E504 | Jan Miczaika, HV Capital: ESG, Defense, and Deep Tech from a Pan-European Heavyweight

Live from SuperVenture 2025 in Berlin, sits down with , Partner at , one of Europe’s largest and longest-standing venture capital firms.Together, they talk about macro trends shaping the future of VC, HV Capital’s unique positioning across funding stages, and offer a refreshingly honest take on ESG, DEI, defense, hype, LP dynamics, and the challenges of building a VC fund.This episode is a must-listen for:LPs trying to understand how established firms see the worldEmerging managers finding their product-market fitFounders building across deep tech, defense, and climate💡 What you'll learn:Why SuperVenture is a cultural paradox in Berlin—and why Jan loves itHow HV Capital operates with flexibility across €500K to €50M investmentsThe future of ESG & DEI in a depoliticized, impact-first worldDefense investing: HV’s bets on Quantum Systems & Rocket StartupsWhat the G in ESG means—and why it's more relevant than everAdvice for emerging managers: Fund I is hard, Fund II and III are harderA reflection on being humbled by VC, even after successful exitsHere what’s covered:00:00 SuperVenture, Berlin, and Capitalism in the Radical Left’s Hometown01:00 The HV Capital Model: From €500K to €50M in One Platform02:00 ESG, DEI & Fiduciary Duty: Past the Pendulum, Toward Balance04:05 Why Impact Companies Still Win: A Case Study from Copenhagen05:05 Defense Tech & ESG: Not Contradictory, But Complementary06:54 Advice for Emerging Managers: Fund Fit, Hustle & Dual Product-Market Fit10:02 Words for LPs: Don’t Dismiss Venture as “Too Risky”11:45 Lessons in Humility: From Founding Two Companies to Becoming a VC13:00 Betting Big: Why NeuroRobotics Said No to Focus & Yes to Full Stack