How to Raise A Venture Fund | Adrian Bührer (Übermorgen Ventures)
May 30, 2023
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Adrian Bührer, Co-founder of Übermorgen Ventures, discusses the challenges of raising a fund, their unique structure as an investment company, attracting investors unfamiliar with their thesis, and building a CRM of potential limited partners. The podcast highlights the importance of transparency, impact goals for sustainable investments, legal expertise in fund structuring, climate tech investments, and the value of entrepreneurial experience in fund management.
Ubermorgen Ventures operates as an investment company for flexibility in reinvesting profits and impact goals.
Adrian Bührer's entrepreneurial background contributes to Ubermorgen Ventures' success in climate-focused investments.
Ubermorgen Ventures aligns impact goals with business models to effectively drive climate-focused investments.
Deep dives
Distinct Fundraising Approach and Structure of Uber Morgan Ventures
Uber Morgan Ventures, led by Adrian Bureau, stands out due to its distinctive fundraising approach and structure. While traditional funds are often constantly in fundraising mode, Uber Morgan Ventures has indicated that their current fundraising round is nearing completion, highlighting a different perspective on funding timelines and objectives. The company's unique structure, operating as an investment company rather than a traditional fund, allows for greater flexibility in reinvesting profits and focusing on impact goals without the constant pressure of fundraising.
Entrepreneurial Background and Path to Founding Uber Morgan Ventures
Adrian Bureau, the co-founder of Uber Morgan Ventures, brings a rich entrepreneurial background to the table. His journey, starting a company at a young age and ultimately selling it to a major media house, showcases a strong foundation in startups and investments. Aligning with like-minded partners, such as Elena, a seasoned startup lawyer, and Alex, a partner with scientific expertise, Adrian embarked on the venture to launch Uber Morgan Ventures, leveraging their collective experience and skills for impactful climate-focused investments.
Rethinking Fund Structures and Investor Relationships
Uber Morgan Ventures' decision to depart from traditional fund models and instead operate as an investment company stems from a strategic assessment of fund structures. The company's transparent approach, as guided by co-founder Elena's legal acumen, underlines the importance of clear shareholder agreements and investment frameworks. By focusing on aligning incentives with investors and maintaining a level of transparency uncommon in the industry, Uber Morgan Ventures sets a new standard for fund structures and investor relationships.
Impact Measurement and Business Alignment for Climate Investments
One of Uber Morgan Ventures' key strategies involves aligning impact goals with business models to drive climate-focused investments effectively. By creating impact models mapping greenhouse gas emissions reductions to revenue projections, the company ensures a clear path for achieving impact milestones. This rigorous approach not only guides investment decisions but also enables transparent reporting on impact outcomes, fostering investor confidence and showcasing tangible progress in climate action.
Adaptive Fundraising Strategies and Future Growth Plans
Uber Morgan Ventures' fundraising journey reflects a blend of adaptability and strategic planning. From early rounds to recent Series A efforts, the company has honed its pitch, emphasizing its clear impact goals, diverse portfolio, and transparent operational structure. Looking ahead, Uber Morgan Ventures aims to conclude its current fundraising phase efficiently, with a focus on investment decisions and portfolio management rather than continual fundraising activity. The company's commitment to a diverse and impactful portfolio serves as a testament to its long-term vision and operational efficiency.
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Description: On the ninth episode of our “How to Raise a Venture Fund” series, we're joined by Adrian Bührer, co-founder and Managing Partner of Übermorgen Ventures, an early-stage Climate Focused fund.
Adrian previously founded students.ch which he ultimately sold to Axel Springer. He was also a prolific angel investor before he decided to set up Übermorgen Ventures alongside 3 partners. Founded in 2019 Übermorgen Ventures, was one of the first Climate Focused venture funds in Europe and boasts a unique structure as an investment company rather than a traditional fund.
During his conversation with Danielle and Francesca, Adrian discusses the challenges inherent in raising the fund. He covers why they chose to create an evergreen dividend-paying company instead of a typical venture fund as well as the difficulties they faced in attracting investors who were unfamiliar with their structure and investment thesis. Adrian also shares details about Ubermorgen’s approach to raising capital, including building a CRM of over 1,000 potential limited partners.
Whether you're an emerging fund manager or an LP interested in investing in a venture fund, this episode is a must-listen. Adrian's insights and experiences are invaluable for anyone looking to navigate the fundraising process successfully. Listen here to learn how to raise a venture fund from someone who's actually done it!
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