Lesson: Play the Long Game