E652 | Lea Strumberger, KfW Capital: How one of Europe’s Largest Public LP Thinks About Opportunity Funds
Description
Welcome back to another episode of the EUVC Podcast, where we bring together Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.
Today we dive into one of the most under-discussed — yet increasingly important — topics in European venture: Opportunity Funds.
Joining Andreas Munk Holm is Lea Strumberger, Senior Investment Manager at KfW Capital, one of Europe’s largest and most mission-driven LPs. KfW Capital co-operates several modules of Germany’s €10B Future Fund (Zukunftsfonds) and deploys into VC funds to strengthen Europe’s late-stage capital base.
Within that framework, KfW Capital has launched an Opportunity Fund facility to back managers deploying Series B+ capital — often into their own breakouts — with a structure and governance playbook that preserves alignment and avoids “continuation-vehicle rescue” dynamics. Public examples of European Opportunity strategies include Notion Capital’s Opportunities funds, built alongside its core franchise.
Here’s what’s covered
00:17 — Mandate & why Series B+: Europe needs domestic late-stage capital
04:39 — Two OF archetypes: inside-only vs blended
08:15 — How KfW diligences emergent managers launching OFs
13:19 — Why a third-party lead (≥25%) matters
18:53 — Terms that matter: fees, carry, GP commit, duration
25:30 — GP commit reality for second-timers
33:19 — Governance: allocation policy, LPAC, down-rounds
36:10 — Hurdle rates: 6–8% standard, not the battleground
37:55 — Market pulse: ~10 OFs/year cross KfW’s desk
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