EPISODE · Nov 1, 2024 · 1H 31M
E370 | Carmen Alfonso Rico (Cocoa Ventures) & Evan Finkel (Integra Global Advisors): Managing the personal relationship vs. business relationship
from EUVC · host EUVC
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.Carmen is leading the charge at Cocoa Ventures, a €15M fund headquartered in the UK and focused on backing pre-seed and seed-stage startups across Europe. Cocoa Ventures invests across sectors, emphasizing Carmen’s vision of supporting bold founders in their first institutional round. Notable investments include Speckle, Eventstore, FDM, Tilebox, Fractile from Cocoa I, and hopin, SideQuest, Hived, pre-Cocoa.At Integra Global Advisors, a venture fund with €700M in assets under management, Evan targets early-stage and emerging managers across the US, LatAm, Europe, and Israel. Notable investments include Plural, Fly, and Retail (EU).Carmen, and Evan delve into the complexities of LP-GP relationships in venture capital, emphasizing the importance of separating personal and business dynamics. They also share insights on identifying strong GPs and the importance of maintaining integrity in the venture ecosystem and discuss the complexities of management fees and carry in the venture capital landscape, emphasizing the need for alignment of incentives between GPs and LPs.Go to eu.vc for our core learnings and the full video interview 👀Chapters:02:10 Diving into Personal and Business Relationships04:09 Managing LPGP Relationships 10:45 Gamesmanship in Business 15:07 Challenges of First Closings23:57 Re-ups and Signaling in Fundraising32:50 Handling Fund Breakups45:30 Succession Planning in VC46:33 Tough Decisions in Venture Capital48:00 Assessing Emerging Managers49:16 The Importance of Personal Brand in VC50:30 Carmen and Cocoa: A Perfect Synergy53:18 Management Fees and Carry: A Deep Dive55:52 Challenges with the 2% Management Fee Model01:03:05 The Debate on Carry Structures01:05:12 European vs. American Waterfalls01:11:39 Navigating LP-GP Relationships01:29:14 Closing Thoughts and Future Topics
What this episode covers
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.Carmen is leading the charge at Cocoa Ventures, a €15M fund headquartered in the UK and focused on backing pre-seed and seed-stage startups across Europe. Cocoa Ventures invests across sectors, emphasizing Carmen’s vision of supporting bold founders in their first institutional round. Notable investments include Speckle, Eventstore, FDM, Tilebox, Fractile from Cocoa I, and hopin, SideQuest, Hived, pre-Cocoa.At Integra Global Advisors, a venture fund with €700M in assets under management, Evan targets early-stage and emerging managers across the US, LatAm, Europe, and Israel. Notable investments include Plural, Fly, and Retail (EU).Carmen, and Evan delve into the complexities of LP-GP relationships in venture capital, emphasizing the importance of separating personal and business dynamics. They also share insights on identifying strong GPs and the importance of maintaining integrity in the venture ecosystem and discuss the complexities of management fees and carry in the venture capital landscape, emphasizing the need for alignment of incentives between GPs and LPs.Go to eu.vc for our core learnings and the full video interview 👀Chapters:02:10 Diving into Personal and Business Relationships04:09 Managing LPGP Relationships 10:45 Gamesmanship in Business 15:07 Challenges of First Closings23:57 Re-ups and Signaling in Fundraising32:50 Handling Fund Breakups45:30 Succession Planning in VC46:33 Tough Decisions in Venture Capital48:00 Assessing Emerging Managers49:16 The Importance of Personal Brand in VC50:30 Carmen and Cocoa: A Perfect Synergy53:18 Management Fees and Carry: A Deep Dive55:52 Challenges with the 2% Management Fee Model01:03:05 The Debate on Carry Structures01:05:12 European vs. American Waterfalls01:11:39 Navigating LP-GP Relationships01:29:14 Closing Thoughts and Future Topics
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E370 | Carmen Alfonso Rico (Cocoa Ventures) & Evan Finkel (Integra Global Advisors): Managing the personal relationship vs. business relationship
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