We back the portfolio and grow it across jurisdictions.
Co-investment with the operators who built the company. Institutional LPs only. Regulated verticals only. Compounding capability, not a fund report.
Direct plus LP co-invest. Regulated verticals only. Six jurisdictions live — PT · ES · DE · FR · NL · IT — with three more in due diligence.
Median TVPI 3.4× on vintage 2023-2025. Twelve institutional LPs, zero corporate ventures, zero US institutional dollars.
Regulated verticals compound. We back operators who own the pipeline.
We enter early — often as co-founders — and stay through the first institutional round.
Banking, legal, insurance, regulators. Six verticals, all with load-bearing software problems.
Direct + co-investment with our LPs. Follow-on into the growth rounds when the metrics justify it.
Regulated verticals do not disappear. Their infrastructure compounds every year.
Every year of new regulation is another year of load-bearing systems that need rebuilding. That is the tailwind we invest into.
Sixteen companies. Backed, seated, grown.
Claims triage across P&C carriers. Cuts first-response time to hours.
Treasury reconciliation for tier-2 European banks. Ships into core.
Clause libraries and playbooks for in-house counsel. Product, not paper.
Case management for supervisory authorities. Built with a national regulator.
Litigation case management for boutique firms. Deployed across three jurisdictions.
Supervisory reporting for wholesale banks. One source of truth for the filings.
European pension funds. European insurers. Sovereign wealth allocations. Family offices with a mandate in regulated tech. No corporate ventures, no consumer LPs, no US institutional dollars.
The Scale programme is deliberately institutional. It fits the pace and the horizon of the operations we invest in.
Co-investment vehicles are structured per jurisdiction, with regulatory clearance as a baseline, not a milestone.
Institutional capital, regulated verticals, European scope.
An operator reads every message. No chatbots, no forms that go nowhere.