Paperjam Club: In your investment decisions, how prominent are ESG or impact criteria, and how do you balance financial return with societal value creation?

: ESG isn’t a trend--it’s a lens for making better long-term decisions. Financial returns matter--they always will--but if we only chase short-term gains, we’re missing the point. Real value is created when capital supports something larger than itself. If you’re still debating whether sustainability matters, you’re already behind.

Why is the lack of institutional capital in sectors like innovation, defence and sustainability such a critical issue for Europe?

Because we can’t afford to be passive on the future. Europe has talent, research and ambition--but we’re chronically underfunded where it matters most. Strategic sectors like deeptech, defence and sustainability require long-term capital with conviction. Yet institutional investors still hesitate, often waiting for someone else to take the first risk. If we want European solutions to global problems, we need European capital to show up early and boldly.

What’s one thing emerging fund managers should get right before meeting institutional investors?

Know who you are and what you stand for. Too many managers try to copy-paste what they think LPs want to hear. But institutional investors, especially those like the European Investment Fund (EIF), look for authenticity, a clear strategy and a team that has something unique to offer. Before you walk into a room, you should be able to answer: Why us, why now and why this strategy?