Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.
In this episode, Florian Noell, Partner at PwC, and Gina Domanig, Managing Partner at Emerald Technology Ventures, join Andreas Munk Holm to explore why limited partner (LP) investing is emerging as the smartest entry point for corporates entering venture.
From accessing deal flow and ecosystems to building internal conviction and avoiding common mistakes, Florian and Gina share their playbooks for making LP positions deliver both financial returns and strategic impact.
🎧 Here’s what’s covered
00:00 Why PwC chose LP investing as part of its corporate venturing activities.
02:00 Ecosystems, neighborhoods, and the importance of other LPs around the table.
03:00 Gina on structuring LP relations to meet both financial and strategic goals.
04:30 The role of sector specialists, KPIs, and deal platforms in delivering value.
05:45 Running “sprints” with corporates to align strategy and business units.
06:45 Beyond capital: how LP investing enables startups to access global corporates.
08:00 Building trust and staying engaged with GPs to unlock real value.
09:00 Complementary models — Emerald’s cleantech depth vs. PwC’s global reach.
✍️ Show Notes
Why LP Investing?
PwC built an ecosystem strategy first, deciding where to invest — and where not to invest.
LP investing accelerates ecosystem building and gives access to founders, peers, and corporate networks.
Emerald’s Model
Runs funds with industrial corporates as LPs while also managing CVC programs for individual corporates.
Success measured not only by financial returns but by achieving strategic KPIs corporates commit to.
56-person team with deep technical expertise reviews 3,000+ deals annually.
How Value is Created
Monthly calls, structured platforms, and “sprints” around specific corporate challenges (e.g. data centers, plastic recycling).
Keeps business units engaged, not just CVC teams.
Builds long-term resilience beyond the typical ~3.7 year CVC lifespan.
Trust & Collaboration
GPs won’t call you weekly with opportunities; corporates must proactively engage.
Best practice: structured exchanges, access to deal flow (including non-portfolio companies), and global knowledge-sharing.
Complementary Strengths
Emerald: sector expertise in cleantech and a flexible evergreen fund model.
PwC: global corporate access, knowledge, and ability to broker partnerships, acquisitions, and client connections.
💡 One-liner takeaway: For corporates, LP investing isn’t passive capital — it’s the smartest way to learn, connect, and build ecosystems that drive both returns and strategic transformation.
