A first fund is built on a small number of relationships. These are the four kinds we are building, and what each can expect from us.
We are in formation, so this describes the intent rather than a completed roster.
Family offices and individuals in Pakistan, the Gulf and the diaspora who understand that a first fund is a ten-year commitment to an emerging market. Quarterly written reporting, an annual meeting, and no surprises about markdowns.
Regional and international seed funds who take the round after ours, and occasionally sit alongside it. We share diligence openly and do not hide a weak reference to get a round done.
People who have sold software into the US, UK and Gulf markets from outside them. Their value is a specific hour on a specific problem, not a logo on this page.
Legal, tax and structuring specialists on both sides of the offshore topco. This is the part founders most often get wrong and can least afford to.
We will not list an adviser as a partner on the strength of one introductory call. Names appear here when the relationship is real.
Portfolio founders are not passed around to make an investor feel included. Introductions happen when the founder wants them.
What we tell a co-investor about a company is what we have written in our own memo.
Limited partners hear about a company in trouble from us, at the time, not at the annual meeting.
Nobody buys allocation by offering services. Allocation is decided on the round, not on favours.
If we hold a position that could conflict with a company or a co-investor, we say so before the conversation, not after.
At pre-seed we expect to lead or co-lead, set terms on a standard instrument, and take an information right rather than a board seat. At seed we are equally content to take a smaller position behind a fund with a stronger claim to the category.
What we will not do is collect governance rights that a company of that size should not be spending time on, or block a round to protect a small position.
If you invest in first-time managers in emerging markets, or you invest alongside them, we would like to talk early.