London-based Thema has launched a venture fund platform to provide capital and support to investors looking to create a standalone VC fund.
Thema will act as a cornerstone limited partner in new funds, writing tickets of up to £5m and providing operational support.
Thema’s focus is pan-European. The VC fund investor said its “all-in-one package” will reduce setup costs and therefore make creating a VC fund more accessible.
“We’re making the process of raising a fund fairer, so those with the best idea can make them a reality,” said Sam Ettelaie, co-founder and partner at Thema.
“One of the key reasons for setting up Thema was to address the barriers to entry associated with setting up a VC entity, including diversity and socioeconomic factors, while maintaining a transparent and level playing field.”
Ettelaie, who previously worked for the British Business Bank – the UK’s largest limited partner – created Thema with George Askew, who has experience as an emerging manager and of building companies.
While at the state-owned British Business Bank, Ettelaie helped invest over £400m into funds including Concept Ventures, JamJar Investments and Ada Ventures.
He says this showed him the hurdles facing first-time general partners. Similarly, Askew says he saw first-hand the “operational complexity of running a fund” and the time drain this had on investment activity.
“A platform and programme like Thema didn’t exist, so we’ve built it,” said Askew. “Whilst family offices have increased their exposure to venture as an asset class in the last ten years, there is still a long way to go in understanding the opportunity and benefits with emerging managers.”
Thema plans to make commitments to four funds per year up until 2027. It is looking to back fund managers, VCs, angels, ex-entrepreneurs and senior operators with strong track records.