Europe remains hard to crack for North American GPs

A few years ago, setting up shop in Europe was the soup du jour for North American VCs. From OMERs and Lightspeed to Bessemer Venture Partners, the market attracted firms of all sizes, and the Spotify IPO seemed to wake up North American VCs to Europe's potential to create outsized exits. VCs wanted to make sure they didn't miss out on the next wave. But it's unclear that they were able to catch it. Trends haven't fully reversed since the happy days of 2021, but they've come pretty close. Still, the European startup market has grown rapidly over the last…