E496 | Dario de Wet, LTV Capital: Cracking the LP Code: Dario de Wet on Building a Global FoF from Europe

Jun 18, 2025

Dario de Wet, Founding Partner of LTV Capital—a fund-of-funds innovating in the venture capital space—shares his insights on the evolving LP-GP dynamics. He discusses the unique challenges faced by emerging fund managers, particularly in Europe and underserved markets. Dario explores the impact of narrative on investment success and contrasts US and European GP strategies. The conversation also emphasizes the importance of education, relationship-building, and adaptability in the competitive venture landscape.

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ANECDOTE

LTV's Global Network Strategy

LTV Capital intentionally invests globally to build diverse deal flow and strong networks.
Different geographic funds attract unique deals, demonstrated by minimal overlap in portfolio investments.

ADVICE

Focus Pillars for Emerging Managers

Emerging managers should focus on thesis, network connectivity, and portfolio fundamentals.
Plan how to support portfolio companies meaningfully, balancing check sizes with your capacity.

INSIGHT

Europe's Venture Potential and Challenges

Europe offers nascent venture opportunities despite LP skepticism.
Challenges include risk aversion and regulatory burdens that slow emerging fund formation.

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In this conversation, David Cruz e Silva sits down with Dario de Wet, Founding Partner of LTV Capital, a next-generation fund-of-funds reshaping the LP-GP landscape through intentional, hands-on support for emerging managers, especially in underserved and global markets.

Together, they unpack what it takes to stand out as an emerging VC manager today, how LP sentiment is shifting across continents, and why democratizing access to venture capital remains fraught with friction.

📣 Want to go beyond the podcast? Join us as a EUVC member and dive deeper with Dario de Wet in a Live LP AMA

Following his powerful podcast episode, Dario de Wet—Founding Partner at LTV Capital—is joining us live to continue the conversation with the EUVC community.

We’re bringing together top LPs actively investing in VC fundsto unpack the realities of allocation strategy, fund selection, and how the global LP playbook is evolving, particularly for emerging managers in Europe and underserved markets.

🎤 Don’t Miss This AMA: LP Strategy with Dario de Wet

From sitting on the Ubuntu Foundation’s LP committee to running a hands-on, next-gen fund-of-funds,

Dario brings rare insight

into how LPs think, how narrative shapes outcomes, and what’s working (and not) across geographies.

Whether you’re raising your first fund or leading a fund-of-funds, this is your chance to:

✅ Ask your questions directly

✅ Learn how LPs assess GPs beyond the pitch

✅ Explore trends in co-investments, secondaries & cross-border allocations

This is the room to be in if you care about the future of

venture capital investing—and the LPs who shape it.

📅

RSVP here for MEMBERS ONLY→

Here’s what’s covered in the podcast:

03:10 Becoming the Best Emerging Manager: Intentional Positioning
06:05 What LPs Actually Want: Archetypes, Risk & Regional Nuance
09:30 The Ubuntu Foundation: Building Africa’s Emerging Managers
12:45 US vs Europe: Why Dario Still Bets on Europe
15:20 Strategic Value in Venture: More Than Just Capital
18:35 The Power of Narrative: How Emerging Managers Stand Out
26:30 The “1000 Funds” View: Pattern Recognition from UVC
28:45 Strategic Sessions, GP Coaching & Market Signal Loops
31:20 Should LPs Just Invest in the U.S.? Dario’s Response
39:15 If You Made It This Far… The Real Secret to Success