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Thanks you, Morning for hosting the podcast this week. Get 20% off your next meeting room (in Paris), just say you’re coming from Hugo at New Wave.

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🌊 Inside an LP’s Mind

What it really takes to raise climate-tech funds.

We’re joined by Lea Strumberger, investor at KfW Capital, where she focuses on climate tech, impact, and deep tech investments.

In this episode, we dive into how LPs actually make decisions, and unpack what it really takes to raise your second fund in today’s climate market.

In our conversation, we covered:

→ Why Fund II is a completely different game, and what LPs expect now

→ The truth about DPI, TVPI, and what “performance” really means early on

→ How to build trust with LPs (hint: it’s still a people business)

→ The Series B funding gap in Europe, and why it’s still unresolved

→ What climate sectors worked (energy), and where we got it wrong (food/alt protein)

→ Why climate is no longer “impact”, but a real investment vertical

✨ If you want to help this show, don’t forget to leave a review on Apple Podcasts or Spotify.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Lea Strumberger (KfW Capital): Inside Germany's $1B Fund of Fund