American public pension funds alone hold $6 Trillion in AUM [0] and American endowment funds hold a little under $1 Trillion in AUM [1], and tend to be the LPs for most VC funds as most institutional investors follow the Yale Investment Model.
[0] - https://www.census.gov/newsroom/press-releases/2025/2024-ann...
Neither of your citations has any relevance to this at all. That endowments and pensions funds have money...what is your point? Ah, the old HN "look I've provided citations so upvote me, even if they don't support my contention".
Canadians alone hold almost $4 trillion dollars in US securities. Because the US was the centre of the capital universe. Just like we saw it as the centre of the media and music universe. Americans mistook the free world basically anointing the US into some confused notion that it was actually some earned accomplishment.
When we in the VC/PE space raise a fund, we are investing other people's money. Most of that money is of American origin and American domiciled.
You do see some large players like in Canada and Europe, but even they are not similar in size to American pension funds and endowments, let alone other American institutional investors.
Edit: Can't reply
> these will often end up being national level and will look individually much smaller than the ones from the US, purely because the US has more people.
Absolutely! And that's what makes it so difficult for Europe to decouple from the US or China.
Most attempts at EU federalization are undermined by national level politicans as the keys to hard power (defense, foreign policy, FDI attraction) remain under the purview of individual European states, becuase push comes to shove, an American employer or fund can threaten to leave and that country's entire political apparatus will work to appease us at the expense of Brussels.
This is how Meta and Amazon have been able to neuter the GDPR thanks to Ireland [0] and Luxembourg [1] respectively.
Even India got the FTA with the EU by using the carrot on France [2] and Italy [3] and the stick on Germany [4].
Europe is in a very tough position because the incentives of a politician who wants to build their career in Brussels is different from one who wants to build their career in Berlin, Bucharest, or Bratislava.
[0] - https://www.euractiv.com/news/irish-privacy-regulator-picks-...
[1] - https://www.aboutamazon.eu/news/policy/amazon-leaders-meet-l...
[2] - https://www.reuters.com/world/india/india-signs-74-billion-d...
[3] - https://www.lagazzettamarittima.it/2025/10/30/rixi-in-india-...
[4] - https://www.reuters.com/business/autos-transportation/volksw...
Look, I haven't dug into this, but if one wants a fair comparison, then you need to account for the size of an economy. If 330mn people need pensions, then you'll obviously see much larger pension funds. If 400mn people across 27 countries want pensions, these will often end up being national level and will look individually much smaller than the ones from the US, purely because the US has more people.
(Anyway to put another argument: the US can outflow. Why should people invest to a Trumpland?)
Many Europeans prefer bank deposits to investment in markets, that's true. I assure you though, there are lots and lots of pension funds in Europe, as well as many, many insurance companies who represent similar capital profiles.
it's a common pattern in GPs comments
pretty certain he just asks the "AI" for citations on whatever he's written
(for a VC he sure has a lot of time to waste shit-posting on the internet)
This reads like wishful thinking from a butthurt European. I am not a fan of many of Trump's policies and I think ex-US investor sentiment has definitely soured. But it's not like the USA is now DPRK.
> how much of that money do you think will flow to the US?
If there's one thing you can be sure of about aggregate investor behavior, it's that investors seek good risk-adjusted returns regardless of any moral or political objections.
So long as capital flows remain unimpeded, property rights are respected, and US companies have good expected future returns, investors' money will continue to flow in to the US.
I'd say the perception is probably worse
kim is simply not a threat
he also hasn't threatened to invade us, and he's not kidnapped any foreign leaders (recently)
Nobody will leave over morals (well except possibly the Norweigan sovereign wealth fund), but it's worth noting that for non-dollar investors, the US markets have basically been flat since the start of 2025, because the dollar has declined.
It's entirely possible that the US no longer takes in more global capital, if this continues. It's very unlikely that all the foreign investors will leave quicker, but it's much more likely that they'll leave as they sell their investments over time.
(Most of them are reinvesting in Europe.)
I saw the news about the danish fund dropping some of their US investment and on closer inspection, in absolute terms it was a drop in the bucket. Mostly an optics maneuvre.
This will be a slow process, but the direction seems pretty clear (I fully expect to see a major economy introduce capital controls within the next twenty years).
Which? US currently has a rocky status due to Trump's interference, but Trump will pass while the likes of EU and Japan won't be able to fix their structural issues of low birthrates, crazy high debt welfare speeding, etc.
In non-dollar terms, the US markets have been flat since 2025 (so basically since "liberation day").
> fix their structural issues of low birthrates,
This is a problem basically everywhere. It's definitely worse in Europe than in the US, but the US is on the same trajectory (modulo immigration).
> crazy high debt welfare speeding
Where exactly are you talking about? The US government has been spending more than it takes in for the past decade at least, mostly on entitlements (i.e. welfare spending).
The US government is running (and has been for at least a decade now) a substantial deficit, which is basically propping up the economy with government support.
> there's more political turmoil at the horizon
Again, look to your own house. Even if you ignore all the Trump noise, the attempted politicisation of the Fed is very dangerous for the US economy.
> Asia?
Asia & Europe. It's beyond absurd that the US stock markets have 65% of total value, and was never going to last forever. All this craziness from the government is just speeding up something that was always going to happen.
Yes, but Trump is a passing issue that will eventually go away, and won't be able to fuck with tarries and the economy anymore just so his friends can do insider trading.
>Asia & Europe.
why do you think so? Japan's economy has no great future prospects, and neither EU's with many German bankruptcies and companies relocating abroad. Chinese companies and workers outside of the largest metro areas have bad time too.
Sees me? I'm European, and am speaking to how I see other Europeans see the US, which comes from the local media which is heavily anti-US as it twists and omits facts to maintain a constant anti-Trump narrative no matter the facts since people lap it up without doing any due diligence or research online.
Remember the BBC famously clipped Trump's speech to make it seem like he said something he didn't actually say on Jan 6.
Talk about using double standards.
Thank you.