Welcome to the Impact Highlight series, powered by EUVC, where we bring you the people and perspectives shaping European venture.
Today, we sit down with Chloe Dagnell from Isomer Capital, one of Europe’s most active LPs, to unpack what institutional investors are looking for, how impact sits alongside returns, and what makes a GP truly stand out.
With more than six years at Isomer Capital and a background that started in international development before moving into venture, Chloe brings a unique perspective on building portfolios that balance financial performance with sustainability, diversity, and long-term alignment.
🎧 Here’s what’s covered:
01:34 Chloe’s Journey: From international development to venture and why local context matters.
06:12 Isomer’s Strategy: Building a diversified portfolio across pre-seed and seed in Europe.
11:08 Impact in the Portfolio: Why ~30% of Isomer-backed companies are SDG-aligned — and how impact sits alongside returns.
17:55 Returns vs. Impact: Revolut, scale, and why the biggest value drivers aren’t always in impact funds.
23:41 Good vs. Great GPs: Evidence over slides, specialist edge, and values alignment.
31:26 Diversification & LP Interests: Corporate LPs and the green transition — why Isomer doesn’t get pushed into one theme.
37:14 DEI as the Next Frontier: Ownership, accountability, and why female-led teams in Isomer’s portfolio are top performers.
44:58 Advice to Emerging Managers: How to prove differentiated access and cut through generic pitch decks.
51:02 Closing Takeaways: Evidence, access, values — what LPs really want in Europe’s next generation of funds.
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✍️ Show Notes
The Setup: From Saving the World to Backing European VCs
Chloe’s journey began in international development, working across Sub-Saharan Africa and Southeast Asia, before realising the importance of deep local context. That path led her into venture, where at Isomer Capital she builds a diversified portfolio of pre-seed and seed managers across Europe.
“I spend most of my time meeting amazing GPs across Europe. For us, it’s about identifying great entrepreneurship early — and the investors who can spot and support it.” – Chloe
💡 Impact in the Portfolio
Roughly 30% of Isomer’s portfolio companies are SDG-aligned — a number that has stayed consistent over time.
Interestingly, out of the top 10 value drivers by NAV, only one came from a specialist impact fund.
Translation: great impact companies aren’t only found in impact funds — generalist managers back them too.
“Revolut has impact because it got so big. Scale matters — you always need to go one layer deeper than the headline.”
Why it matters: LPs expect impact and financial returns to go hand in hand — and the data shows they can.
What Makes a Good GP vs a Great GP?
Evidence over slides: Many decks sound generic. What matters is proof that a team has acted on its thesis.
Specialist edge: Technical backgrounds in biotech, climate, or health within a generalist fund can provide differentiated access.
Values alignment: Long-term relationships with founders require shared values to avoid clashes later.
Support at board level: Founders want investors who add skill, not just capital.
“Great skill in identifying talent and great skill in supporting it — that’s what takes a fund from good to great.” – Chloe
Diversification & Corporate LPs
Isomer’s strategy:
Diversified pool across geographies, sectors, and theses.
Pre-seed & seed focus: outperformance comes from spotting talent earliest.
Corporate LPs often interested in sustainability and green transition, but Isomer doesn’t get pushed into one theme.
👩💼 DEI as the Next Frontier
Change won’t happen overnight, but LPs can push by asking hard questions and keeping GPs accountable.
Ownership matters: building practices that allow diverse individuals to increase their share of economics over time.
Chloe highlights that female-led GP teams in Isomer’s portfolio are performing at the top tier.
“It’s about opening the floor to conversation — LPs are conscious, and they want to see you do something about it.”
Takeaways for Founders & VCs
Impact is everywhere. Great companies with real-world value aren’t limited to impact funds.
Evidence beats theory. LPs cut through the generic — what matters is proof of differentiated access and execution.
Diversification is protection. Early-stage LPs spread risk across theses, geographies, and teams.
DEI is non-negotiable. Ownership pathways and accountability are the next frontier.
💡 One-liner takeaway:
For LPs like Isomer Capital, impact and returns are inseparable — what matters most is evidence, access, and alignment with values that last decades.
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