Douglas Sloan (Better Society Capital): How Impact LPs Pick Funds

Douglas Sloan (Better Society Capital): How Impact LPs Pick Funds

Author: Hugo Rauch December 2, 2025 Duration: 48:13

Thank you to this week’s sponsor:

Accelerating Impact - a non-profit advancing impact finance by mobilizing capital and running free accelerator programs for emerging fund managers. Join for expert coaching, training, financial support, and a strong community. Apply here.

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🌊 A New Swell Has Arrived

Inside Better Society Capital’s approach to returns, impact, and the next gen of funds.

We’re joined by Dougie Sloan, Head of Venture at Better Society Capital, the UK’s largest social impact investor and a cornerstone LP across 120+ impact-driven funds.

In this episode, we dive into how an LP actually evaluates venture funds, and what it really takes to raise from an impact-oriented institutional investor. Dougie breaks down portfolio construction, return expectations, impact methodology, and the LP role in shifting European VC.

In our conversation, we covered:→ How Better Society Capital selects funds → Why impact doesn’t imply concessionary returns→ Why Europe needs more specialist funds→ Where impact actually drives commercial performance→ The state of liquidity in venture across the world→ How LPs assess team, repeatability, and firm-building→ Practical fundraising advice for GPs raising today

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Links:

Douglas on LinkedIn

Better Society Capital

Or ask me for an intro!

Impact as a driver of value.

Join the Impact VC community



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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