Led by Sarah Applebaum, partner at Pangaea Ventures and a long-standing hard tech investor who has worked with over 25 corporate LPs, the panel brings together perspectives from Austin Noronha, managing director at Sony Innovation Fund and Murat Oguz Arcan, managing director at Sabanci Climate Ventures, on how corporates use fund investments to drive strategy. 

Key takeaways

  • LP investing as a strategic access tool 
    • Corporate LP positions are primarily about gaining access — to domain expertise, entrepreneurs and new geographies — rather than purely financial returns. 
    • For Sony, LP stakes extend internal capabilities in areas such as climate tech, deep tech and Web3, where in-house expertise is limited. 
  • ‘Build vs buy’ is evolving into hybrid models
    • Corporates increasingly combine direct investing with selective LP commitments to complement internal teams. 
    • Sabanci used LP investing as a learning mechanism when entering venture, engaging with over 200 funds to build capability. 
  • Strategic value outweighs financial upside 
    • Target returns may be modest (e.g., 1x DPI acceptable), with priority placed on augmenting internal teams and sourcing opportunities. 
    • LP investments are seen as extensions of corporate strategy rather than standalone financial bets. 
  • GP selection focuses on access and behaviour, not scale 
    • Preference for emerging managers with strong ecosystem reach and domain expertise over large, less engaged funds. 
    • Evaluation includes how GPs operate in practice — deal selection, governance and hands-on support for startups. 
  • Co-investment is relationship-driven, not contractual 
    • Formal co-investment rights are less important than trusted relationships that lead to shared deals. 
    • Corporates only co-invest where they can add clear value to the startup. 
  • CVCs repositioned as value-adding partners 
    • Perceptions of corporates as difficult cap table participants have improved markedly; startups now actively seek them out for strategic support. 
    • Leading CVCs institutionalise value creation (e.g., regular internal sessions to enhance portfolio support). 
  • Key advice for first-time corporate LPs 
    • Secure experienced advisors before committing capital to accelerate learning and avoid early missteps. 
    • Define clear strategic objectives — particularly around access — before writing a cheque. 

This summary was generated by AI and lightly edited by GCV staff.