In this episode of the EUVC podcast, Andreas talks with Charlotte Palmer, Vice President at Integra Global Advisors.
Andreas and Charlotte explore the evolving role of government LPs in Europe, discussing best practices and key considerations for fund managers. Charlotte shares her insights on why she joined Integra, reflecting on her new position as a global LP with a focus on European VC. The conversation also delves into fundraising for impact-driven VCs across Europe and the US, offering valuable perspectives for investors and founders alike.
At Integra Global Advisors, Charlotte oversees a fund with €700M in assets under management, targeting early-stage and emerging managers across the US, LatAm, Europe, and Israel. Integra’s agnostic approach has led to notable investments, including Plural, Fly, and Retail (EU), as the firm continues to back innovative companies across various sectors.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
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✍️ Guest show notes:
We believe in giving you our guests' thinking directly and unaltered. Therefore, no changes, no AI, no nothing has been done to the following sections.
A look at the person behind.
Degree in Business Management & Social Policy; spent the past 4 years at British Business Bank (BBB) deploying cornerstone cheques into UK based emerging managers via the Enterprise Capital Funds (ECF) programme. Held numerous LPAC seats and closed opportunities as deal lead. Joined Integra Global Advisors (Integra) as Vice President in August 2024.
…Integra operates as an RIA functioning as a multi-family office, catering to ultra-high net worth families, foundations, endowments, and pension funds. We provide investment services across the entire spectrum, including liquid equities, fixed income, venture capital (VC), private equity (PE), real estate, private credit, hedge funds, as well as niche and emerging asset classes such as litigation finance. On the venture capital side, our investments include both VC funds (emerging managers) and direct investment in startups.
Deep dive on the role of government institutions in venture.
Provide funding and support for established and emerging VC’s alongside early-stage companies. Government entities have the capital firepower to drive real economic change and plug equity gaps where it's needed the most.
Foster innovation and entrepreneurship through grants and programmes.
Facilitate partnerships between private sector and startups. By offering incentivising structures, government institutions can have influence in private sector allocation. Great example of this is the BBB’s ECF programme geared return structure taking a significant smaller % of the profits than its pro-rata allocation.
Create a favourable regulatory environment for venture investments. In Europe we have seen significant movements on ESG and impact initiatives for VCs which are supported and largely led by government institutions.
What are government institutions doing correctly?
Increasing access to capital for underrepresented founders of funds and startups. As a challenging industry to break into by design, government institutions are playing an additive role the changing face of VC.
Supporting technology transfer from research institutions to the market.
Incentivising private capital injection to the asset class.
Offering mentorship and resources to startups / emerging managers. These institutions generally have reputations for their long and detailed due diligence processes, however, for those who are successful the resources, feedback, reflections and challenges faced during the journey to raise is invaluable. During my time as a government LP I noted multiple times the increased strength of a manager's proposal and subsequent success with other investors having undertaken the experience.
Establishing networks that connect entrepreneurs with investors, GPs with LPs, and the publishing of unique market data.
What could they be doing better?
Streamlining funding processes to reduce bureaucratic delays - can the process be more efficient to decrease timelines while maintaining the present quality of diligence and risk assessment.
Publish more data on best practice, ‘need to knows’, tips and tricks for emerging managers, alongside benchmark data for lesser discussed topics e.g management fee profiling, salaries.
Enhancing focus on long-term sustainability over short-term returns.
Remove restrictive investment criteria that could limit alpha returns.
Improving transparency and accountability in funding decisions.
Building stronger collaborations with private LP firms.
Do you believe they are distorting the market?
Yes, in some cases by providing capital that may not align with market dynamics.
Significant capital weight in the market does have influence to distort sectoral growth and decline, which could be both advantageous and disadvantaging for fund managers and founders.
Can create competition with private investors, affecting valuations (data shows rounds with government-backed funds in have higher valuations albeit marginal)
May lead to misallocation of resources in certain sectors.
Learnings from joining a global (but US born) LP
We invest in early-stage funds across four key geographies US, Europe, LatAm, and Israel
We generally focus on the first few vintages from a given manager and/or small funds – from a data led approach we feel this provides the highest probability of the returns we’re looking to receive.
We look for emerging managers but experienced investors (i.e. a referenceable and validated track record either from angel experience, EIS / SEIS funds, or from a previous investment firm).
Our strategy is data informed – we dissect the track record, try to identify trends and patterns, rationale for decisions, areas to challenge and delve into.
Why did you pick Integra?
Strong track record of investments across numerous asset classes (VC, hedge fund, fixed income, liquid equities, litigation finance, private credit, real estate+).
Commitment to supporting clients’ best interests, innovate and seek the best opportunities available across numerous asset classes
Incredibly intellectual team with a zest to learn. Collaborative culture that encourages innovation, curiosity, knowledge, and teamwork.
Alignment with my investment philosophy and values.
What are the characteristics of the institutions that you considered alongside Integra?
Proven investment performance and a solid reputation.
Supportive networks and valued approached towards startups / emerging managers.
Clear investment thesis and strategy.
Strong focus on commercial strategy that pick the best in class.
What are the challenges of being the first hire in a new country?
Building brand recognition and trust.
Navigating different regulatory environments and market dynamics.
Establishing a local network of investors and fund managers.
Balancing global firm expectations with local market realities.
What can junior or aspiring LPs do to position themselves for a role at a US/global firm like Integra?
Gain relevant experience through internships, entry-level or pivoted positions in finance or VC - show your hunger.
Develop a strong understanding of market trends and investment strategies.
Network with industry professionals and attend relevant events. Network is KEY.
Continuously learn about emerging sectors and technologies. READ. READ. READ.
What can European LPs do to make themselves more attractive candidates for US or global firms hiring in the region?
Cultivate a diverse investment portfolio to showcase adaptability - sector, stage, region, thesis etc.
Try to maximise your experience across multiple stages of the investment decision making process e.g sourcing, diligence, IC.
Emphasise experience with cross-border investments and collaborations.
Broaden your VC knowledge to success stories beyond your region.
What can US or global firms do to identify the best emerging LP talent in Europe and make themselves an appealing place to work for European LPs?
Actively participate in European venture capital events and networks.
Offer mentorship and development programs for aspiring LPs.
Showcase success stories and career progression opportunities within the firm.
Foster an inclusive and diverse workplace culture.
Impact VC in the US and Europe
European LPs often have a broader interpretation of impact, focusing on social and environmental outcomes. Largely seen in BBB / EIF processes.
American LPs may prioritise financial returns more heavily, sometimes viewing impact as secondary.
There is a greater emphasis on regulatory frameworks and standards in Europe regarding impact investing.
How should impact funds position themselves for US LPs? What about funds that aren’t strictly impact but have impact-characteristics?
Clearly articulate the financial returns alongside impact metrics. Explaining why the two are codependent, complimentary and not mutually exclusive.
Demonstrate scalability and sustainability of impact initiatives.
Utilise case studies that showcase successful outcomes. Or use examples of success stories from the market who match the thesis.
For non-impact funds, highlight any impact characteristics as added value and additive to the proposition. Be prepared to answer WHY and HOW impact is involved in the decision making of the firm.
Is it legitimate for GPs to have an impact pitch for European LPs and a non-impact pitch for US LPs?
Yes, it can be legitimate to tailor pitches based on audience expectations.
It’s crucial to maintain transparency about the fund’s core values and objectives. A fund manager should never lose sight of the fund’s foundation and mission because they are chasing the money pot.
Different markets may have varied appetites for impact versus financial returns, requiring tailored messaging that does not alter the core message.
Join us at the CultTech Summit, define the future of culture and technology.
5-6 November, Vienna - Meet the key players in culture & technology, share your vision and enjoy a captivating cultural program. There’s over 30 different events waiting for you — debates, panel talks, showcases, workshops and exhibitions. Add networking and you know all the reasons to participate.
As conference partners, we invite you to join us with a 25% discount - use EUVC25.
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🧠 Upcoming EUVC masterclasses
Advanced small-group sessions that take you from good to great. Lectured by leading GPs, LPs & Experts.
EUVC Masterclass: Marketing & VC Fund Narrative
Your brand is everything. It’s what sets you apart, helps you win the best deals, attract LPs, and ultimately drive your growth. For emerging fund managers, building a credible brand and establishing the right marketing foundations early on are game-changers. Yet, many don’t know where to begin.
Your fund’s narrative is what makes the difference between an LP glancing at your deck or deciding they’re ready to write a check. It’s your brand that makes LPs feel confident they’re partnering with someone who knows how to make magic happen.
We’re planning a masterclass on building strong marketing foundations with a top industry leader. If enough people show interest, we’ll make it happen.
EUVC Masterclass: Benchmarketing for GPs & LPs
In venture, knowledge is power—and benchmarking is the key to unlocking it. Understanding where you stand against your peers is what makes you set realistic expectations, and drive portfolio performance.
For GPs, benchmarking can reveal the strengths and weaknesses of your portfolio, while for LPs, it provides a clearer picture of where your commitments stand in the broader market. Yet, many don't know how to effectively utilize benchmarking tools or interpret the data.
We’re planning a masterclass on mastering the art of benchmarking, led by a top expert in the industry. If enough people express interest, we’ll make it happen!
EUVC Masterclass: Comprehensive Portfolio Modelling
Lecturer: Marc Penkala, Co-Founding Partner of āltitude
When: 📅 Thu, Oct 24 | 10:00 AM - 1:00 PM CET | London, UK
This exclusive in-person masterclass integrates three key aspects of Venture Capital Fund Modelling: Fundamentals, Assumptions Sheet Construction and Portfolio Construction & Decomposition,
Led by Marc Penkala, Co-Founding Partner of āltitude and advisor to multiple European Family offices and VCs, this masterclass will be delivered in a small-group setting with just 15 seats available, providing a rich opportunity to discuss, exchange perspectives and do hands-on work with the provided material and resources.
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🗓️ 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 Conference Mediterranean | 📆 28 - 30 October | Milano, Italy
culttech summit | 📆 5-6 November | Vienna, Austria
GoWest | 📆 28 - 30 January 2025 | 🌍 Gothenburg, Sweden
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🌍 Berlin, Germany
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