Lyall Davenport

The time is now! If you are an acredited investor, you can still get in on our founders fund round. We are building the largest sports asset class fund that extends across investor types… And now’s the call to action for all those acredited investors in my network. Reach out, let’s dive into the details, and get in on an asset class that has outperformed the markets for over the last 60 years with outsized returns! *** These securities have not been registered with the U.S. Securities and Exchange Commission and are being offered under an exemption from registration pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933. This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investments are only available to accredited investors. All investments carry risk, including the loss of principal, and there is no guarantee that the investment objectives will be achieved. Past performance is not indicative of future results

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The 54th edition of the Alt Goes Mainstream AGM Weekly newsletter is out! The €20M soccer match. I’m still thinking about the electric scenes after attending last night’s UEFA Champions League match at Wembley Stadium between Real Madrid C.F. and Borussia Dortmund, where Real made the most of its chances and lifted the trophy with a 2-0 victory. The Champions League is the pinnacle moment in European club football. It’s why the best players in the world go to Europe — for a chance to play in the match that defines a European club’s season. It also happens to have a lot on the line for the business side of these clubs. Former Blackstone & Airbnb CFO and Founder & Managing Partner of WestCap Laurence A. Tosi said on a recent Alt Goes Mainstream podcast that “scale begets scale.” Well, in sports, that quote could be translated into “success begets success.” That’s certainly the case for clubs that advance through the stages of the Champions League. The prize for winning last night’s match? €20M. A win last night meant that Real would pocket a total cash prize of around €118.5M. A win for Dortmund would bring home €102.1M, according to Diario AS. Add €100M in additional revenues to the club’s income statement and those figures start to look incredibly meaningful. Read on for more about why the quest for Champions League glory can be so impactful for soccer clubs 👇 The AGM Weekly, brought to you by 3i Members covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 Institutional Investor's Michael Thrasher on how and why insurers are increasing their allocations to private markets and what it means for the future of private markets. 📌 Citywire's Alex Steger on J.P. Morgan CEO Jamie Dimon's warning call and comments on the evolving private credit landscape and Goldman Sachs's $20B raised for their senior direct-lending fund, West Street Loan Partners V. 📌 Financial Times' David Stevenson & Emma Dunkley on Hargreaves Lansdown evolution as a business and the recent bid on their business by CVC Capital Partners. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, Blue Owl Capital, AltExchange, Brown Advisory, LemonEdge, Canoe Intelligence, Allocate, PitchBook. Subscribe 👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eXEbi6Nd

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ANNOUNCEMENT: We just launched our diversified fund investments feature on Mainshares 😲 Starting today, accredited investors can invest in SMB acquisitions managed by sophisticated investors via Mainshares I’ve been telling you all that we’re here to change the game of SMB investing for the better, and this is a huge step for us. Before, SMB investing was commonly done on a deal-by-deal basis, and depending on who you are, you may not have the time to spend parsing out every deal. Well now, investors on our platform have access to deals across a variety of industries, geographies, and deal structures in this (traditionally) inaccessible and fragmented asset class. Invest in ~20 SMBs, all with a single investment. Join the Mainshares train before we take off like a 🚀 Link below for diversified SMB investing 👇

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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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An underappreciated factor in UK VC right now, is the number of firms *only* investing in portfolio companies. ** The effect of funds, particularly the larger/later-stage funds, concentrating their funds on portfolio companies has a dramatic effect on the market. Because the new deals to later-stage funds, are likely the portfolio companies of earlier stage funds. And if the former falls/reduces/stops; the earlier stage funds have to devote more capital to their portfolio than was originally modelled. And it gums up the entire system. And it’s currently affecting all levels of funding, from growth down to seed stage funds. #founders #vcfunding #startups ** I’ve used ‘only’ as a catch all for 100% allocation to portfolio (as some funds are) through to significantly increased levels of portfolio funding (as the majority are).

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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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🚀 International & UK Acquisitions – 170+ Off-Market Deals on DealDirect in Q1!🌍 🥁 I’ve been banging the drum at Virtualnonexecs about the momentum around off-market deals, and it’s clear the market is responding! 170+ deals listed in the first quarter alone on DealDirect, covering both UK opportunities and international acquisitions. 🥁 These opportunities are exciting for a number of reasons but largely because they are not brought to us by brokers; they are delivered directly from the boards of the companies themselves. OFF MARKET! One exciting opportunity: A confidential market leader in financial software solutions, established in 1993, that’s ready for the next phase of growth. With a solid foundation in Turkey, it’s primed for international expansion. Key Financials: - Turnover: £2.1 million (68% YoY growth) - EBITDA: £1m (65% YoY growth) - 103 highly educated employees (46% hold engineering degrees, 33% informatics) With prestigious ISO certifications and a portfolio of clients extending credit to their customers, this business is a standout in its field. Whether you’re looking at international acquisitions or seeking homegrown UK opportunities, now’s the time to explore. If you're an adviser or buyer looking to get involved in off-market deals, reach out - there’s plenty of opportunity! #MergersAndAcquisitions #DealDirect #BusinessGrowth #InternationalExpansion #OffMarketDeals #Virtualnonexecs #BoardAdvisors #BusinessBuyers

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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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In this weeks #VLOG, the 3 themes I took away from #ALTSNY (Alts New York), the confidence I see returning to the private markets, and the need for the Alts sector to 'Up its game' when it comes to adopting technology as a means of supporting progress. Have a great week everyone! #privatecapital #privateequity #cre #venturecapital #alternativeinvestments #familyoffice #RIA

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Striking: Zenobē, a UK climate tech startup, raised £600m from KKR and £270m from Infracapital, bypassing VC entirely. Zenobe captures excess energy from wind farms to stabilize the grid and reduce gas power reliance. This means: Zenobe secured one of 2023's biggest startup fundraises — without any venture capital. #battery #fundraising #venturecapital #energystorage #infrastructure #growthinflection Sifted: https://lnkd.in/g8wF-xA5

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Extremely worrying data about VC funding in the UK. While we all understand that taxes must go up to pay for the mismanagement of the Covid crisis by the then administration - allied to economic headwinds caused by Brexit - surely we must also protect the parts of our economy that can stimulate jobs and growth...ie - early-stage business?! In my opinion the most impactful and simple way to do this would be to increase the SEIS allowance to £1m from £250k and make it applicable to companies upto 5 years from their initial trading date from the current 3 year limit. This will bring a huge amount of fresh capital into the early-stage investment market...especially if the govt increases CGT overall. If we don't protect early-stage innovation we will never get out of economic trouble. #earlystageinvestment #venturecapital #SEIS #funding

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Investor Opportunity: Join LvlUp Ventures' Elite Syndicate Network LvlUp Ventures invites accredited investors to join our exclusive Syndicate Network, leveraging Special Purpose Vehicles (SPVs) in the range of $500,000 to $3,000,000 for Series A & B startups. Our proprietary venture scout platform and sophisticated sourcing strategies provide unparalleled access to groundbreaking startups in high-growth industries. By joining our Syndicate Network, you'll gain exclusive access to these innovative companies, poised for significant growth and impact. Interested investors, please reach out to [email protected] to learn more. #LvlUpVentures #SyndicateNetwork #SPV #InvestmentOpportunities #StartupFunding #GrowthMindset #InvestorCommunity #FoundersWelcome #DisruptiveStartups

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CLOSING EARLY - LESS THAN 36 HOURS REMAINING 🚨 The support we've received for our Crowdcube campaign has been truly incredible. After reaching our funding target in just 2 hours after opening the early access window, we've now reached an amazing milestone - 200% overfunded in less than two weeks. Due to the overwhelming demand, we are having to close the campaign EARLY! The campaign will close tomorrow at 11:59pm on the 22nd of October, meaning there's now less than 36 hours left to invest and join us on our journey. Link to the pitch page: https://lnkd.in/euaKnEj3 Please do feel free to reach out to me directly if you do have any questions. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more: https://lnkd.in/enVX8jsy

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Balderton's €1.3bn raise for European startups sparks debate: Does a bigger VC fund lead to better outcomes? First, consider: 💲 Larger rounds demand bigger funds, but returns get harder at scale 💲 $100M fund needs $1bn exit at 10% ownership for a single 1x return 💲 Most early-stage VCs target 3x returns, investing in 30+ companies 💲Management fees (typically 2%) grow with fund size Plus, the current landscape: Giants like Balderton, Index, and Accel are raising massive funds, while smaller firms stick to sub-$200M and focus on early-stage startups. Many VCs have maintained their previous fund sizes, while others are downsizing or struggling to raise new funds (or even returning un-invested capital to investors, as CRV recently announced they will do). Thus, weigh up the trade-offs: Larger funds (≥$500M): 📈 More firepower, full-cycle support 📉 Risk: Pressure to deploy capital, potentially lower returns Smaller funds (≤$200M): 🔍Agility, focused support, higher potential multiples ❌ Limited late-stage participation The future of European VC may not be one-size-fits-all. As the ecosystem matures, perhaps there's room for both Davids and Goliaths. What's your take? Would you bet on a nimble $150M fund or the muscle of a €1B+ vehicle? Source: Sifted #EuropeanVC #FundStrategy #StartupInvesting PS 🔔 Follow me for strategies and resources for startups and VCs! There's a better, streamlined way to raise capital: 💸https://foundersuite.com/ for startups 💸https://fundingstack.com/ for VCs and investors

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"Who has been the best guest so far on Swimming with Allocators?" Can you answer J Cal's question? From uncovering why DPI is the most important KPI to debating if you can truly time the market, the first 26 episodes of Swimming with Allocators are packed with funny, insightful moments that will get you thinking and maybe even challenge how you see the venture world. Dive into advice for VCs and LPs, and catch a sneak peek of our new logo, new feel, and new sound debuting June 26th! Don't miss out as we bring more allocators and fresh perspectives to your favorite VC podcast starting back June 26th. #seeyoulaterallocator

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It was great to get the investment in Stacatruc Limited completed. The first of many to come at YFM Equity Partners from Matt Gordon-Smith, with huge support from Callum Long. It took us longer to convince Matt Gordon-Smith to come and join us than it did for him to complete his first investment with us. Stacatruc is the 4th investment in the last 5 months - with another 6 in diligence across the business. We have a big team now though so plenty of capacity across all of our offices to talk about new opportunities. We can invest between £3m and £15m of equity. Either to fund a Change of Ownership when a business has £1m+ profit (MBO's, partial cash outs, carve outs etc), or Growth Capital to go faster when a business has £1m+ Revenue or ARR.

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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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