{"title": "Venture Capital in Germany and Japan | Oskari Lehtonen and Claes Mikko Nilsen | Negotiator 134", "titleOriginal": "VC Saksassa ja Japanissa | Oskari Lehtonen Claes Mikko Nilsen | Neuvottelija 134", "episodeNumber": "134", "guest": "Oskari Lehtonen, Claes Mikko Nilsen", "publishedAt": "2022-04-25", "duration": "46:09", "durationIso": "PT46M9S", "youtube": "https://www.youtube.com/watch?v=WxaERHMcnR0", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/179-vc-saksassa-ja-japanissa-oskari-lehtonen-claes-mikko-nilsen", "originalLanguage": "fi", "format": "full", "topics": ["investing_markets", "ownership_capital_tax"], "description": "Oskari Lehtonen of Redstone VC and Claes Mikko Nilsen of Nordic Ninja VC explain how a venture capital model changes when the money behind it comes from a German family business rather than from a Japanese industrial group. Nilsen explains why Panasonic, Honda, Omron and Japan's state bank decided to channel a hundred million euros into the Nordics and the Baltics, and why the fund's complete independence was a condition of the whole undertaking. The conversation covers LP and GP structures, exit channels, and why European funds nearly always include public money while American ones never do.", "chapters": [], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. The publisher published no chapter marks for this episode, so none are listed here. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. Both guests were raising or deploying the funds they describe when this was recorded, which makes parts of the conversation promotional; nothing in it is an offer or investment advice, and the fund sizes and market conditions are those of spring 2022, before the funding market turned.", "coreTheses": ["Who the limited partners are changes what the fund can do, which is the episode's argument that capital is not fungible in practice.", "The Japanese industrial backers required the fund to be independent of them — the strategic value depends on the fund not being steered.", "European venture nearly always includes public money and American venture never does, and that single difference explains much of the divergence in behaviour.", "The exit channel available at the end is what actually determines what a fund can buy at the beginning."], "slug": "ep134-vc-saksassa-ja-japanissa-lehtonen-nilsen", "guestsCanonical": ["Oskari Lehtonen", "Claes Mikko Nilsen"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/oskari-lehtonen/", "https://www.neuvottelija.com/podcast/guests/claes-mikko-nilsen/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep134-vc-saksassa-ja-japanissa-lehtonen-nilsen/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep134-vc-saksassa-ja-japanissa-lehtonen-nilsen/index.md", "captions": null, "transcript": null, "videoId": "WxaERHMcnR0", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep134-vc-saksassa-ja-japanissa-lehtonen-nilsen/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep134-vc-saksassa-ja-japanissa-lehtonen-nilsen/"}