Jasper Roll (Haufe Group Ventures): How to build a credible CVC without a traditional fund structure

<p>A credible CVC does not have to start with a traditional fund structure. <a href="https://www.haufegroup.com/ventures" target="_blank" rel="noopener noreferer">Haufe Group Ventures</a>⁠ built its model around an evergreen balance-sheet setup, a lean team and a clear mandate, proving the approach through deals rather than a large fund launch.</p><p>In this episode, <a href="https://www.linkedin.com/in/andreas-euvc/?locale=en" target="_blank" rel="ugc noopener noreferrer">Andreas Munk Holm</a> and <a href="https://www.linkedin.com/in/jeppehoier/" target="_blank" rel="ugc noopener noreferrer">Jeppe Høier</a> speak with <a href="https://www.linkedin.com/in/jasperroll/" target="_blank" rel="ugc noopener noreferrer">Jasper Roll</a>, Managing Director at Haufe Group Ventures⁠, about how he helped build the venture arm of a family-owned German software company from the ground up.</p><p>Jasper explains how Haufe combines direct investments, venture building and, more recently, LP investing, why the team deliberately started small and how three investors have completed more than 20 deals, including follow-ons. </p><p>He also shares why early-stage CVCs need a clear portfolio strategy, enough commitment to build it properly and the discipline to walk away when valuations or deal dynamics do not fit the model.</p><p>The conversation also explores how Haufe manages expectations around venture timelines and failures, how a young CVC builds credibility with founders and other investors and why Jasper believes corporates can no longer rely on innovation happening entirely within their own walls.</p><p><strong>Highlights</strong></p><ul><li><p>How to build a credible CVC without a traditional fund structure</p></li><li><p>Why Haufe deliberately started with a lean setup</p></li><li><p>How direct investing, venture building and LP investing work together</p></li><li><p>How a three-person investment team has completed more than 20 deals</p></li><li><p>Why CVCs need conviction before committing capital</p></li><li><p>Why saying no can be harder than saying yes</p></li><li><p>How to manage internal expectations around failures and long-term returns</p></li><li><p>How young CVCs build credibility with founders and investors</p></li><li><p>Why corporates need to engage with innovation beyond their own walls</p></li></ul><p><strong>Timestamps</strong></p><ul><li>(00:00) Intro</li><li>(02:00) From startup operator to building Haufe Group Ventures</li><li>(04:00) Designing Haufe