Today, I want to share with you some personal thoughts that have matured in me over the past years.

As you know, I will always be an enthusiastic, mission-driven venture capitalist, and have been for decades. My greatest moments are those spent helping founders realise their entrepreneurial dreams.

I am deeply grateful for the opportunity to be part of journeys that have made history and, in some cases, now dominate entire markets. I have had the privilege of working on five entrepreneurial successes that reached valuations of more than $100 billion, and many more in the double and single-digit billions. Yet these achievements are matched only by something far more personal – the companionship and gratitude of founders after a big milestone was achieved through dedication, partnership and trust. Those moments remain the true highlights of my career.

A Fortunate Position – and a Clear Strategic Decision

2025 was a successful year for Lakestar. We are on track to have raised close to $500 million by year end through our newest vintage of funds. This is the perfect moment to sharpen our mission going forward. We are doubling down on supporting founders, maximising value for our investors, identifying new investment opportunities and products, and enabling the Lakestar team to bring their all to our industry.

Our vehicles hold companies, which I am convinced have the power to become the truly sector-defining companies I have always aspired to invest in. I believe our portfolio companies have the potential to generate billions in profits over the next three to four years. Capturing and delivering exceptional returns to our Limited Partners is a task I want to give my undivided attention. Therefore, going forward both Lakestar’s and my focus will be on maximising the potential of the existing portfolio and we will not raise any new generalist venture funds as we have in the past.

Together with the Lakestar team, we will focus on the development of targeted new investment products to help our portfolio companies grow, and seize other emerging opportunities. Lakestar’s future investments will be larger, more concentrated, and made with own capital, allowing greater agility and freedom to pursue the big, visionary bets that have always defined our work.

This strategic shift is based on my belief that our impressive performance can be further accelerated through hard work and total commitment to the founders building these companies. Our priorities – and my personal focus – are clear: concentrate fully on capturing this opportunity, ensuring that companies such as Revolut, Auterion, Helsing, Isar Aerospace, Neko Health, Public and other outstanding companies reach their full potential. This is where we, as a firm and I personally can create the most value – for our investors and for Europe’s innovation ecosystem.

What Our Ecosystem Truly Needs: Engagement and Resilience

This decision is grounded in the reality that European and global venture ecosystems are undergoing profound transformation, facing structural challenges that demand new strategies and deeper engagement. I firmly believe that, more than anything else, innovation, deep expertise, patience and long-term partnerships lead to exceptional outcomes.

In such an environment, I believe our greatest contribution is to engage directly – and even more intensively – with the entrepreneurs we already back, helping them grow, guiding them through uncertainty and positioning them for long-term success. This goes beyond financing, as any good partnership should. I firmly believe in pursuing a mission, and helping others pursue theirs. It is what gives meaning to our lives as entrepreneurs.

In 2017, I made my first defence investment, at a time when this category was uninvestable for many institutional funds. In a 2019 keynote, “Cold War 2 and the Role of Tech”, I put into a coherent framework a deep conviction that has guided and will continue to guide me: Sovereignty and advancing Europe’s capabilities in critical technologies should be a core concern for all of us, and will remain a core focus for Lakestar. With our resilience strategy, I will personally continue to pursue this mission through investment in the defence ecosystem. Our resilience-focused strategy has already received an extraordinary endorsement from the market and we will continue to develop and grow that strategy further. We will also open an office in continental Europe’s key defence and deeptech hub, Munich.

Seeding Venture’s Next Generation and New Products

Venture capital runs on talent and ideas. Lakestar is a multi-billion dollar fund, our great team is essential in running it. We have a fiduciary duty to our LPs who are working with us for the long term. Supporting our next generation of leaders in the industry is a crucial mission for me. Looking ahead, I will seed promising ventures initiated by talented members of the Lakestar team as they embark on their own entrepreneurial journeys. I want to give them the same backing and belief that Lakestar has always given to founders – and that our LPs have always given to us.

Back to Entrepreneurial Roots 

Lakestar has been built on vision, conviction, and deep relationships with founders. This is the moment to return to the purest form of venture – working closely with entrepreneurs, solving complex challenges, and deploying networks strategically to open doors that change trajectories and lives.

We are doubling down on what venture should truly be:

Patient. Principled. Founder-centric.

Focused on our key investments, on creating enduring companies that transcend market cycles, and on contributing meaningfully to Europe’s future.

I could not be more excited about the new era we are entering. None of this would have been possible without you: our founders, our Limited Partners, the Lakestar team, and our friends. Your trust, commitment, and belief have been the foundation of everything we have built together. For that, I am profoundly grateful.

Yours ever,

Klaus Hommels
Founder & Chairman, Lakestar