In this episode of the EUVC podcast, Andreas Munk Holm is joined by LP Evan Finkel and Cocoa’s Carmen Alfonso to explore the gritty, unvarnished truth about what it takes to raise a venture fund today. They unpack the fundraising myths that mislead first-time GPs, the pitch deck traps that instantly raise LP eyebrows, and the misunderstood concept of “edge” that too often becomes just another slide.
Together, they dive into the uncomfortable but essential lessons that don’t get talked about enough—why brutal feedback is a gift, why preparation is a differentiator, and why your real superpower probably doesn’t look good on LinkedIn. From fake timelines to founder references and chocolate brand storytelling, this one’s for every emerging manager looking for clarity in the fog.
Here’s what’s covered:
03:04 Why Brutal Honesty in Venture Matters More Than Ever
05:44 The Myth of the Effortless Fundraise (and Who It Hurts)
08:04 Preparation Is a Superpower—Not Just Talent
12:48 What LPs Want to Know
16:23 The VCX Framework: Edge ≠ Thesis
19:55 Superpowers Are Personal—Not PR
26:58 The Case for Being an Outlier (or Not Doing VC at All)
30:22 How LPs Evaluate GPs on Call #1
35:47 Red Flags in Decks That Make LPs Cringe
41:52 Polish vs. Substance: What the Deck Signals
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation 🎧
✍️ Show Notes
Why Brutal Feedback is the Greatest Gift in Venture
It’s not just hard to raise funds—it’s hard for everyone. And pretending otherwise only reinforces false expectations. Carmen shares why she refuses to sugarcoat the experience, even when others would put her in the “had it easy” category. Evan adds the LP perspective: most emerging GPs don’t realize how underprepared they are until the rejections start rolling in.
“Effortless is a myth. And nothing extraordinary is achieved without an extraordinary amount of work, pain, and joy.”
— Carmen
Don’t Talk About Your Edge Until You Know What It Is
Everyone says you need an edge. Few know what it means. Andreas breaks it down into the VCX Framework:
Unique Thesis
GP–Thesis Fit
Flywheels & Reps
Capital Allocation Skill
That combo, not just an operator badge or a hot vertical, is what creates outlier potential. Because most LPs aren’t looking for pitch theatre—they’re looking for a fund that only you could build.
Building Around Your Superpower (Even If It’s Not Sexy)
Carmen opens up about rethinking her identity from “IQ first” to “EQ-led” and how Cocoa’s strength is rooted in trust, not check size.
“My superpower isn’t how smart I am—it’s how deeply I build relationships. Cocoa works because it’s small, and it’s supposed to stay that way.”
Evan drives it home: a real edge is rarely what looks good on LinkedIn. It’s not Stanford + FAANG. It’s the thing you do obsessively well—even if it’s carving pumpkins.
LP Red Flags: What Makes the Best LPs Say “No Thanks”
Some of Evan’s biggest turnoffs?
“Unparalleled network” 🙄
Decks full of mid-level operator headshots
Ridiculous growth projections (“Fund 1: 20M > Fund 2: 50M > Fund 3: 100M”)
Advisor pages are stacked with folks who aren’t investors
“It tells me you don’t understand how hard this is—or what really matters.”
Instead, focus on clarity, coherence, and consistency. Want to signal quality? Show you’ve thought deeply about why you should be managing capital.
Polish Helps. But It’s Not the Point.
From Carmen’s chocolate brand storytelling slide (yes, really) to the ultra-slick Cocoa and Re-Rail decks, there’s a spectrum of presentation styles. But Evan says the only requirement is professionalism. LPs don’t need Canva magic—they need to understand what you’re saying, fast.
And if a single quirky slide about how chocolate is made gets someone to commit? Even better.
Referencing Is a Strategy—Not Just a Checkbox
The golden rules:
Don’t only give cheerleaders
Brief your references
Expect off-list calls (especially in the US)
Founders will say more than you expect—prepare accordingly
“If your reaction to off-list referencing is panic, that’s a signal. What are you hiding?”
— Evan
And sometimes, what LPs remember most is a founder recalling a play you took them to months ago. (Yes, Dear England at the National Theatre did come up in multiple reference calls.)
🏁 Closing Thoughts
This episode wasn’t just an industry discussion, it was a reality check for anyone building a firm in today’s climate. If you’re fundraising, here’s your cheat sheet:
✅ Know your real superpower
✅ Accept the trade-offs that come with it
✅ Seek feedback that hurts (before the market delivers it for you)
✅ Respect the LP’s time and perspective
✅ Don’t try to look “VC legit”—just be relentlessly you
Because the only thing worse than failing to raise is raising for the wrong reasons, with the wrong story, and realizing too late that it was never really your fund to begin with.
🤗 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.
Want to learn how a top LP navigates the industry? Join us on June 12th at 12 PM WEST for an exclusive AMA session with Daniel Keiper-Knorr.
Daniel is a founding partner at Speedinvest, where he leads limited partner relations and fundraising at both the fund and portfolio levels. With a career spanning investment banking, entrepreneurship, and venture capital, he started as a stockbroker and private banker at Erste Bank in Vienna and Credit Suisse in Zurich before transitioning into the startup world.
As a co-founder of 3united, he played a key role in its growth and eventual acquisition by VeriSign.
Since 2007, Daniel has been an active angel investor, bringing hands-on expertise in sales and business development to early-stage ventures. In 2011, he co-founded Speedinvest, leveraging his extensive experience to support founders and drive investment success.
↓ Register below to attend ↓
🗓️ 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!
The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark
Share this post