The European venture capital market is suffering from a terminal case of passivity, with LPs favoring 'safe' financial backgrounds over the raw operational talent that drives US outperformance. Sam Ettelaie of Thema exposes the structural flaws in fund management and explains why the current 'maybe' culture is stifling the next generation of GPs. By funding the 'outsider' managers and providing the institutional rigor they lack, Thema is betting that the biggest returns won't come from the established players, but from the operators willing to break the traditional 10-plus-2 mold.