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20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise

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20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

2025/06/30
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

2025/06/30
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

Philipp Freise is Co-Head of European Private Equity at KKR, where he manages the largest private fund in Europe with $8BN in the latest fund. Philip has led KKR's investments in FGS Global, Superstruct, Axel Springer SE, BMG Rights Management, Fotolia, Ge...

Highlights

In a wide-ranging conversation, Philipp Freise of KKR unpacks the evolving landscape of European private equity, drawing from decades of experience at the intersection of macroeconomics, technology, and long-term capital allocation. From hard-won failures to bold bets during crises, he offers a candid look at how global shifts are redefining investment strategy.
05:45
Choosing the right investors matters more than the amount raised.
09:16
KKR invested a major portion of its fund during COVID, betting on post-pandemic recovery
12:36
KKR got lucky by deploying more capital early in the pandemic and staying out of the 2021 market frenzy.
16:00
10 - 15% of the $8 billion fund is reserved for follow-on investments
17:13
Real businesses like fertility clinics won't be replaced by AI and still require cash.
18:45
Outstanding venture investors need deep vertical experience and knowledge.
22:50
Only 15% of KKR's exits over 15 years were IPOs, highlighting reliance on private exits.
31:52
Innovation is the answer to defense-related problems and is accelerating faster than expected.
32:44
AI is a major transformative force in productivity and innovation
39:19
Europe’s fragmented markets need a capital market union for growth
42:57
Every Norwegian is a millionaire thanks to the Sovereign Wealth Fund
44:15
Inflation may be used to erode debt when taxes can't be raised and spending can't be cut
45:38
AI may remove more people from the labor force even if it boosts productivity
47:03
Norges Bank could redistribute AI-generated wealth to the public
51:06
What once seemed everything turned out to be relatively unimportant
51:38
It's not about the money — learning is the priority.
53:00
Investing at KKR is a long-term marathon.

Chapters

We Lost $500M in Turkey. Here's Why We'll Never Do It Again.
00:00
Inside Europe's Biggest PE Fund: $8B of Pure Firepower
01:40
The $100M Dot-Com Failure That Changed My Career
03:55
Why Picking the Wrong VC Will Destroy Your Company
06:45
KKR's $500M COVID Gamble: Genius or Insane?
10:20
Why We Ignored the Market & Deployed 40% of Our Fund
12:35
KKR's Ruthless Portfolio Discipline: Love Doesn't Matter
15:55
Do Power Laws Apply in PE? Freise Destroys the Myth
17:10
The Truth About Capital Intensity in the Age of AI
18:45
Can AI Kill the PE Model? Here's What Philipp Says
20:10
The Secret to Great Investment Decisions at KKR
26:00
Why There's a $3T Liquidity Time Bomb in Venture
32:40
The Death of IPOs? How KKR Exits Without Going Public
34:25
Will KKR Europe Hit $20B? Freise's Bold Prediction
40:05
Helsing, Space, and Defense: The New Age of DeepTech Bets
43:45
Tariffs, China, and the Future of the German Car Empire
45:30
Freise vs. Bitcoin: Will USD Still Rule in 10 Years?
47:00
4 Global Shocks Happening Right Now That You Need to Know
48:15
KKR Missed Spotify AND Alibaba?! The Painful Stories
51:30
Do Andreessen & General Catalyst Scare KKR? Freise Responds
53:00
The One Metric That Will Define KKR's Next Decade
54:30

Transcript

Philipp Freise: I'm a free marketeer. I think tariffs are not the answer. We need to work on the underlying issues in our Western democracies. To try to raise money through tariffs is not the right approach. In Turkey, I think we lost around 500 million. W...