Provide funding and support for established and emerging VC’s alongside early-stage companies. Government entities have the capital firepower to drive real economic change and plug equity gaps where it's needed the most.

Foster innovation and entrepreneurship through grants and programmes.

Facilitate partnerships between private sector and startups. By offering incentivising structures, government institutions can have influence in private sector allocation. Great example of this is the BBB’s ECF programme geared return structure taking a significant smaller % of the profits than its pro-rata allocation.

Create a favourable regulatory environment for venture investments. In Europe we have seen significant movements on ESG and impact initiatives for VCs which are supported and largely led by government institutions.

Increasing access to capital for underrepresented founders of funds and startups. As a challenging industry to break into by design, government institutions are playing an additive role the changing face of VC.

Supporting technology transfer from research institutions to the market.

Incentivising private capital injection to the asset class.

Offering mentorship and resources to startups / emerging managers. These institutions generally have reputations for their long and detailed due diligence processes, however, for those who are successful the resources, feedback, reflections and challenges faced during the journey to raise is invaluable. During my time as a government LP I noted multiple times the increased strength of a manager's proposal and subsequent success with other investors having undertaken the experience.

Establishing networks that connect entrepreneurs with investors, GPs with LPs, and the publishing of unique market data.

Streamlining funding processes to reduce bureaucratic delays - can the process be more efficient to decrease timelines while maintaining the present quality of diligence and risk assessment.

Publish more data on best practice, ‘need to knows’, tips and tricks for emerging managers, alongside benchmark data for lesser discussed topics e.g management fee profiling, salaries.

Enhancing focus on long-term sustainability over short-term returns.

Remove restrictive investment criteria that could limit alpha returns.

Improving transparency and accountability in funding decisions.

Building stronger collaborations with private LP firms.

Yes, in some cases by providing capital that may not align with market dynamics.

Significant capital weight in the market does have influence to distort sectoral growth and decline, which could be both advantageous and disadvantaging for fund managers and founders.

Can create competition with private investors, affecting valuations (data shows rounds with government-backed funds in have higher valuations albeit marginal)

May lead to misallocation of resources in certain sectors.

We invest in early-stage funds across four key geographies US, Europe, LatAm, and Israel

We generally focus on the first few vintages from a given manager and/or small funds – from a data led approach we feel this provides the highest probability of the returns we’re looking to receive.

We look for emerging managers but experienced investors (i.e. a referenceable and validated track record either from angel experience, EIS / SEIS funds, or from a previous investment firm).

Our strategy is data informed – we dissect the track record, try to identify trends and patterns, rationale for decisions, areas to challenge and delve into.

Strong track record of investments across numerous asset classes (VC, hedge fund, fixed income, liquid equities, litigation finance, private credit, real estate+).

Commitment to supporting clients’ best interests, innovate and seek the best opportunities available across numerous asset classes

Incredibly intellectual team with a zest to learn. Collaborative culture that encourages innovation, curiosity, knowledge, and teamwork.

Alignment with my investment philosophy and values.

Proven investment performance and a solid reputation.

Supportive networks and valued approached towards startups / emerging managers.

Clear investment thesis and strategy.

Strong focus on commercial strategy that pick the best in class.

Building brand recognition and trust.

Navigating different regulatory environments and market dynamics.

Establishing a local network of investors and fund managers.

Balancing global firm expectations with local market realities.

Gain relevant experience through internships, entry-level or pivoted positions in finance or VC - show your hunger.

Develop a strong understanding of market trends and investment strategies.

Network with industry professionals and attend relevant events. Network is KEY.

Continuously learn about emerging sectors and technologies. READ. READ. READ.

Cultivate a diverse investment portfolio to showcase adaptability - sector, stage, region, thesis etc.

Try to maximise your experience across multiple stages of the investment decision making process e.g sourcing, diligence, IC.

Emphasise experience with cross-border investments and collaborations.

Broaden your VC knowledge to success stories beyond your region.

Actively participate in European venture capital events and networks.

Offer mentorship and development programs for aspiring LPs.

Showcase success stories and career progression opportunities within the firm.

Foster an inclusive and diverse workplace culture.

European LPs often have a broader interpretation of impact, focusing on social and environmental outcomes. Largely seen in BBB / EIF processes.

American LPs may prioritise financial returns more heavily, sometimes viewing impact as secondary.

There is a greater emphasis on regulatory frameworks and standards in Europe regarding impact investing.

Clearly articulate the financial returns alongside impact metrics. Explaining why the two are codependent, complimentary and not mutually exclusive.

Demonstrate scalability and sustainability of impact initiatives.

Utilise case studies that showcase successful outcomes. Or use examples of success stories from the market who match the thesis.

For non-impact funds, highlight any impact characteristics as added value and additive to the proposition. Be prepared to answer WHY and HOW impact is involved in the decision making of the firm.

Yes, it can be legitimate to tailor pitches based on audience expectations.

It’s crucial to maintain transparency about the fund’s core values and objectives. A fund manager should never lose sight of the fund’s foundation and mission because they are chasing the money pot.

Different markets may have varied appetites for impact versus financial returns, requiring tailored messaging that does not alter the core message.