EUVC LP | E451 | Cocoa's Carmen Alfonso Rico & Integra GA's Evan Finkel on How LPs Build Conviction When Evaluating Emerging Managers
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Apr 22, 2025 Carmen Alfonso Rico, a VC turned angel investor at Cocoa Ventures, and Evan Finkel, Head of Venture Capital Investments at Integra Global Advisors, delve into the evolving expectations of Limited Partners (LPs). They discuss strategies for targeting the right LPs and navigating the complexities of fundraising in varying market conditions. Carmen shares insights from her experiences with Cocoa Fund I and II, while Evan provides a framework on evaluating funds based on clarity and track record. Their conversation illuminates the critical dynamics of LP-GP relationships.
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LP Expectations Evolve By Fund Stage
- LP expectations evolve with fund stages: Fund 1 focuses on thesis and market fit, Fund 2 on execution and benchmarks, Fund 3 on track record and institutionalization.
- LP profiles change as funds grow, requiring tailored approaches to fundraising and LP communication.
Target Suitable LPs Early
- Emerging managers must confirm LPs actually invest in early-stage funds before pitching.
- Target the right LPs to avoid wasting time on suits ill-fitted for Fund 1 or Fund 2 investments.
Strategic LP Categorization Matters
- LP preferences vary greatly by geography and investor type, affecting their venture investment mindset.
- Managers must strategically approach categories like family offices or fund of funds and geographic LP considerations.