VC | E535 | What Comes After a Fund That Didn’t Raise?

Welcome back to another episode of At the Cap Table, your trusted inside track on the people, ideas, and power dynamics shaping the future of European venture.This week, Savs sits down with Hannah Leach, Partner at Antler UK and Co-Founder of VentureESG, for a candid conversation about doing VC differently—from day-one investing and values-led portfolios to walking away from a fund that could have been.

They dive into the rise of “residency models” over accelerators, why ESG is often misunderstood (even by the pros), and how real co-founder chemistry can’t be faked. Hannah also opens up about why Fund II didn’t happen at Houghton Street Ventures, what she’s learned about partnership dynamics, and what kind of founders actually thrive under pressure.

Whether you're building from zero, navigating the future of VC, or just wrestling with what it means to do this job with intention—this one's for you.

Here’s what’s covered:

• 01:50 | How an NGO office in Mumbai sparked a decade-long obsession with founders
• 04:20 | VentureESG: the accidental nonprofit now guiding 700+ VCs and LPs
• 11:30 | Houghton Street Ventures: the thesis, the traction, and the hard call not to raise Fund II
• 18:00 | Why working with the right people trumps firm strategy
• 20:00 | Antler’s “day one” model and what a residency really offers founders
• 23:00 | Week 3 in the Antler cohort: when teams form — and sometimes fall apart
• 25:30 | What actually matters in early-stage teams (hint: not the idea)
• 28:00 | Standard terms, 10-week pressure, and founder selection inside Antler
• 30:00 | Project Europe, collaboration culture, and why VC needs more team sports
• 33:00 | Europe’s strength in AI, climate, and thoughtful founders
• 34:30 | Luck, wonky careers, and why no door is ever really closed