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.

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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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:

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.

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.