Navigating LP Relationships in Venture Capital

In this episode of the EUVC podcast, Andreas talks with Carmen Alfonso Rico, a self-described VC turned angel at Cocoa Ventures. and Evan Finkel, Head of Venture Capital Investments at Integra Global Advisors.

Evan outlines a framework for how LP expectations evolve across different fund stages, highlighting key criteria like thesis clarity, team credibility, track record, and consistency of execution. Carmen shares her experience raising Cocoa Fund I during a peak market and the challenges of navigating a very different environment for Fund II. Together, they explore practical strategies for targeting the right LPs, understanding different LP profiles, and managing long-term relationships.

Here’s what’s covered:

• 11:36 Challenges in the European LP Ecosystem
• 29:51 Long-term Commitment and Strategy
• 38:46 Evaluating the Product: Key Considerations
• 39:54 Importance of Historical Track Record
• 41:22 Decision-Making Process in Investments
• 54:14 The Role of LPs in Fund Management
• 01:02:15 Challenges of Being a Fund Manager