In this episode, Andreas Munk Holm sits down with Exit of The Year Finalist Fergal Mullen, Founding Partner at Highland Europe, to explore the firm’s growth-only investment strategy and what it really takes to scale durable, capital-efficient European champions.
Fergal shares why Highland’s equal partnership model is more than just internal structure—it’s a reflection of how trust, alignment, and founder collaboration drive outcomes. From turning operational efficiency into alpha to navigating U.S. expansion and cap table cleanups, this episode lays out a blueprint for growth with discipline in a market still shaped by cycles, hype, and hard-earned fundamentals.
🎧 Here’s what’s covered:
01:15 Spinning Out from Highland Capital & Building a Growth-Only Fund
02:30 Why Equal Partnership Structure Matters—for GPs and Founders
04:20 Sensible Growth > Blitzscaling: Highland’s Core Investment Philosophy
09:10 Founder Coachability, No-Frills Marketing & Building Trust Post-Investment
11:50 Exiting and Re-Investing: When and Why to Consult LPs
13:45 US Expansion: Why Founders Must Move to Make It Work
16:00 Europe’s Best Exit Year? Why Fundamentals (Still) Win
17:55 Tourist Capital: How Cycles Distort Venture Discipline
19:20 Founders’ Liquidity and Cap Table Cleanups—Done Right
24:30 Closing Reflections from Fergal: Growth with Discipline, Always
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation on the Spotify/Apple episode🎧
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✍️ Show Notes
Scaling Without the Hype: Highland Europe’s Sensible Growth Playbook
Fergal Mullen walks us through why Highland Europe bets on high-growth, capital-efficient companies—and how this philosophy has driven one of their best exit years ever. From board dynamics to secondary transactions, the Highland team backs operational excellence over flash.
The Real Cost of Going to the US
Fergal unpacks a cautionary tale for founders dreaming of US expansion: unless you're willing to move, don't bother. He explains why hands-on presence and real resourcing matter far more than people think—and how scaling smart beats scaling fast.
From Dilapidated Websites to World-Class Ops
A founder who “sexed it up” in three weeks? Yes, really. Fergal shares a hands-on case study in founder responsiveness, coachability, and the real difference value-add VCs make when it’s more than just capital on the table.
When Hardware and Growth Collide
While medtech isn’t Highland’s focus, Fergal admits the firm is seeing more hardware-driven growth plays emerge. The fundamentals still rule: margins, unit economics, and scalability trump sector hype every time.
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🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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