Alexandra Wyatt

Recent M&A market performance is showing significant signs of recovery from the lows of H2 2023, with the growth in PE and PE-backed deals leading the charge.

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I couldn’t be prouder to be a Venture Partner at Isomer Capital (aka the best European FoF - at least for me) as we just announced the launch of our pioneering £100m secondaries fund. This fund is dedicated to acquiring stakes from LPs in various VC funds, tapping into a massive and largely unexplored market. 🌟 Key Highlights: - Focused Investment: Primarily targeting stakes in VC funds, with selective investments in private companies. - Robust Funding: Already over 20% funded, thanks to strong support from Nordic family offices and a German foundation. - Market Potential: With a growing number of private tech companies and a VC liquidity crunch, Europe's VC secondaries market is poised for rapid growth. - Track Record: This isn’t Isomer’s first foray into the secondaries market. As a firm we’ve done several secondaries deals with portfolio companies and VC firms, including early-stage VC Seedcamp (in 2021) and mobility giant Bolt (in 2023). - Expert Team: Welcoming the amazing Omolade (Rachel) A., formerly of Coller Capital, as a principal to lead this initiative. 💡 Investment Strategy: - 65-75% of the fund will buy "LP interest" stakes in VC funds. - 15-25% will be directed towards stakes in companies. - Up to 15% reserved for flexible investment opportunities. 📈 Looking Ahead: We're targeting returns of 2-3x, with significant distributions expected in the next 4-7 years. As one of the few players in this space, we're not just participating in the market—we're driving it forward. Read all about it here: https://lnkd.in/dc7sbC3G #VentureCapital #SecondariesFund #EuropeanVC

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#Hargreaves_Lansdown Hargreaves Lansdown backed the £5.4 billion bid for the FTSE 100 fund manager today from a private equity consortium, a deal that will end its time as a listed company. The Bristol-based finance firm has been listed in London since 2007. It said today that the final offer valued its shares at 1140p in cash and would include a 30p per share dividend for the financial year which ended on 30 June. Compared to the Hargreaves Lansdown share price before the approach was first made in April, the price is at a premium of over 54%. The consortium is made up of CVC, Nordic Capital and ADIA. Hargreaves Lansdown is named after its founders – Peter Hargreaves and Stephen Lansdown – who set it up as an investment tip sheet. It now runs a state-of-the-art trading platform from which clients can run their own portfolios and pensions. https://lnkd.in/dKpizupy

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Do not debtonate? Banks are the main targets here. But private lending, which has blossomed recently and is expected to account for around a third of the leveraged loan market, is also coming under fire. The next wave of refinancing and the potential resurgence of deal activity will mean even closer scrutiny? LPs' appetite for this asset class appears to remain positive 

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BlackRock's purchase of Preqin could be one of the best and the most significant realised returns on investment for a private UK firm. Having raised only around £3.3 million in equity since Preqin was founded in 2002, the purchase price of £2.55 billion reflects a return of around 772 times on investment. Whilst the VC world is preoccupied in beating the drum about how much their portfolio companies raise, serving as a badge of honour and validation of perceived investment success, this purchase shows that it is possible to build a successful company with a modest equity investment and without multiple dilutive equity rounds. It also shows that it takes time and patience to build a successful company, taking Preqin's equity investors two decades to realise their exit. Additionally, Preqin’s purchase price is around 4 times the market cap of the UK’s largest listed VC firm.

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Incredible to see Mosaic in the Financial Times this morning in this excellent piece by Sujeet Indap on tech innovation in private equity. Sujeet's research into the historical evolution of Wall Street's analytical horsepower was particularly fascinating. Though I wasn't around for the shift from pen-and-paper to VisiCalc, I can only imagine the step-function productivity increase it unlocked. Anders' assertion that the advent of the spreadsheet in part drove the LBO boom of the late '80s is also intriguing (although I'm sure the <10% min. equity helped, too). Though the spreadsheet was a great advancement in the '80s, it always baffled me that ~30 years later (when I began my PE career) we were still underwriting billion-dollar buyouts using a generic productivity tool and not an industry-focused application. That's precisely why I started Mosaic. With dedicated platforms like Mosaic and Blackstone's Atlas now powering new deal underwriting - could the industry benefit from a similar step-function productivity increase? Also - an open question to anyone who was working as an investment professional in the 1980s/1990s: was the spreadsheet initially met with hesitation / skepticism by a subset of old-school investors who thought there was value in grinding it out until 3am with only pencil and abacus in hand? We're fortunate at Mosaic to work with some of the world's most forward-thinking investors who readily embrace change - but this sentiment does comes up once in a while. What happens to the holdouts? And curious how the innovators - whose shoulders we stand on - navigated it before us. Read the full story here: https://on.ft.com/4dXEvth

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Interesting thoughts from Houlihan on Direct PE (and the maturation of the market around independent sponsors) - "global volume (will) rise from $6 billion in 2019 to an estimated $50 billion this year, with annual deal numbers tripling over that period. We’ll see over 780 transactions this year... Directs have the promise to account for half of all annual capital raised for private equity in 10–15 years." #privateequity #independentsponsors

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A few weeks ago, Openseed VC, in partnership with Dentons and PKF Littlejohn, hosted a webinar on Launching a First-Time Fund for first time managers - if you missed it 👇🏾 The recording is now available: See link in comments 🔗 I often get lots of messages from people looking to set up their first fund, and there’s been interest not only from first-time fund managers but also principals from potential corporates and family offices. With this in mind, I’ve decided to create a small, intimate community of up to ten people to support in their journey to launching a #FirstFund in 2025. Together, we’ll work out how I can best support your process to a first fund in a way that’s valuable to you—while respecting my bandwidth. If this sounds interesting, share more about yourself - link in comments 👇🏾: You should hear back in the new year. Let’s see where this takes us 🌍 #VentureCapital #FirstTimeFund #Entrepreneurship #FundManagers #Innovation #VC

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Very much looking forward to joining the discussion and sharing the importance of embedded finance within our products. Embedded finance has the potential to revolutionise customer experience across a number of verticals, offering unparalleled convenience to keep up with evolving consumer expectations. #FTTEmFin #FintechTalents #embeddedfinance

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Maternity in VC in the spotlight. Well done Rachel Drapper, Sophie Winwood & the WVC:E team on getting this important report out there. In VC we’re dealing often with small firms, network & event heavy schedules and FOMO of being left behind if we take time out (I refuse to use the word off as anyone who’s had a child knows that’s the furthest from how it feels). If you’re thinking about having a child or in the throes of the early-stages, navigating how to even try and get some semblance or balance, then hopefully this report can provide some useful tips. Most importantly showcasing that you’re not alone.

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🎉 𝐃𝐞𝐥𝐢𝐠𝐡𝐭𝐞𝐝 𝐭𝐨 𝐒𝐩𝐞𝐚𝐤 𝐚𝐭 𝐌𝐮𝐥𝐭𝐢𝐩𝐥𝐞𝐗 𝟐𝟎𝟐𝟒, London Business School’𝐬 𝐏𝐄 & 𝐕𝐂 𝐂𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞! 🎉 Earlier this week, I had the pleasure of joining a panel at MultipleX 2024 to discuss 𝐓𝐡𝐞 𝐒𝐞𝐜𝐫𝐞𝐭 𝐭𝐨 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐢𝐧 𝐀𝐥𝐥 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐑𝐨𝐥𝐞𝐬 as part of the “Career Masterclass” series. At Copilot Capital, one of our core values is 𝐏𝐥𝐚𝐲 𝐢𝐭 𝐅𝐨𝐫𝐰𝐚𝐫𝐝 – sharing knowledge and supporting others in any way we can. This panel was a great opportunity to connect with emerging professionals and offer insights from my journey in private equity. Here are some of the key takeaways from our discussion: 💼 𝐈𝐧𝐭𝐞𝐫𝐧𝐬𝐡𝐢𝐩𝐬: the entry to the industry. Internships provide invaluable exposure and are often the best stepping stone for breaking into private capital. 🤝 𝐍𝐞𝐭𝐰𝐨𝐫𝐤𝐢𝐧𝐠: Critical for landing that first role and building a long-term career. Top tip: Find a style that feels natural – genuine connections go a long way. ⏳ 𝐏𝐥𝐚𝐲 𝐭𝐡𝐞 𝐋𝐨𝐧𝐠 𝐆𝐚𝐦𝐞: The first buy-side role can be the toughest to secure, but once you’re in, you’re part of the network. Thanks to 𝐋𝐨𝐧𝐝𝐨𝐧 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐒𝐜𝐡𝐨𝐨𝐥 and 𝐌𝐮𝐥𝐭𝐢𝐩𝐥𝐞𝐗 for making these conversations happen – always a pleasure to be part of it! #PrivateEquity #VentureCapital #CareerMasterclass #MultipleX2024 #LondonBusinessSchool #NetworkingTips #PlayItForward #PrivateCapital #FutureLeaders #CareerDevelopment #InvestingInTheFuture #CopilotCapital #PEVC

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Happy to share StepStone Group's 2023 Responsible Investment report that we released last week. There's a wealth of case studies highlighting our work in a range of areas from our promotion of financed emission measurement across private markets, our engagement with GPs on critical incidents, and how our Real Estate team engaged with a company to set science based net zero targets, where our additional investment was contingent upon the company committing to implement those targets. https://lnkd.in/eqxcCiVr

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👉 2 upcoming IPOs and “net equity supply” 1️⃣ Klarna, the buy now pay later (BNPL) giant, made a major step towards a public listing in New York - expected to value it at as much as $20bn. As reported by Sky News https://lnkd.in/ewYAU3Hx today, the Stockholm-based European Fintech champion has secured backing from shareholders and regulators to establish a new UK-registered holding company. The listing is to be expected in the first quarter of 2025. 2️⃣ Raspberry Pi - In the dynamic world of microcomputing, the Raspberry Pi stands out as a beacon of innovation and practicality. This powerful yet compact device has revolutionized the approach to computing, education, and innovation at large. The story of Raspberry Pi began in the early 2000s at the University of Cambridge’s Computer Laboratory. The faculty, including Eben Upton, who is now the CEO of Raspberry Pi, observed a decline in the skill levels of applicants to their computer science course. This insight sparked a visionary project aimed at rekindling interest in computing among youths (even then💡). The darling of programmers and builders is expected to float in London at a valuation of around £500m. https://lnkd.in/eituM7AA 3️⃣ Net equity supply has been shrinking for years. We have all seen reports about the number of listed companies dwindling. But many in VC and PE did not care. But what about the net equity supply? Net Equity Supply = (IPO’s & Primary offerings) minus (Share Buy Backs & Take Privates/ Delistings). The chart below, from J.P. Morgan, illustrates the size of this phenomenon nicely. The main exit channel has been closed for years. Hurting the complete funnel. Let us hope that we will see a lot of new listings - with a strong performance - soon 🤞 #RaspberryPi #Innovation #Klarna #VC #startups #m&a #Technology #IPO

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Given the prevalence of PE dominated groups in nearly all facets of the economy, central banks will need to do these deep-dives further to understand second and third order stress scenarios and effects. #PrivateEquity #VentureCapital #ImpactInvesting #Economy #UKEconomy #Investing https://lnkd.in/dNp3t3N6

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🌱 Looking to Connect with Leading VCs and Early-Stage Investors? 🌱 At Virtualnonexecs, we don;t only work with PE firms - we are also proud to be working with some of the UK’s most active early-stage investors to help them find the top board advisors and chairs who can drive impact. If you're a non-executive or chair looking to connect with the heart of the startup ecosystem, take note of the names below. Here are 10 of the UK's most active early-stage investors and the incredible numbers that back them: 1. Octopus Ventures - Backed 100+ startups, with a portfolio value of over £1.3 billion. 2. Seedcamp - Over 400 startups funded, including unicorns like Revolut and TransferWise 3. LocalGlobe - Invested in 300+ startups across deep tech and fintech. 4. Playfair - Early backer of companies like Stripe and Anduril. 5. Passion Capital - Early investor in Monzo Bank, managing £100M+ in assets. 6. Ascension - Over 100 startups backed with a focus on social impact and fintech. 7. Frontline Ventures - Backed 80+ startups across Europe with a key focus on B2B. 8. MMC Ventures - £500M+ under management, supporting 60+ innovative growth companies. 9. Balderton Capital - Invested in 220+ startups with notable exits like THG. 10. Entrepreneur First - 500+ startups built, including companies now worth over $10 billion collectively. ✅ To join Virtualnonexecs: https://lnkd.in/eXBj687 ✅ If you are a VC or company looking to hire: https://lnkd.in/d3na7CEC #NonExecutiveDirectors #Chairs #VentureCapital #Startups #Virtualnonexecs #BoardRoles #Leadership #BusinessGrowth

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Despite England’s loss at the Euro 2024 last night in Berlin, the UK has retained its crown for venture capital investment! 🇬🇧👑 Data from Dealroom, a global provider of data and intelligence on start-ups and tech ecosystems, revealed that UK start-ups and scale-ups raised £7.4bn during the first six months of the year. That’s a 16% increase from the same period last year, accounting for nearly one-third of all venture capital funding in Europe! Some standout funding rounds include: • Wayve, the autonomous vehicles technology firm, raised £861m in May. • Credit technology company Abound secured £400m. • Highview Power, focused on long-duration energy storage, raised £300m. • Online bank Monzo gathered £150m. • Electric vehicle charging group Char.gy raised £100m. The second half of the year looks promising with Index Ventures announcing it has raised $2.3bn in two new funds to invest in start-ups, with a significant portion expected to be deployed in the UK. Tech companies specialising in energy attracted the lion’s share of funding, with £4.3bn across Europe, followed by generative AI companies, which attracted £2bn. Having been deeply involved in the UK tech sector, I’ve witnessed the resilience and innovation driving these impressive numbers. The UK continues to be a powerhouse for tech innovation and investment, and it’s exciting to see the impact these investments will have on the future of technology and sustainability. What are your thoughts on the future of UK tech investments?

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2024 has been 📈📉🤝💰👶🍼🍌🛥✈ 🌴 🥱🔥 It's been tough again But our founders smashed it, raising $176m across 6 rounds We made 5 new investments across Europe, the same pace as last year - hello NetFabric.ai & Recurse ML (🤫 x 3) Andrew Sheffield was promoted to Principal, Clare Zhang to Associate and Head of FFOH, and we welcomed Matt Gill, CFA as CFO I became a Dad for the first time in May (🐣👼🦞❤) Our Founders' Dinners were the best yet, deepening relationships and collaboration across so many companies FFOH Editions 11 & 12 saw 600+ founders meet 300+ investors for 2,300+ one-on-one meetings And we were in person at Slush for the 3rd time and WVC:E and LTST for the 1st time We started asking founders what they really think about us and the results were good - 4.7/5 We grew our angel community, brought angels into every new investment we made and held some awesome events at Warner Yard It's been an incredible year For the full top 10 highlights, check out the link in the comments below 👇 A huge thank you to our founders, my team and everybody who supported us, especially Federico Pirzio-Biroli 🙏 Looking forward to doing it all over again in 2025...after a good rest... 😴 #venturecapital #startups #technology #innovation #future #economy #markets #fundraising #entrepreneur #entrepreneurship #founders

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"Funding Collapse sends investment in start-ups to six year low" The Times today covering the shocking stats that VenturePath uncovered, with our partner Beauhurst. Great quotes from supporters Michael Moore CEO, BVCA and Julian David CEO, techUK. * UK VC funding at Series A is -44% from last year, and worsening * Q3 24 is down a staggering 57% from Q2, itself down from Q1 * 9 in 10 seed funded startups cannot access Series A VC funding, the next 'rung on the funding ladder' * Just 32 future scaleup companies across the whole of the UK were able to access their first VC funding round in Q3...a 6 year low * Half a billion less capital is going in to UK scaleups at Series A, than just 2 years ago! As the UK scaleup funding gap widens, we are losing ground against other countries, at both startup stage (a position the UK worked hard to achieve, since 2011), and for scaleup support. OECD data: 13th in the world for scaleup support, and that's before Series A funding access dried up. I get that its confusing. Another report (BBB, Nations & Regions) released this week spoke of positive trends in private investment, stating "The data for Q2 2024 shows that investment value has continued to grow". Great, I love to see optimistic data. But under analysis that bundles venture with private equity (later stage), where a few megadeals skew the numbers. Otherwise the exact opposite is true. Our independent research here, for the UK ScaleUp Investment Mission, is laser beam focussed on Series A. The funding round where companies move from the c.1m startups launched each year, through the 2,179 that access seed funding, into the rarefied category of being recognised as future scaleups, attracting Series A funding (£2-10m). The UK venture landscape is currently funding just 248 pa of these companies, and declining. We've been sharing this urgent call for support with the new Government since the day after the election. I've personally met with several Ministers, and spoke to all the relevant Government departments. I will shamelessly repeat loudly what is at stake. UK scaleup funding at Series A has nearly halved in a year, and continues to decline steeply, more than halving in the last quarter. VenturePath developed The UK ScaleUp Investment Mission to convene the scaleup support ecosystem and £7bn of funders to help address this problem, to improve nationwide access to VC investment, and create more venture-backed successes. We have clear support, clear recommendations to reverse this decline in UK scaleup investment, and have made a clear ask of Government for participation in this, to ensure immediate action is taken to create the conditions for success for UK scaleups, ensuring the focus on growth isn't undermined by lack of capital, or equitable access to it. Government decision makers, we'd love your interest, to progress to action. HM Treasury: Rt Hon Rachel Reeves Spencer Livermore James Murray & CC Poppy Gustafsson (welcome to the debate).

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I had an amazing opportunity to sit down with some notable European and US-based family offices last week at the Sovereign Wealth Fund Institute Summit in London, and one of the recurring themes for LPs was that established GP's are pushing too much for #AUM versus fund #performance. What does this look like concretely? - #Family offices are increasingly looking at emerging managers and smaller funds who will work on delivering IRR and DPI rather than focus on fundraising the next fund. Quicker exits and liquidity are a major driver- as is the likelihood that capital will be invested more quickly. - The appetite for co-investments and directs are becoming bigger- especially amongst more institutionalized family offices- essentially cutting out funds when they can. - There is an increasing preference to invest alongside other family offices rather than VCs- trust and alignment is a huge play here. This confirms what I have been seeing in #fundraising and our #LP advisory work in recent months, and gives rise to some much needed new funding models and a re-alignment of relationships. If you'd like to learn more- don't hesitate to reach out to me personally.

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