In today’s episode, Andreas talks with Miki Yokoyama, Managing Director of Aurum Impact, the impact investment arm of the Goldbeck family office. Unlike most family offices that operate behind closed doors, Aurum Impact is taking a public stance—sharing its journey, investment strategy, and vision to inspire other families to engage in venture and impact investing.
Since launching in February 2023, Aurum Impact has made seven direct startup investments in companies like Paebbl, The Landbanking Group, Voltfang, UNDO, CleanHub, and Cyclize, alongside ten venture funds, including Planet A, Systemiq, Revent, Breakthrough Energy Ventures, and Counteract. With a mission to invest in four to five startups and four to five funds annually, their approach is both strategic and deeply rooted in creating environmental and social impact.
Miki and Andreas dive into the challenges of family office investing, the lack of transparency in the space, and the role of family wealth in shaping venture capital’s future. They also explore best practices for VCs fundraising from family offices, why many funds struggle to differentiate themselves, and how emerging fund managers can stand out in today’s competitive landscape.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
Where operational expertise and innovation work for you.
End-to-end coverage of Fund Admin, Tax, Accounting, Compliance, ESG, and more—enabling you to focus on what matters most: supporting visionaries and maximizing LP returns.
✍️ Show notes
1. Best Practices for VCs Raising from Family Offices
Raising capital from family offices requires a different approach compared to institutional LPs. Miki emphasizes the importance of understanding what drives an LP’s investment decisions before pitching. Rather than jumping straight into fundraising, she advises building relationships by collaborating on projects, events, or deals beforehand. This helps establish trust and alignment.
Differentiation is another key factor. Many funds appear similar in terms of investment focus, geography, and stage, making it difficult to stand out. Having a strong Unique Selling Proposition (USP) is essential. Miki also highlights that raising a fund takes longer than many anticipate, requiring a strong reputation, brand, and track record. Lastly, family offices increasingly prioritize Impact and ESG frameworks, so a solid impact strategy is critical.
2. Introduction to Aurum Impact & the Goldbeck Family Office
Aurum Impact is the venture arm of the Goldbeck family office, which originates from a successful construction business. The Goldbeck family consists of three brothers who have divided leadership across different business areas—two of them running the core construction business while the third focuses on solar energy.
Aurum Impact was created as a separate investment entity, dedicated exclusively to funding startups and venture funds that generate both financial returns and positive environmental or social outcomes. Unlike traditional family office investments, which are often discreet, Aurum Impact takes a public stance to encourage more family offices to engage in venture and impact investing.
3. Why Aurum Impact is Public About Its Investments
Most family offices operate privately, making it difficult for funds and startups to access them. However, Aurum Impact actively shares its investment activities and philosophy. The goal is to inspire other families to participate in venture capital, particularly in impact-driven areas.
Family offices hold a growing share of global wealth, yet many are hesitant to invest in venture due to the perceived risk and lack of familiarity with the asset class. By openly discussing its approach, Aurum Impact aims to demystify the process and encourage more families to contribute capital toward impact-focused innovation.
4. Investment Strategy & Portfolio Overview
Since its launch in February 2023, Aurum Impact has actively deployed capital into both startups and funds. To date, it has made seven direct startup investments, including Paebbl, The Landbanking Group, Voltfang, UNDO, CleanHub, and Cyclize. On the fund side, it has backed ten venture funds, such as Planet A, Systemiq, Revent, Breakthrough Energy Ventures, and Counteract.
The firm follows a structured approach, targeting four to five startup investments and four to five fund investments per year. While its geographic focus is primarily Europe, it remains open to global opportunities when strategically relevant. Aurum Impact’s investment thesis revolves around four core themes: Climate & Energy, Circularity & Materials, Ecosystems, and Stable & Equitable Societies.
5. Family Office Structure & Decision-Making
Unlike institutional LPs, family offices have varying decision-making structures. Aurum Impact operates as a separate entity under the Goldbeck family office but maintains alignment with the broader family strategy. The investment committee consists of two Goldbeck brothers, the family officer, and Miki Yokoyama.
While the firm has the flexibility to invest in different impact areas, decisions are guided by a long-term perspective. The family’s existing expertise in construction and sustainability plays a role in shaping investment choices, particularly in sectors like climate tech and circular economy solutions.
6. Understanding Family Offices for VCs
For VCs seeking capital from family offices, it’s crucial to recognize that they operate differently from institutional investors. Some invest purely for financial returns, while others prioritize passion-driven or strategic investments. Unlike pension funds or endowments, which follow rigid mandates, family offices may have more flexibility and subjective decision-making processes.
Building relationships is key. Many family offices prefer to get to know fund managers over time before committing capital. This means engaging with them outside of formal fundraising processes, whether through events, co-investments, or shared networks.
7. Challenges in Family Office Venture Investing
One of the biggest challenges in family office investing is the lack of transparency. Unlike institutional LPs, many family offices operate in private circles, making it difficult for fund managers to access them. Additionally, wealth managers, private banks, and multi-family offices often act as gatekeepers, limiting direct engagement between VCs and family offices.
Another factor is the internal dynamics of family offices. Investment decisions may be influenced by generational shifts, with younger family members pushing for impact-driven investments while older generations prioritize traditional asset classes. This complexity can make fundraising unpredictable.
8. Defining "Impact" in Investing
The term “impact” is often overused, leading to confusion. Many funds claim to be impact-driven, but Aurum Impact has a clear definition: achieving financial returns alongside tangible environmental or social benefits. Unlike generalist funds that invest in high-growth sectors with indirect impact, Aurum Impact exclusively backs startups and funds where impact is embedded into the business model.
This distinction is important, as not all impact strategies align with LP expectations. For VCs seeking capital from impact-driven LPs, demonstrating a measurable and intentional impact strategy is critical.
9. Selecting VCs & LP Strategy
Aurum Impact takes a balanced approach by investing in both emerging and established managers. While some family offices avoid first-time fund managers, Aurum Impact sees value in backing them—especially when they have unique expertise or underserved focus areas.
When evaluating funds, Aurum Impact considers fund size, track record, investment thesis, and geographic diversification. Unlike institutional investors that may have strict allocation limits, family offices can be more flexible in their selection criteria.
10. Challenges for Emerging Managers Raising from Family Offices
Raising from family offices can be particularly challenging for first-time fund managers. Many lack a proven track record, making it harder to build trust. In addition, funds without a clear USP struggle to differentiate themselves in an increasingly competitive market.
Certain sectors, such as deep tech and social impact, face additional hurdles. While these areas often deliver meaningful change, they may not align with the risk-return expectations of all family offices. Understanding LP preferences is crucial to securing commitments.
11. The Importance of Networks for Family Offices
Unlike institutional LPs that are publicly listed and easy to approach, family offices typically engage through private networks. Many business families belong to business-owner networks rather than dedicated family office groups. This makes it essential for fund managers to navigate the right circles to access capital.
Internal structures also vary. Some investment decisions are made directly by family members, while others are handled by external advisors. Understanding who the key decision-makers are within a family office is essential for effective fundraising.
12. Aurum Impact’s Broader Mission & Blueprint for Impact Investing
Beyond investing, Aurum Impact has a broader mission to catalyze more capital into impact-driven innovation. Through its structured “onion” framework, it aims to support:
Talent development in impact investing.
LP-GP engagement on impact measurement.
The growth of social impact startups, beyond the current focus on climate tech.
Thus, Aurum Impact is actively involved in ecosystem initiatives, such as supporting Unternehmertum's Social Impact Republic, a program focused on scaling social impact ventures.
13. Practical Advice for VCs Engaging with Family Offices
Miki advises VCs to understand their LPs before pitching, as each family office has unique preferences. Engaging beyond fundraising—whether through partnerships, shared deals, or ecosystem involvement—can significantly improve fundraising outcomes.
Differentiation is key. With so many funds in the market, VCs must clearly define their unique edge. Additionally, patience is required—building trust with family offices takes time and long-term relationship-building.
Some things are made for platforms - music, cabs & pizzas. But fund solutions aren’t one of them. Their individual client focus and regulation-first approach is your guarantee for flexible solutions accommodative to a broad range of deal and client specifics. The kicker? Prices that match any of the shelf-products in the market.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere complete with presentations, templates and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
💬 Community event | LP AMA with Christian Hjort Pedersen
Join us for an exclusive AMA session with Christian Hjort Pedersen, formerly VC Fund Investor at IIP Denmark.
Having allocated more than 600 M USD to top decile early-stage VC funds in US and Europe within tech and life sciences, Christian brings an understanding of the global venture markets and what it takes to build a true franchise better than most others.
This AMA is part of our ongoing series of small-group sessions designed to foster deep, meaningful discussions within the VC community. Reserve your spot now to ensure you don’t miss this opportunity.
⏰ Feb. 18 | 💻 Online | THIS EVENT IS FOR EUVC COMMUNITY MEMBERS ONLY.
✍🏻 Masterclass | VC Fund Finance: Essential Tools, Strategies and Applications
Join us for an in-depth session on VC Fund Finance: Essential Tools, Strategies and Applications. Fund finance has become an essential consideration for fund managers navigating the complexities of venture capital. Offering tools such as Subscription Lines (also called Capital Call lines), NAV financing, and GP Support/Co-invest financing, fund finance provides structured solutions to manage liquidity, bridge capital needs, and align investment strategies with long-term goals.
This masterclass provides a comprehensive overview of fund finance, its origins, and its application across the lifecycle of a fund. Designed for fund managers at varying stages, the session balances conceptual frameworks with actionable insights, making it particularly valuable for second-time or larger fund GPs, while also addressing the needs of emerging managers exploring fund finance for the first time.
⏰ Feb. 26 | 💻 Online | Trusted and praised by industry leaders and fund managers. Here’s what some of them had to say about working with James.
✍🏻 EUVC Masterclass | Marketing Foundations for Fund Managers
Join us for an engaging workshop tailored for fund managers looking to institutionalise their marketing approach and craft a category-defining investment brand.
This masterclass is designed to go beyond traditional marketing advice on tactics to help you create lasting brand equity, ensuring your fund stands out in a competitive landscape.
This session will provide actionable insights into fund positioning, LP communications, and crafting compelling narratives - all while maximising time for Q&A to address your specific challenges.
⏰ March 13 | 💻 Online |
✍🏻 EUVC Masterclass | Setting up and Structuring a VC Fund
Emerging fund managers face countless challenges when setting up and structuring their first VC fund. The process is complex, daunting, and full of pitfalls, from navigating legal frameworks to engaging with the right service providers, the foundations you lay now will shape your growth trajectory.
That’s why we’re planning an exclusive 3-hour masterclass designed to equip emerging managers with the insights, strategies, and tools needed to tackle these challenges head-on.
⏰ Jun. 02 | 🇩🇪 Berlin | This masterclass is a side-event taking place during SuperVenture & SuperReturn.
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
0100 DACH 2025 | 📆 18 - 20 Feb 2025 | 🇦🇹 Vienna, Austria
0100 Europe 2025 | 📆 02 - 04 April 2025 | 🇳🇱 Amsterdam, The Netherlands
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
Share this post