E451 | Carmen Alfonso Rico, Cocoa Ventures & Evan Finkel, Integra GA: How LPs Build Conviction When Evaluating Emerging Managers

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.Evan outlines a framework for how LP expectations evolve across different fund stages, highlighting key criteria like thesis clarity, team credibility, track record, and consistency of execution. Carmen shares her experience raising Cocoa Fund I during a peak market and the challenges of navigating a very different environment for Fund II. Together, they explore practical strategies for targeting the right LPs, understanding different LP profiles, and managing long-term relationships.Here’s what’s covered:11:36 Challenges in the European LP Ecosystem29:51 Long-term Commitment and Strategy38:46 Evaluating the Product: Key Considerations39:54 Importance of Historical Track Record41:22 Decision-Making Process in Investments54:14 The Role of LPs in Fund Management01:02:15 Challenges of Being a Fund Manager