E661 | Jack Leeney, 7GC: The AI Supercycle, IPO Windows & Europe’s Missing M&A Flywheel

This week, Andreas Munk Holm sits down with Jack Leeney, co-founder of 7GC, the transatlantic growth fund bridging Silicon Valley and Europe and a backer of AI giants like Anthropic, alongside European rising stars Poolside and Fluidstack.From IPOs at Morgan Stanley to running Telefónica’s US venture arm and now operating a dual-continental fund, Jack shares how 7GC reads the AI supercycle, why infrastructure and platforms win first, and what Europe must fix to unlock the next wave of venture liquidity.🎧 Here’s what’s covered:02:00 7GC’s transatlantic model: investing where liquidity lives05:00 AI’s stack order: infra → platforms → horizontal → vertical10:40 Hype vs. compute cycles: why this time is different11:30 OpenAI vs. Anthropic vs. Mistral: the new map of winners17:40 Llama, open source, and Meta’s defensive play19:00 European AI bets: Poolside, Fluidstack, and dual-market strategies22:40 The EU AI Act: noise, nuance, and why customers still decide26:30 IPOs are back: US windows, European silence33:00 Liquidity, secondaries, and when 7GC hands stock to LPs37:40 Europe’s missing link: scaled M&A43:00 What policymakers and corporates must do next