Thematic Capital LLP

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Networks

Business is always about building, communicating with and exploiting specialist networks;- investors, customers, competitors, collaborators, media, thought leaders, industry bodies and others in peripheral businesses; - but the extent to which they are important and the tactics of creating, managing and participating in them are fundamentally changing. Many established businesses don't yet understand how to use new technologies to exploit them and that creates opportunities for those who do and for the agile, specialist businesses who are immersed in the methods and supply the technologies and expertise. But established "traditional" networks are critical too. We bridge the two, bringing the established networks our teams have built over the years as financial and technology practitioners together with a deep understanding of how new media works in a professional context and an innovative approach to bringing new and old together and resolving the issues involved. More...

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Connections

The Thematic team have developed exceptional industry relationships at senior levels in the course of their careers, in a range of spheres reflecting their respective specialisations. These encompass trading, banking, alternative asset management, regulatory bodies, government, trading technology, market data, Web 2.0, operations, legal and accounting and the VC and Private Equity communities, amongst many others. We actively cultivate these connections and aim to add reciprocal value to that we receive. This gives us a rich seam of specialist expertise that we can consult with to validate business models, solicit interest as potential customers or investors, or otherwise access for input on our own challenges and those of our portfolio companies. It also serves as our most effective deal pipeline, with most of our investments resulting from opportunities discovered via our network, either by introduction or as a consequence of research into addressing specific challenges they have raised. We are obsessive about our reputation and the proper protocols around responsible interaction with our network. More...

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Building Blocks

Every investment needs something unique and differentiated to ensure its success. But often it also requires competent execution and administration of a bunch of generic and unexciting aspects as well. Whilst these may not define success, they can often cause failure. So where required, we help portfolio companies address these aspects of their business. In areas like accounting, legal, company secretarial, HR, recruitment and PR, we provide first-line advice and guidance and if that is not sufficient, access to established specialists we know and trust. We also provide "turnkey" support in certain areas, using a set of standard operating templates we have already developed. Access to these "building blocks" reduces the distraction they represent to key personnel, whilst ensuring they are addressed to a high standard and at optimal cost. More...
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Collaboration

Our approach is collaborative from start to finish, not just in the way in which we operate ourselves, but in how we manage our investments and how we identify opportunities. We work closely with a network of trusted contacts within the industry to identify and validate opportunities. We expect the businesses we invest in to be open to collaboration too. Since our selection criteria are driven by consistent themes, we often find our portfolio companies are natural business partners, either as clients of one another's offerings, as a channel for business referral and mutual opportunities, or simply as sounding boards for discussion and advice from people who have experience of similar challenges. We believe that part of what we offer is the bringing together of like minded people who's businesses are philosophically aligned and have shared interest in exploiting the opportunities our "Themes" create. More...

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Growth

We aim to invest in businesses with significant capacity for growth in value. Growth can be defined in terms of short-term revenues or enterprise value, but fundamentally always comes down to the prospects for the business making money in the long term. This requires an addressable market with scale potential, a clear and credible revenue model, effective execution and a team with the skills, commitment and agility to see it through. We typically make relatively larger investments in companies with clear line of sight to revenues in domains we deeply understand and smaller "seed" investments in earlier stage companies where we see exceptional potential but greater risks. In either case, we make our resources available to help realise the company's potential and provide support in whatever ways we can.

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Ethics

We have a very simple philosophy around ethical conduct. It is required and non-negotiable in every aspect of what we do. No exploitation of grey areas, no bending of the rules, no second chances. Trust is everything. We believe our industry has an obligation to be socially constructive in what it does and how it does it. Recent history is a disappointing example of what happens when those principals are ignored, but we believe demonstrably ethical conduct will now command a premium. It is not just good practice, it is good business and "the right thing to do". Regulation doesn't define the boundaries of what we do and where something is permitted, but we regard it as ethically questionable or socially inappropriate we will still not get involved. That means some types of business are "off-limits". We also respect that others may have their own cultural or religious considerations and we believe that these are worthy of respect where not in conflict with our own. So we take care to understand the boundaries of those we work with and make sure they are respected and are open about our own principles. More...

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Transparency

We believe in transparency. It is critical to all stakeholders that they are able to make informed decisions based on all the facts. For our investors this means complete clarity about the state of our investments and the challenges they face- good or bad. It means we will consult with investors about their expectations, concerns and preferences and act accordingly. For our portfolio companies it means clear feedback and an expectation that we have candid access to everything that is going on; warts and all. We are active investors- we are hands on, straightforward and respectful of the rights and perspectives of all stakeholders. We understand that building a business is challenging and sometimes things don't go your way. We are supportive where we can be and candid where we cannot. We expect the same in return. More...