Carolina Echecopar (Carbon Equity): What LPs Really Want from Climate Funds

Carolina Echecopar (Carbon Equity): What LPs Really Want from Climate Funds

Author: Hugo Rauch October 7, 2025 Duration: 40:44
New Wave.
BusinessScience

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Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.

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🌊 The First Swell Has Arrived

We’re kicking off with Carolina Echecopar, investor at Carbon Equity, a fund-of-funds unlocking access to climate venture capital.

If you’re building or raising a climate fund in Europe, this one’s for you.

We dive into the brutal fundraising reality, what LPs look for beyond the deck, and why some climate VCs might not make the next wave.

In our conversation, we cover:

What LPs really look for in early-stage climate funds

The minimum viable track record (and what counts as proof)

Europe vs. US LP sentiment, who’s still writing checks?

Carbon Equity’s full due diligence checklist

The branding debate: is “climate tech” becoming taboo?

Lessons from investing in 250+ companies and 20+ funds

If you’re a GP building or raising in climate tech, this one is for you.

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Reach out to Carolina:

Carbon Equity - Do good by investing better

Carolina Echecopar | LinkedIn

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🌊 Next Swell Incoming

Don’t miss our next deep dive with Terhi Vapola, Founding Partner at Greencode Ventures.

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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newwavenewsletter.substack.com

Hugo Rauch hosts New Wave, a podcast that lives at the intersection of business ambition and scientific reality. This isn't about distant predictions or abstract science; it's a grounded exploration of the technologies and companies being built right now to address our environmental future. Each episode focuses on the practical journey, dissecting the models, the breakthroughs, and the hard decisions that define the climate tech landscape. You'll hear from founders, researchers, and investors who are actively shaping this space, getting into the specifics of what works, what doesn't, and why. The conversations move beyond hype to examine the tangible mechanics of creating viable solutions, from energy storage and sustainable materials to carbon removal and regenerative agriculture. It’s for anyone who thinks about the climate challenge not just as a crisis, but as a complex and urgent field of innovation. By tuning into this podcast, you gain a clearer understanding of the economic forces and scientific principles driving the next generation of environmental solutions. New Wave connects the dots between the lab, the boardroom, and the impact we need to see in the world, offering a sober yet optimistic look at where substantive progress is truly being made.
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