Curious to see, it sounds like a rather pretty irrational decision. I don’t see many YC companies suddenly running toward France after securing funding.

Again, the amount of money “sloshing around” in US based VC funds is again due to policy decisions made by the US.

By having a diverse set of private pension funds and endowments as LPs this is what funds the VC ecosystem.

France vacuums up its private capital into government pension schemes and dumps it into low yielding government bonds.