In this episode, Andreas Munk Holm talks with Carlos Trenchs — early-stage investor — about the new wave of entrepreneurs in Spain: those who’ve exited, raised again, and are now backing the next wave. They dive into the rise of Spain’s emerging managers, the structural limitations new fund managers face when fundraising, and how institutional platforms can solve them.
Carlos shares insights on how his team is designing a new type of investment structure — one that serves both fund-of-fund limited partners (LPs) and those deeply committed to ecosystem development. From syndicate-style collaboration to collective capital and US micro-fund inspiration, Carlos unpacks the anatomy of the new European seed scene.
Whether you’re building a micro fund, exploring Spain’s founder-led evolution, or curious about how fund design is adapting to new LP profiles — this one’s for you.
Here’s what’s covered:
00:00 The Rise of Repeat Founders: From Glovo to Preval and beyond
03:15 Why Founders Become Emerging Managers
05:42 The Fundraising Gap for New Managers
08:10 Co-investing and Scouting for Ecosystem Development
11:35 Challenges of Hybrid Investment Models
14:00 Case Study: Transcend — A $1.5M EdTech Concept Fund
17:20 Collective Capital: When LPs Roll Up Their Sleeves
19:45 Closing Thoughts & Invitation to Meet in Barcelona
📺 Watch the episode here or stream it on Spotify or Apple Podcasts — now with chapters for easy navigation 🎧
✍️ Show Notes
The Second Life of the Founder
Carlos outlines how Spain has produced a generation of tech entrepreneurs who are now using their capital, reputation, and networks to empower first-time founders. Think of them as “founder-backers” — bringing insight, not just investment.
Why Emerging Managers Struggle to Raise
Despite operational pedigree, many new fund managers lack the institutional track record LPs require. Carlos breaks down the structural barriers and why solving them requires more than just storytelling.
Designing Institutional Capital for Micro VC
Carlos’s model isn’t just another rolling fund — it’s a thoughtfully designed capital layer that helps unlock LP interest, even for managers with small fund sizes and nascent teams.
Two LP Archetypes: Exposure vs. Ecosystem
Some LPs want access to funds and founders. Others want to invest in their local or thematic ecosystems. Carlos explains how fund design can satisfy both without compromise.
US Inspiration: The Transcend Model
A powerful example: Transcend, a small EdTech concept fund with active LPs who directly support portfolio companies. Carlos reflects on how similar engagement models are emerging in Europe.
Collective Capital in Action
Gone are the days of passive LPs. Today, Carlos sees more LPs contributing their expertise, opening doors, and even co-investing alongside funds. It’s not about delegation — it’s about collaboration.
Meet in Barcelona?
Carlos signs off with an open invite to founders and funders visiting Spain — and teases his presence at the upcoming Norrsken event. “Let’s meet here.”
Connect with Europe’s leading LPs, Family Offices & Fund of Funds this September at Château de Beloeil.
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