“The fund is managed by a team led by Tim Levene, Richard Matthews and Perry Blacher. They were involved with setting up and growing Flutter.com, an online gaming company that merged with Betfair in 2001. The incredible success of that company, eclipsing established players such as Ladbrokes and Coral, is quite a good example of the disruptive power of new technology. The team hope to repeat that success in areas such as pensions, insurance and banking.
The focus is on fintech within the UK and Europe. The team point out that the centre of mass for the fintech industry is here – US regulation stifles innovation in this area. It is also easier for them to keep tabs on their investments if they are in a reasonably tight geographical area.
Following its initial public offering (IPO), the trust started life with assets of £94 million, just shy of its £100 million target. Compared to many recent launches, this might seem unambitious, but the management team say that they were keen that the trust did not have a problem with cash drag. They would prefer to come back to the market again, to raise more money, once the portfolio is close to being fully invested.”