What Beyoncé, WTRMLN WTR, and Madonna Taught This Investor About Building a Fund
If you had told me years ago that one of the most thoughtful CPG investors I’d ever meet started her career as Madonna’s executive assistant, I wouldn’t have believed you. But that’s exactly what makes Denise Lambertson so special—her entire career has been one long, strategic pivot rooted in culture, relationships, and timing.
In this week’s episode of the podcast, I sat down with Denise to unpack how she built her fund, Constellation Capital, and why her background in entertainment and marketing gives her an edge most investors don’t have.
From Celebrity Deals to Cap Tables
Denise didn’t come from finance. She came from the backstage. After six years working alongside Madonna during a pivotal era in her career, Denise had a front-row seat (literally) to what it means to protect your brand, stand for something, and make decisions that align with your values — even when the money says otherwise.
She took those lessons and built a marketing agency that helped early-stage CPG brands partner with celebrities before “influencer marketing” was even a term. She noticed something most others missed: the power of connecting passionate talent with passionate products — especially when both are aligned in mission and timing.
That insight eventually led her to launch Constellation Capital, a boutique venture fund backed by over 80 LPs including 35 celebrities, athletes, and entertainment professionals.
In May 2025, Constellation Capital fund 1 achieved a $2 billion exit with poppi —
validating its strategic approach of backing early-stage CPG companies with strategic capital, marketing expertise, a high-profile LP network, and celebrity + influencer alignment.
Since launching in 2018, Constellation Capital has built a standout portfolio including Magic Spoon, Pathwater, Mad Rabbit, Repurpose, and The New Primal.
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What Makes a Brand Worth Betting On?
What struck me most about our conversation was how grounded Denise is in the fundamentals. She isn’t wooed by flashy decks or hype cycles. Her criteria are simple—but not easy:
Does the product deliver on its promise?
Is the brand positioned to win in today’s market?
Do the founders have the team, humility, and tenacity to scale?
Is the timing right—not just for the idea, but for the world?
She also shared how marketing instincts, real consumer engagement, and first-hand experience still matter. Sometimes, she said, a single Instagram comment from a superfan tells you more than an entire data room.
Valuation Is a Game — But Real Value Isn’t
We also got into the weeds on valuation—something most investors avoid talking about directly. Denise didn’t. She shared how she thinks about multiples, how much optics matter (too much, in her opinion), and why she prefers conservative, realistic valuations over headline-grabbing ones.
One quote that stuck with me:
“I’d rather show strong returns based on real outcomes than chase inflated markups that look good on paper but don’t hold up.”
That kind of long-term thinking is rare—and incredibly refreshing.
The Problem with Optics (and the Opportunity for Women)
Denise also spoke openly about what it was like to raise capital as a woman in a male-dominated space. Despite her track record, she was passed over for funding by many traditional investors and ended up building her LP base largely through her own network, including many first-time female and BIPOC investors.
Today, 36% of her LPs are women. She’s proud of that, and she should be.
Why This Conversation Matters
If you’re building a brand, raising capital, or just trying to navigate this crazy industry, this episode is worth a listen. Denise brings a perspective rooted in real experience, sharp instincts, and a deep understanding of people—whether they’re consumers, celebrities, or founders.
I walked away inspired, and reminded that the best investors don’t just bring capital. They bring clarity, conviction, and care.
