Limited partners In formation
Family offices and individuals in Pakistan, the Gulf and the diaspora who know a first fund is a ten-year commitment. Quarterly reporting, an annual meeting, no surprises about markdowns.
Partners
Who we work with, and on what terms.
A first fund is built on a few relationships. Here are the four kinds, and what each can expect.
Bench
Four relationships, four different asks.
The two founders are named on the about page. Nobody else appears here until the relationship is real.
Co-investors Building
Seed funds who take the round after ours, sometimes alongside it. We share diligence openly and never bury a weak reference to get a round done.
Operators Building
People who have sold software into the US, UK and Gulf from outside them. A specific hour on a specific problem, not a logo.
Advisers Building
Legal, tax and structuring specialists on both sides of the offshore topco. The part founders most often get wrong, and can least afford to.
Engagement rules
How we intend to behave with partners.
No named bench we have not earned
No adviser gets listed on the strength of one introductory call. Names appear when the relationship is real.
Founders are not a deal-flow product
Founders are not passed around to make an investor feel included. Introductions happen when they want them.
The same view internally and externally
What we tell a co-investor about a company is what we have written in our own memo.
Report the bad quarters
Limited partners hear about a company in trouble from us, at the time — not at the annual meeting.
No pay-to-play advisory
Nobody buys allocation by offering services. Allocation is decided on the round, not on favours.
Conflicts stated first
If we hold a position that could conflict, we say so before the conversation, not after.
Co-investor posture
Happy to lead. Happy not to.
At pre-seed we lead or co-lead on a standard instrument, with an information right rather than a board seat. At seed we are happy to sit behind a fund with a stronger claim.
We will not collect governance rights a company that size should not be servicing, or block a round to protect a small position.
- Lead a pre-seed round Yes
- Co-lead with a regional fund Yes
- Follow a stronger lead at seed Yes
- Take a board seat at pre-seed No
- Require a pro-rata blocking right No
- Invest in two direct competitors No
Interested in the fund?
If you back first-time managers in emerging markets, or invest alongside them, talk to us early.