Hambro Perks boss abruptly leaves VC firm and London’s first Spac

The top of distinguished London enterprise capital agency Hambro Perks has abruptly left his position whereas additionally stepping down from town’s first particular goal acquisition firm, casting doubt over the longer term course of the funding teams.

Dominic Perks, who was chief government and co-founder, has resigned from the tech VC agency he co-founded in 2013, in line with an organization consultant.

He has additionally stepped down as a director from the agency’s listed funding automobile Hambro Perks Acquisition Firm, in line with a submitting and the consultant.

The consultant didn’t present a purpose for the sudden exit. Perks, who will stay the biggest shareholder, declined to remark.

“Dominic’s imaginative and prescient and power have performed a key half within the development of Hambro Perks,” wrote Anthony Salz, its chair and a former senior associate at regulation agency Freshfields, to buyers within the agency on Monday.

One one that has invested with the corporate mentioned they have been shocked no additional clarification was given aside from that Perks provided his resignation with speedy impact on Friday.

Perks performed a major position on the funding group that also bears his identify, serving as its chair and public face. He was actively concerned to find and evaluating investments, and serving on portfolio firm boards.

Hambro Perks owns stakes in additional than 100 corporations, together with US biotech Gelesis, geolocation start-up What3words, fintech group PrimaryBid, and funding platform Moneybox.

The agency additionally launched the primary clean cheque firm on the London inventory market in late 2021. Whereas the automobile focused a £2bn deal, together with debt, it has but to discover a goal.

On the time, Perks informed the Monetary Instances that the agency would deliver a European tech champion to the UK public market.

“We’re seeing some actually high-quality tech companies within the UK and Europe. It’s thrilling to see the London market develop from right here . . . [and] not lose a number of the incredible corporations already primarily based right here,” he mentioned.

Its blank-cheque automobile ended talks with drug developer Istesso in January, in line with a press release. The Spac now has till November 30 of this 12 months to discover a goal.

Alongside its flagship enterprise capital fund, which backs expertise corporations in early levels of improvement, Hambro Perks additionally has different choices similar to a fund for getting secondary shares and a automobile targeted on rising environmental applied sciences.

Hambro Perks has obtained backing from Saudi Arabia’s public funding fund for its Center East-focused enterprise capital fund Oryx.

In November, the agency introduced the primary shut of a brand new £100mn debt fund, backed by buyers together with government-owned British Enterprise Investments and the pension and financial savings enterprise Phoenix Group.

Perks had beforehand labored at McKinsey and Morgan Stanley. He co-founded Hambro Perks alongside Rupert Hambro, a financier and one-time chair of the household service provider financial institution Hambros, who died in 2021.

The Instances newspaper reported Perks’s resignation earlier on Tuesday.

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