Welcome to the 88th edition of Deep Tech Catalyst, the channel from The Scenarionist where science meets venture!
This episode is a little different.
Usually, we focus on what founders can do to raise capital from investors. But today, we flip the lens to look at the upstream mechanics of Deep Tech investing, tracing how institutional capital flows, who allocates it, and what it really takes to build a fundable venture portfolio.
To decode this angle, we welcome Béla Hanratty, Co-founder and Managing Partner at Keeling Capital!
Together, we explore the role of the Limited Partner in shaping the Deep Tech landscape—from fund selection and capital allocation to GP evaluation, risk modeling, and co-investment strategy.
In this edition, we break down:
How institutional capital flows into Deep Tech—from asset owners to startups
How LPs distill 500+ fund managers down to 10 high-conviction bets
What makes a GP truly differentiated—and where most fall short
How LPs assess capital intensity, deployment models, and scale-up risk
What early-stage and growth-stage strategies must get right to outperform
Whether you’re a founder raising capital, a first-time manager entering the market, or an investor looking to understand how institutional LPs think, this conversation is your inside look at the capital side of deep tech.
Let’s get into it. ⚡
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