The Ethical Thesis Edge: Why Impact-Positioned Funds Are Making a Comeback
Impact had a rough few years. The ESG backlash, greenwashing scrutiny, and the "returns vs values" discourse all conspired to push ethical positioning to the margins of venture. But that's quietly reversing. A new generation of LPs is funding theses where impact and outsized returns are the same thing, not a tradeoff. The funds best positioned to ride this shift are the ones that built the thesis years ago, before it was fashionable.
In this 60-minute session, Samir Karoum of Bombellii Ventures, in conversation with Myrto Lalacos, makes the case for why impact-positioned funds are coming back into favour with LPs, and what emerging managers should know before adopting an ethical thesis as positioning rather than window dressing.
What we'll cover:
The LP archetypes driving the impact comeback in 2026, and what they're actually writing cheques into
How to position an ethical thesis without falling into the greenwashing trap
Where impact and venture returns genuinely converge, and where they don't
Lessons on translating an ethical thesis into deal flow and conviction
Who should attend
Emerging managers considering an impact or ethical positioning for their Fund I or II. Anyone trying to separate substantive impact strategy from marketing or thinking of launching an ethical VC firm.
About the speaker
Samir Karoum is Founder and General Partner of Bombellii Ventures, a Fund I that invests in Responsible AI, data, and software optimising critical infrastructure, climate resilience, and cyber risk. He was previously Chief Strategy and Sustainability Officer on the Executive Committee of Technip Energies, where he led global strategy, M&A, corporate venture capital, and sustainability. He brings the rare combination of operator-scale sustainability experience and a venture investor's lens.
About the host
Myrto Lalacos is the founder of The Emerging VC, an independent platform for the next generation of fund managers. After years inside VC and helping launch more than 1,900 emerging GPs at VC Lab, Myrto now writes, hosts, and convenes the conversations that shape how the new generation of fund managers and VC leaders think and build.