Lea Strumberger (KfW Capital): Inside Germany's $1B Fund of Fund

Lea Strumberger (KfW Capital): Inside Germany's $1B Fund of Fund

Author: Hugo Rauch April 21, 2026 Duration: 48:14

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Thanks you, Morning for hosting the podcast this week. Get 20% off your next meeting room (in Paris), just say you’re coming from Hugo at New Wave.

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🌊 Inside an LP’s Mind

What it really takes to raise climate-tech funds.

We’re joined by Lea Strumberger, investor at KfW Capital, where she focuses on climate tech, impact, and deep tech investments.

In this episode, we dive into how LPs actually make decisions, and unpack what it really takes to raise your second fund in today’s climate market.

In our conversation, we covered:

→ Why Fund II is a completely different game, and what LPs expect now

→ The truth about DPI, TVPI, and what “performance” really means early on

→ How to build trust with LPs (hint: it’s still a people business)

→ The Series B funding gap in Europe, and why it’s still unresolved

→ What climate sectors worked (energy), and where we got it wrong (food/alt protein)

→ Why climate is no longer “impact”, but a real investment vertical

✨ If you want to help this show, don’t forget to leave a review on Apple Podcasts or Spotify.



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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