Tram Anh Nguyen

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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Taavet Hinrikus and I made the Financial Times Due Diligence email. https://lnkd.in/ez2AuGQx One 'unintended consequence' is that if there is a 45% tax on carry and CGT (raising £40m per year, remember) it for all intents and purposes closes the door on new VCs in the UK. Especially started by teams from non-traditional backgrounds. To meet the GP commit, you need to be already part of the 'wealthy' as you cannot rely on the value you create - nearly half of it will disappear - to fund it. We have both had extremely successful startups which are few and far between. The smaller number of new VCs will therefore more likely increasingly be for people who have inherited the capital or can draw it from their already rich family. Probably not want they have in mind with this policy.

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Schroder BSC Social Impact Trust* yesterday published its annual report, describing how the portfolio manager, Better Society Capital, provides incremental capital to support high-impact organisations that are delivering critical services to address social needs across the UK, while providing shareholders with a financial return. The fund's structure as an investment trust listed on the London Stock Exchange provides daily liquidity for this portfolio of illiquid investments, and at any transaction size. My favourite part of the report is the updated impact map. Highlighted below is SPRING, a successful social prescribing programme in Northamptonshire that helps people with long-term health conditions make lifestyle changes and improve their self-care habits. This improves their health outcomes and saves money for the NHS. The investment in SPRING is delivered through Bridges Outcomes Partnerships in the form of a social outcomes contract. Your capital is at risk, and most people should consult with their #financialadviser before investing. *I am a director and shareholder of the Trust. https://lnkd.in/eDFtGe99 #impactinvesting #socialimpact #socialprescribing #wealthmanagement Schroders James Lowe, CFA Hermina Popa, CFA Jeremy Rogers Katherine Dockreay Susannah Nicklin, CFA Alice Chapple Mike Balfour Ranjan Ramparia Lisa Ferris Emma Jones Cazenove Capital

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Given the increasing prominence of the Theory of Change model in impact investing, we use it to illustrate how our activities are meant to contribute to creating a positive impact in the UK. 💡 Activities: we invest ourselves and build the market to scale social impact investment ⚡ Output: an enabling environment for more social impact investing 🎯 Outcomes: more investment flowing to impact-led organisations 🌱 Impact: more social impact across a range of pressing issues and reducing inequalities in the UK. Find below a more detailed description of our activities, market level-outputs and outcomes, and impact on people ⬇️ #SocialImpact #TheoryOfChange

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This year is a landmark for the Pensions Policy Institute DC Future Book produced in association with Columbia Threadneedle Investments EMEA APAC On Thursday 26 September we will be launching the 1️⃣ 0️⃣ edition. Since we launched the first edition back in 2015 The Future Book as become an invaluable source of DC thought leadership. The data gathered from the DC Asset Allocation Survey is a critical component in developing our understanding of the DC landscape and feeds directly into this report. If you have not already taken part in this year's survey, there is still time! The data supplied helps us to better understand not only the current DC landscape, but also what the future trends might look like and areas where greater support may be needed to improve the future of this landscape. https://lnkd.in/dHadK3_z The results of the survey this year will also inform analysis for a new groundbreaking PPI annual report series on pension scheme assets. Phoenix Group Standard Life UK Pensions and Lifetime Savings Association World Gold Council Association of British Insurers If you have any questions relating to the survey please contact Shantel Okello [email protected] PLEASE HELP US BY LIKING AND SHARING THIS POST TO REACH AS MANY PEOPLE AS WE CAN. #survey #definedcontributions #pensions #thoughtleadership #assets #assetallocation #investments #retirement #laterlife #analysis #datacapture

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We are thrilled to announce that our highly sought-after course, "Integrating Climate in Credit Risk Modelling," is now open for public dates! 📅 Course Schedule: • Part 1: 19 September 2024, 09:30 – 13:00 UK Time • Part 2: 20 September 2024, 09:30 – 13:00 UK Time Don't miss this opportunity to deepen your understanding of how climate factors impact credit risk. Join us for an insightful and interactive learning experience with an industry expert. 🔗 Learn more and register by checking the comments below. #ClimateRisk #CreditRisk #SustainableFinance #ESG #ProfessionalDevelopment #FinanceCourse #RedcliffeTraining

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Social Finance is proud to be the research partner for the Impact Investing Institute's industry-defining report, The UK impact investing market: Size, scope and potential, which highlights the positive growth of the impact investing market in the UK. Key highlights from the report: 📈 The market has grown by £19.3 billion (representing a 10.1% compound annual growth rate) from the beginning of 2021 until the end of 2023. 🚀 Impact investing growth has significantly outpaced the broader UK asset management sector, which had an annual growth rate between -2% and 0% over the same period. 🌍 The UK impact investing market accounts for about 8% of the global impact investing market. The report was launched today at the Guildhall, City of London. The Social Finance team joined investors, researchers, and policymakers focused on achieving greater impact through investments. While growth is welcomed and appreciated, as David Blood, Chair of Social Finance UK, emphasised in his closing remarks, much more remains to be done, especially since we, as a society, are not on track to meet any of the UN Sustainable Development Goals (SDGs). Our Analyst, Ivjyot Singh Oberoi, one of the report's co-authors, alongside Sarah Baillie, Jonathan Flory, David Fletcher and the team at Impact Investing Institute, has written a blog highlighting some of the key report findings, linked in the comments section below. Sarah Teacher, David Krivanek, Hugh Stanley Bella Landymore #ImpactInvesting #SustainableFinance #UKFinance Adam Swersky Nadine Smith

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I’m humbled and flattered to have commentators like Jamie referencing our report. The report was deliberately factual, leaving it to others to highlight the potential benefits of SOCs, especially at greater scale, so I’m delighted to see others picking up the baton,. From my perspective, as an advisor and evaluator of SOCs I’d like to highlight two potentially huge benefits, in addition to the likely return on investment: First, SOCs can have a wider effect on the systems in which they are implemented, acting as a disrupter and galvaniser of wider change. Nigel Ball wrote an excellent post on this a couple of weeks ago https://lnkd.in/et4NHsSi after a conversation with Amir Rizwan who was involved in one of the best examples of this, the Zero HIV project in South London https://lnkd.in/egdQNjQm. Second, around half the SOCs we included in our analysis were part-funded by either the Commissioning Better Outcomes programme (funded by The National Lottery Community Fund) or the Life Chances Fund (financed by the Department for Culture, Media and Sport). These funds typically contributed between 15 and 30% of outcome payments, so there is high leverage from this funding – it persuaded local commissioners to fund projects which they might otherwise have found too challenging in a difficult financial environment, for between about 1/6th and 1/3rd of the total cost.  So potentially the returns from a similar programme funded by a new government would be  even greater than the straight ratio of benefit to cost – if they unlocked much more local funding, and acted as demonstrators for wider change both locally and nationally.

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👋 Our book "Innovate, Fund, Thrive" published by Routledge Taylor & Francis Group - Taylor & Francis Group should hit the shelves in few weeks or days! Jean-François and I are delighted to see the culmination of our two years of hard work making its way into the bookstore📖. 👇 https://lnkd.in/dUgXpZHh Marie-Claude Marchand, Renita Kalhorn Nick Hicks Kathleen Kennedy Anne Mascarelli Frank Hensel, Edouard Wang, Cornelia Seegers, David PETITEAU Francois Carrere, Dominic Neal, Celia Hart, Marie-Charlotte Firobind Marc Le Bozec Louis GESLIN Catherine Boule Michel Spagnol Carmelo Bisognano Jennifer Chase Antoine PRESTAT Arnaud Autret Elsa Rive Boukadoum Nathalie Bontoux Annie-Florence Loyer Morgan Cabigliera Anne-Laure Girin Renaud Bonnet, I know you wanted to know when it was out, so this is it! As part of our exceptionally sophisticated marketing strategy, we’ve chosen to each reveal one of our favorite passages or figures from the book. While there are many sections that I take pride in (the section on the art of negotiating with VCs and the sections on the eight classic mistakes are two that come easily to mind), Figure 12.3 on underestimating the competition really stands out.   Over the years, I have conducted market research with many players in Life Sciences and have often noticed that the players/competitors of a market are commonly underestimated. So, I thought “Figure 12.3 - Do not underestimate your competitors”, seemed to be particularly suited to illustrating this point.   I remember taking a bet with a client over a decade ago, on the valuation of the microalgae market. I thought with a little optimism or naivety that we could model the market in a few weeks but in fact, it took us much longer (2 years) because we had underestimated the importance of microalgae in the industry and especially the availability of information...   Also, I invite you to share with us your feelings or your experience on this notion of “underestimating competitors”. #competitors #lifesciences #entrepreneurship #productmarketfit #startup #marketing #fundraising #InnovateFundThrive #entrepreneurship #businessmanagement #marketresearch #ipstrategy #customercentricapproach #pitchdeck #artofnegotiating #8classicmistakes #commercializationchallenges #deeptech Taylor & Francis Group

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Are you interested in more investments reaching long overlooked places across the UK? Our latest report on place-based impact investing, highlights the developments in the field over the past few years. Progress includes: 1️⃣ The supply of capital seeking place-based impact investment is increasing Over the past few years, there has been a marked increase in Local Government Pension Scheme (LGPS) investments in PBII sectors in the UK, catalysing innovative strategies for scale and diversity. Two thirds of LGPS plan to increase their allocation of local investments. 2️⃣ There is an increasing demand for impact capital Local and combined authorities are becoming increasingly proactive in seeking partnerships with private sector investors. Our ‘Place Pilots’ in Wakefield and Southampton contribute to this growing field by supporting local authorities to build the capabilities to engage more effectively with investors seeking aligned societal outcomes. The market is experiencing a growth in investment products targeting positive local outcomes, such as Schroders’s Real Estate Impact Fund, Octopus’ Affordable Housing Fund, and Gresham House’s Sustainable Infrastructure Fund, which recently secured £450 million investment from 8 LGPS funds. 3️⃣ The enabling infrastructure to support PBII is being built Blended finance mechanisms, such as the UK Infrastructure Bank’s loan guarantees, are demonstrating the catalytic potential of blended finance. And we're growing the place-based impact investing movement. The Institute’s Place Coalition and partnership on the PBII Network (hosted by The Good Economy), have become instrumental platforms for collaboration and knowledge exchange. Our guide on community engagement practices in place-based impact investing (published in 2023) provides a key resource for investors seeking to be more proactive in ensuring stakeholders play a central role in investment decision-making processes. Find out more about the state of place-based impact investing here: https://lnkd.in/epgeNNej #impactinvesting #places #insights

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Not all heroes wear capes, but some do offer investments. 🦸 A fantastic achievement from our Oxford Seed Fund team to close 🔟 investments so far this year, with hopefully more to follow before the end of term! Check out who's been added to their extensive investment portfolio. 👇 #investment #InvestmentPortfolio #StartUps #venture #founders

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✨ What founders and VCs should know about term sheets in 2024 🤝 We had a great chat with Sifted about our HSBC Innovation Banking Term Sheet report, which highlights market standards and how term sheets have changed in the past year. Sophie Winwood (WVC:E), Natasha Jones (Metris Energy) and I discussed: 🌎 International investors 💰 Secondaries (Big topic at the WVC:E Summit 2024!) 💃 Focus on DEI Link in the comments! Mat Lauren

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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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The Future of AI: Capitalising the value of proprietary data Embark with Robin Rohm on the pivotal role of data in shaping AI's trajectory. Explore challenges faced by data custodians in balancing protection and unlocking proprietary data value. 🚀💡 🔍 Insights for Tech Enthusiasts: 1️⃣ Paradigm Shift in Data Leverage: Move beyond traditional data-sharing struggles. Treat data as a product with computational governance. Retain control, securely share proprietary data for ML. 2️⃣ Applications Across Industries: Gain a competitive edge through AI-driven data use. Transform industries—healthcare, finance, retail, marketing, manufacturing. Address global challenges: fraud detection, supply chain optimisation, waste reduction. 3️⃣ Challenges in Sensitive Industries: Navigate nuanced approaches for healthcare, finance. Balance ML benefits with data integrity, privacy. Case studies reveal overcoming challenges in leveraging sensitive data. 4️⃣ Confident Data Unlocking: Crucial role of data custodians amid tightening global AI regulations. Define privacy, security controls systematically. Computational governance ensures innovation while safeguarding information.

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The Future of AI: Capitalising the value of proprietary data Embark with Robin Rohm on the pivotal role of data in shaping AI's trajectory. Explore challenges faced by data custodians in balancing protection and unlocking proprietary data value. 🚀💡 🔍 Insights for Tech Enthusiasts: 1️⃣ Paradigm Shift in Data Leverage: Move beyond traditional data-sharing struggles. Treat data as a product with computational governance. Retain control, securely share proprietary data for ML. 2️⃣ Applications Across Industries: Gain a competitive edge through AI-driven data use. Transform industries—healthcare, finance, retail, marketing, manufacturing. Address global challenges: fraud detection, supply chain optimisation, waste reduction. 3️⃣ Challenges in Sensitive Industries: Navigate nuanced approaches for healthcare, finance. Balance ML benefits with data integrity, privacy. Case studies reveal overcoming challenges in leveraging sensitive data. 4️⃣ Confident Data Unlocking: Crucial role of data custodians amid tightening global AI regulations. Define privacy, security controls systematically. Computational governance ensures innovation while safeguarding information.

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The Future of AI: Capitalising the value of proprietary data Embark with Robin Rohm on the pivotal role of data in shaping AI's trajectory. Explore challenges faced by data custodians in balancing protection and unlocking proprietary data value. 🚀💡 🔍 Insights for Tech Enthusiasts: 1️⃣ Paradigm Shift in Data Leverage: Move beyond traditional data-sharing struggles. Treat data as a product with computational governance. Retain control, securely share proprietary data for ML. 2️⃣ Applications Across Industries: Gain a competitive edge through AI-driven data use. Transform industries—healthcare, finance, retail, marketing, manufacturing. Address global challenges: fraud detection, supply chain optimisation, waste reduction. 3️⃣ Challenges in Sensitive Industries: Navigate nuanced approaches for healthcare, finance. Balance ML benefits with data integrity, privacy. Case studies reveal overcoming challenges in leveraging sensitive data. 4️⃣ Confident Data Unlocking: Crucial role of data custodians amid tightening global AI regulations. Define privacy, security controls systematically. Computational governance ensures innovation while safeguarding information.

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🌱 Calling all Seed Founders! 🌱 Are you an early-stage startup seeking investment? My latest article is a comprehensive guide to the UK's SEIS and the investors participating in it. Here's what you'll find inside: ✨ Understanding SEIS for early-stage 💼 Must have documents to secure funding 🕵‍♀️ List of 24 active SEIS funds across sectors If you represent a SEIS fund not yet featured, feel free to comment below or reach out to me directly. 💬 I'd love to include you and help connect more founders to the right investors. Link to article in the comments 🔗

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Perspectives on VC from Gil Dibner, worthwhile read. New models have/need to evolve. Strategic partnerships, vested collaborations, joint ventures and M&A, all options worthy of consideration. There is a real need for early stage innovative start ups to bring on experienced and well networked advisory contributions.

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