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Hello. 
I'm Alice Murray editor of the 

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drawdown and I'm delighted to be
joined by an expert panel today 

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to discuss Tech transformation 
within private Capital funds 

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joining the discussion. 
Today, we have Mike Brogan who 

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is part of hgs Finance team Mike
has overall responsibility for 

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deal execution, fund management 
and portfolio. 

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In evaluations, as well as 
undertaking many strategic and 

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operational projects across the 
business. 

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Next, we have chased Paxton, who
serves as Director of Finance 

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and valuations at ngpa energy 
Capital Management. 

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Within that role, he prepares 
analysis evaluation, deliveries 

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overseas, Financial investor 
reporting fund and management, 

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company, forecasting and 
planning, as well as technology 

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implementation. 
Also joining us is Stephen Lyle 

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managing partner at Oxbridge 
Capital Partners who oversees 

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all operations at the firm. 
We also have petrol sfera of 

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Icarus Venture Partners whose 
technical expertise is in Ai. 

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And then o technology, he 
oversees implementation of data 

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initiatives and portfolio 
monitoring at Vickers. 

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And last but not least, we have 
Hugh Stacy, executive director, 

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investor Solutions at IQ EQ. 
Of which part of his role is 

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portfolio monitoring and ESG 
reporting offerings that he had 

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these huge. 
Welcome to you. 

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Thanks very much for joining me 
today. 

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Okay. 
So the past 18 months have a 

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undoubtedly been a major 
Catalyst for all sorts of change

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and for private Equity, the pace
of technological transformation.

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Has ramped up dramatically the 
tech transformation survey, 

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which we carried out in 
partnership with IQ EQ, was to 

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diet designed to check the pulse
of the industry's transition at 

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this. 
Pivotal and fascinating point in

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time, we wanted to know if 
managers are really moving away 

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from Excel and manual processes 
towards more sophisticated. 

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An automatic systems. 
But the report made strikingly 

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clear is that the role of 
technology in private Equity is 

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a vital one. 
Today's Roundtable discussion 

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will review key findings from 
the survey and provide detailed 

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to the data. 
So on to our first question and 

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our survey found that a large 
proportion of the respondents 

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are currently looking for new 
software solutions for callback 

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and middle of his functions for 
fund Administration. 

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That was 34% for compliance and 
Reporting 33% of waterboarding 

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waterfall, distribution, that 
was 33. 

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So here I'll come to you. 
What does this tell us about? 

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Private equities willingness to 
use, software Solutions, what's 

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behind this? 
This finding I think you've got 

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to sort of manage your 
organization to what works best 

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for you. 
So a lot of product if I manage 

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is a fairly lean or they have 
been fairly lean teams and 

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therefore, you know, the 
availability to Outsource 

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something is perhaps a little 
bit easier for smaller teams. 

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Whereas larger organizations may
want to go down the route of The

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getting a software themselves 
and they have the scale to do 

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that and all these things, 
always take longer to implement 

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them first, then, first 
envisage. 

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So, I think the other way for 
managers are looking, you know, 

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if you're a fairly sizable 
manager, organization that that 

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back Office Accounting piece 
should already probably be in 

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place, to be honest. 
So there now Looking at other 

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software's, whether it's 
portfolio monitoring, whether 

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its waffled calculations and 
there is a whole plethora of 

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different vendors out there when
the last little three, four, 

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five years. 
And I think covid has been 

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Catalyst to this in some 
respects because people want 

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more transparency, investors are
asking more questions. 

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So I think people are have been 
concerned in the pandemic, know 

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how is the pandemic influence 
their portfolios and therefore 

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there are asking For managers 
more questions around sort of 

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tracking those portfolios. 
So I think I think there's been 

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a bit of a concentration or 
Focus but again I'd like to hear

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what the actual practitioners 
are on the panel, what they're 

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saying. 
Yeah. 

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You know, I re with you in a lot
of ways especially over kind of 

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the change that's happened in 
the market and availability of 

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software over the last three or 
four years I've been with in GP 

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for a little over eight years. 
And What's on the market now is 

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so much better than what was 
available eight years ago, you 

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know, it felt like there were a 
lot of products that were being 

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built and there was some sort of
wrapper or something. 

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On top of it, trying to serve PE
versus being functionally built 

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up for private Equity or 
Venture. 

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And I think, you know, a lot of 
our earlier technological 

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implementations. 
I left the really bad taste in 

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our mouths and it kind of took 
us two or three years to kind of

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reset and kind of work with what
we have. 

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But a lot of the products that 
were Oriented kind of see are so

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tailored built and I think that 
just goes hand-in-hand with 

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totally um growth and the space 
and people can make money just 

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in PE now making PE Solutions 
and that's really changed kind 

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of fundamentally the quality of 
the products. 

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And you know that makes me 
really excited that you know, as

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we move from maybe some Legacy 
systems to more custom built 

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systems, where we don't have to 
have an implementation partner 

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that we can manage yourself. 
That understands the space that 

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you guys probably also driving 
the bottom and with other 

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managers just booked the 
qualities. 

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Is significantly improved 
particularly with just normal 

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status products for running crms
or monitoring portfolio, 

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companies and things like that. 
And that's pretty exciting for 

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the space in terms of Automation
and efficiency, My coming to and

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thinking about this, this kind 
of theme coming through about 

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it, being able to buy in 
software and simply plug it in 

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is, is that generally possible 
today? 

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I mean, we, you know, totally 
agree that software has improved

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but everyone has different needs
and any system needs to be 

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tailored. 
To your specific demands and 

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what you want to do with it, 
implementations did a bit of a 

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headache. 
Yeah, absolutely. 

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Now very much agree. 
What what choice was saying 

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actually, in terms of the 
evolution of the of the private 

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Equity space and therefore, that
sort of software that that's 

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produced and required to keep up
with that sort of 

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sophistication, implementations 
of software products and never 

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straightforward. 
As you say, every single firm. 

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And sometimes different funds 
within that firm have their own 

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nuances, their own sort of 
specific. 

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Needs and it's never a quite a 
plug-and-play solution that you 

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get. 
That said you know I've been in 

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HD for 10 years and I've seen 
how that how that industry is 

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involved, you know, materially 
and how the the as I suppose I 

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was more money flows into that 
industry. 

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It drives that sort of 
development and suddenly the 

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space and the market is of a 
scale where software providers 

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build specific solutions for 
that market. 

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And that's certainly making our 
life easier. 

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And it's Exciting time to be 
able to see these new products 

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and how that can help us and 
make us more efficient as a 

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firm. 
But, no, in terms of, in terms 

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of your question is, never 
straight forward. 

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It needs to be resource 
properly. 

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It needs to be diligent to 
properly beforehand and make 

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sure that it does actually solve
the problem that you're solving 

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for. 
And that's always the challenge.

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I think with these with these 
products, Sad and pets. 

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First coming to you. 
If you were, you know, if there 

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is a decision around Just simply
buying software in or engaging 

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with a third-party outsourced 
provider, what would be the kind

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of main considerations around 
that that kind of decision. 

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And I think specifically on kind
of what it means for your 

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internal resources because often
I talk to managers and whichever

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decision they take. 
It can often mean having to have

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another person in place to deal 
with one of those options. 

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Yeah, yeah. 
I mean, that's true. 

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I think that's the big 
consideration and taking off the

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shelf, things and versus custom 
things is that you, you have to 

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spend less resources. 
But the one thing to say is that

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they both of those options have 
required. 

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Lots of resources if they're not
sort of very standardized or if 

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it's not sort of out of the box.
If you have to design something 

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off of from scratch, it's always
going to take a lot of time for 

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the team. 
And I think what I'm I'm I'm, 

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I'm not as I haven't been in 
looking at this space, as far as

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long as Chase has, but what I'm 
seeing are sort of couple of 

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years when we've been looking 
at. 

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This is that does seem to be a 
lot more tailored solutions for 

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the, for the space, which seems 
to still be in a transition 

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where there doesn't seem to be a
lot of standardization both from

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the software side, but also from
the needs of the industry. 

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But I think as this matures 
there's going Be more 

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standardization both from the 
needs of the industry but also 

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from the software Solutions and 
then and then it becomes very 

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easy. 
The barrier still to implement 

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new things is still fairly High 
because there is that commitment

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of time. 
You need to figure out how 

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you're going to translate these 
Legacy systems into a more in 

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you way and sort of changed ways
of working. 

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But I think that this is an 
evolution and we're and we're 

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sort of on the transition of of 
something of things becoming 

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law. 
Lower barrier to sort of move to

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two more sort of standardized 
Solutions on these things. 

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Yeah, and okay, Steven, I want 
to come to you in this because 

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giving your strategy and give 
them what you do, you know, 

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large amount of the investment. 
But you know, companies in 

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earlier stages that might not be
as you know what you're helping 

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them. 
Do is to become sophisticated 

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and develop teams. 
So reporting, I think he's 

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specifically around put 
reporting and portfolio 

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management. 
I imagine everyone speaking very

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different languages or you know,
some only just starting to learn

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kind of financial lingo. 
How can you use tear core 

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supporting Partners to kind of 
overcome? 

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What must be quite a big 
Challenge and a big lot of work 

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for you? 
Oh, you settle out there. 

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Well, first of all, you know, 
because we cover the entire 

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Venture, Continuum, you know, we
have Oxbridge Angels, which is 

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co Brent co-branded. 
It's a very early early stage 

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and that's people that runs 
pretty autonomous. 

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Even though my co-founder of 
rashid's Newberry and myself, 

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are directors of that it 
basically runs itself in your 

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eye, it's a global, you know, 
even though we are focusing on, 

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you know, Startups that come out
of the Oxford and Cambridge 

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University ecosystems include a 
college and the entire London, 

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golden Golden Triangle. 
That's a lot of bodies, a lot of

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moving Parts. 
Lots of issues you have to deal 

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with compliance and so the 
angels have their own set of 

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compliance issues and then the 
VC course operates on another 

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plane and we scale up those 
startups but I think it's 

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important if you're operating a 
space is a Solutions provider 

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just to realize you know what is
the? 

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What is the what? 
You knows the biggest pains a 

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private equity and I did, I can 
tell you from, you know, 

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spending a half a million 
dollars out of my own pocket, 

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just don't legal fees and, and 
other startup costs. 

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You know, it's it's it's really 
really painful. 

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It's I call it death by 1000 and
Enterprise Solutions, you know. 

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So you can go. 
Wow. 

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And do you can you can service 
all of this by buying software 

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packages? 
And but then, like I said, it's,

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it's extremely painful. 
And we're really, we really what

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I liked about IQ EQ is that you 
know, whether they, whether they

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are creating native Solutions, 
and, you know, their own native 

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apis, you know, or they're 
stitching together, OEM deals, 

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it doesn't matter to us, you 
know what we're looking for. 

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Is somebody who has The 
best-in-class solution stack 

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that solves all these problems 
for us. 

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I'd rather write one check a 
month and no the people like an 

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extension extended part of our 
team versus a bunch of outside 

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solution providers. 
That that's, that's the 

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ultimate, it's about the 
solution stack. 

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And I think of the solution 
stack is like it's like it's 

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like you're it's your offering 
to the marketplace. 

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It's your 8 layered cake. 
Okay. 

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It solves, all these pain 
problems. 

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And for us, our primary concern 
is to create a safe place if our

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LPS very important. 
It's a very simple thing to stay

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to say, is this a safe place and
so when they access, you know, a

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platform. 
And I do believe in the platform

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platform ization or the 
enterprising of everything, you 

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know, the kyc, the AML the 
reporting to the LPS, it's 

230
00:14:26,400 --> 00:14:29,500
customized and then we want to 
create an elegant place. 

231
00:14:29,700 --> 00:14:35,100
So if if I give a link to an 
outside LP did they accept And 

232
00:14:35,100 --> 00:14:40,800
it's very clunky looks very 
Soviet or is it is, you know, is

233
00:14:40,800 --> 00:14:43,300
it elegant? 
And by Elegance is a beautiful. 

234
00:14:43,700 --> 00:14:45,900
Is it state-of-the-art as we 
like to say in Hollywood? 

235
00:14:45,900 --> 00:14:47,800
Is it sexy? 
Is it cool? 

236
00:14:48,000 --> 00:14:52,900
Like wow is the first time I've 
ever had Vision to my private 

237
00:14:52,900 --> 00:14:56,100
Equity Investments. 
This is really, really cool. 

238
00:14:56,300 --> 00:14:59,800
I feel safe and also this is 
really cool. 

239
00:15:00,700 --> 00:15:03,600
Those are the takeaways. 
That's what I like to hear from 

240
00:15:04,000 --> 00:15:10,000
from These were the user for IQ 
EQ, but our users are LPS and 

241
00:15:10,000 --> 00:15:12,700
they need to enjoy this journey.
And we want to make that Journey

242
00:15:12,700 --> 00:15:16,900
as comfortable and safe and as 
fun as possible. 

243
00:15:19,300 --> 00:15:22,600
As I'm happy to sort of continue
on that, because there is so 

244
00:15:22,600 --> 00:15:27,600
many software available that for
a fund manager, they could buy 

245
00:15:27,600 --> 00:15:31,900
another 20 different software 
for the different requirements 

246
00:15:31,900 --> 00:15:35,800
and I think that there's no one 
software that can basically meet

247
00:15:35,800 --> 00:15:37,800
all their technology 
requirements. 

248
00:15:37,800 --> 00:15:41,000
So, you know, as Steve was 
saying, you know, there are 

249
00:15:41,400 --> 00:15:44,800
other options available to 
people rather than Spy software 

250
00:15:44,800 --> 00:15:47,700
will build software themselves. 
But again, it just depends on 

251
00:15:47,700 --> 00:15:50,800
the size of the organization. 
And because obviously the bigger

252
00:15:50,800 --> 00:15:53,600
the organization, the more 
resource they had for that. 

253
00:15:53,600 --> 00:15:58,900
But not all pee from oranges 
are, you know, tens of billions 

254
00:15:58,900 --> 00:16:01,500
a. 
Um, I think it has to be horses 

255
00:16:01,500 --> 00:16:03,300
for courses in terms of what 
people requiring. 

256
00:16:03,600 --> 00:16:08,500
So often the outsourced provider
group can be a viable option and

257
00:16:08,500 --> 00:16:11,900
a quick in cost-effective 
option, as well as delivering 

258
00:16:11,900 --> 00:16:16,100
its even saying a service which 
is which they, you know, need to

259
00:16:16,100 --> 00:16:20,200
get to get, you know, get online
and And allow their investors. 

260
00:16:20,200 --> 00:16:22,700
That's the security and comfort 
that have got this covered, 

261
00:16:23,100 --> 00:16:27,500
okay, we've been dancing around 
it a bit but there's no 

262
00:16:27,500 --> 00:16:31,600
conversation today about private
Capital markets Tech without 

263
00:16:31,600 --> 00:16:36,500
talking about data. 
So Petrus, giving this is 

264
00:16:37,500 --> 00:16:43,100
banging your sweet spot. 
I'll kick off with you first to 

265
00:16:43,100 --> 00:16:46,900
my mind, a surprising amount of 
our survey respondents 82 

266
00:16:46,900 --> 00:16:53,700
percent said that they don't 
currently have a data lake and a

267
00:16:53,700 --> 00:16:57,400
handful of respondents 13 
percent rated their data 

268
00:16:57,400 --> 00:17:00,100
practices as being highly 
effective. 

269
00:17:00,400 --> 00:17:02,400
Most people said they were 
average. 

270
00:17:03,800 --> 00:17:08,099
So what's going on when it comes
to data, everyone knows they 

271
00:17:08,099 --> 00:17:11,900
need to have it. 
But seems to be a bit of a 

272
00:17:12,000 --> 00:17:14,400
Italian, actually making it 
sing. 

273
00:17:16,800 --> 00:17:20,200
Yeah, sure. 
So it's yeah, it's an 

274
00:17:20,200 --> 00:17:23,200
interesting observation. 
I think two things to say here 

275
00:17:24,300 --> 00:17:29,100
for us, in terms of upgrading 
our, my are sort of accounting, 

276
00:17:29,100 --> 00:17:33,600
self software, Etc, a big 
motivation when we were trying 

277
00:17:33,600 --> 00:17:36,000
to do. 
This is, is is thinking about 

278
00:17:36,000 --> 00:17:39,400
data, quality and and sort of 
it. 

279
00:17:39,400 --> 00:17:42,300
When you work in Excel, when you
used to reuse working in Excel, 

280
00:17:42,600 --> 00:17:46,400
you used to having lots of lots 
of data across the The space. 

281
00:17:46,400 --> 00:17:49,800
And also if you were to sort of 
try and some of these sort of 

282
00:17:49,800 --> 00:17:53,200
smaller Solutions, you end up 
with siloed data all over the 

283
00:17:53,200 --> 00:17:57,500
place where as we were quite 
Keen to just have our data in 

284
00:17:57,500 --> 00:18:00,600
one place. 
So have our accounting system, 

285
00:18:00,600 --> 00:18:05,300
talk to our reporting system and
have instead of remove that 

286
00:18:05,300 --> 00:18:09,600
friction between them. 
This tumor, this, to 

287
00:18:09,600 --> 00:18:13,500
motivations, for that. 
First of all, as the other 

288
00:18:13,500 --> 00:18:17,500
saluted as well. 
The, the Asians from LPS and our

289
00:18:17,500 --> 00:18:20,400
investors. 
Are you, they want more of these

290
00:18:20,400 --> 00:18:23,500
data, sort of a tad. 
They're not just happy to just 

291
00:18:23,500 --> 00:18:25,100
see their drawdown. 
Not says, they want to 

292
00:18:25,100 --> 00:18:27,700
understand what the where the 
movements were have. 

293
00:18:27,700 --> 00:18:31,000
It came to it, what the 
valuation, what, what's 

294
00:18:31,000 --> 00:18:33,700
underlying, the valuation that 
people are becoming more data 

295
00:18:33,700 --> 00:18:38,600
hungry, they used to more data 
but also as Venture investors, 

296
00:18:38,600 --> 00:18:42,800
we tend to have much smaller 
teams and so removing those 

297
00:18:42,800 --> 00:18:46,900
frictions in how do we get that 
data to our LPS in the easiest 

298
00:18:46,900 --> 00:18:49,700
way was, it's quite important 
for. 

299
00:18:49,700 --> 00:18:53,800
It was quite important for us in
terms of data Lakes as well. 

300
00:18:54,000 --> 00:18:57,200
I think maybe I'm not the right 
person to comment on this 

301
00:18:57,200 --> 00:19:02,200
because when it comes to venture
are our data is small and 

302
00:19:02,200 --> 00:19:06,400
sparse. 
So so when so you don't need 

303
00:19:06,400 --> 00:19:10,600
sort of huge databases that you 
like, a sort of simple database 

304
00:19:10,800 --> 00:19:15,200
is more than enough where we 
could use more data leaks and 

305
00:19:15,200 --> 00:19:19,900
where I see, Where that it's 
going, is when we talking about 

306
00:19:19,900 --> 00:19:22,500
data, I think in this context we
must be thinking about financial

307
00:19:22,500 --> 00:19:26,000
data but as a lot of other data 
there's contracts, there's this 

308
00:19:26,000 --> 00:19:28,900
kind of things. 
So yes I can see this bit place 

309
00:19:28,900 --> 00:19:31,800
where bring it all together 
would be a powerful place to be 

310
00:19:32,500 --> 00:19:36,500
but I think there's there's 
there's we there we earlier in 

311
00:19:36,500 --> 00:19:38,900
the journey then sort of 
building this this 

312
00:19:38,900 --> 00:19:44,100
all-encompassing databases and 
with Petros it's our deals. 

313
00:19:44,300 --> 00:19:49,000
We if Looking at a late stage, a
round or be round. 

314
00:19:49,600 --> 00:19:52,200
You looking, at a say, you're 
looking at a pre-revenue 

315
00:19:52,700 --> 00:19:58,100
momentum type of a play. 
Sure. 

316
00:19:58,100 --> 00:20:02,300
Your maybe we pay for some data 
over pitch pitch deck, which is 

317
00:20:02,300 --> 00:20:05,500
kind of the gold standard, you 
know, in terms of, you know, 

318
00:20:05,700 --> 00:20:10,200
looking at deals like how did 
you if I'm an LP out the maybe I

319
00:20:10,208 --> 00:20:15,200
would ask us, how did you how 
did you come up with that that 

320
00:20:15,200 --> 00:20:16,600
pre-money. 
Valuation. 

321
00:20:17,700 --> 00:20:22,100
What was the driver of that and 
because it's so Dynamic, right? 

322
00:20:23,100 --> 00:20:27,400
I see a, you know, you know, I 
said across to deal fronts, I 

323
00:20:27,400 --> 00:20:31,300
said across the deal, last I 
miss at across said across, many

324
00:20:31,300 --> 00:20:33,700
deal funds, but there are two 
deal fronts that give you. 

325
00:20:33,700 --> 00:20:37,000
An example. 
There are Silicon Valley were 

326
00:20:37,300 --> 00:20:41,300
saw a 13 year old girl had a 
Pikachu app that took digital 

327
00:20:41,300 --> 00:20:43,400
poo-poos. 
She got five hundred thousand 

328
00:20:43,400 --> 00:20:45,200
dollars on a 10 million 
pre-money. 

329
00:20:46,500 --> 00:20:53,200
Okay, and then I see a Founder a
postdoc at Cambridge who has a 

330
00:20:53,200 --> 00:20:57,500
solution to treat a certain form
of cancer and they've already 

331
00:20:57,500 --> 00:21:01,400
have a proof of concept and 
they're selling, you know, 

332
00:21:01,700 --> 00:21:06,300
they're looking for 100,000 
pounds on a 200,000 free money. 

333
00:21:07,500 --> 00:21:08,700
You see what? 
I'm dealing with here. 

334
00:21:10,000 --> 00:21:11,600
I don't know how much that date 
is going to help me. 

335
00:21:12,300 --> 00:21:15,400
All right. 
Okay, so, because it's so 

336
00:21:15,400 --> 00:21:19,600
tactical, it's so micro 
tactical, all right? 

337
00:21:20,200 --> 00:21:24,900
And yeah, I can reference this 
data and I but I don't know how 

338
00:21:25,100 --> 00:21:27,500
valuable it is, you know, if 
we're doing reporting and say, 

339
00:21:27,500 --> 00:21:29,800
Here's how we stack up against 
the indices, but they can get 

340
00:21:29,800 --> 00:21:34,500
that to get it to. 
So, you know, as I'm not 

341
00:21:34,500 --> 00:21:36,700
personally, I'm not, I'm not 
surprised about that. 

342
00:21:36,700 --> 00:21:39,600
Statistic at all that 60% don't 
have a current, have a data. 

343
00:21:39,700 --> 00:21:43,100
Lake in private Equity. 
Because, you know, I think data 

344
00:21:43,100 --> 00:21:47,000
Lakes are really, you know, it's
a significant cost it 

345
00:21:47,000 --> 00:21:51,100
significant or project to 
implement and actually do 

346
00:21:51,100 --> 00:21:54,500
successfully. 
So you have to be of a very 

347
00:21:54,500 --> 00:21:58,900
large-scale fund manager, asset 
management firm to want to 

348
00:21:58,900 --> 00:22:01,300
implement this in. 
It's a huge undertaking you know

349
00:22:01,500 --> 00:22:04,500
someone like ourselves like a 
service provider clearly. 

350
00:22:04,500 --> 00:22:08,900
It is a requirement because 
we're dealing with so much data 

351
00:22:08,900 --> 00:22:12,300
on behalf of Clients with its 
portfolio monitoring, whether 

352
00:22:12,300 --> 00:22:15,800
it's ESG reporting or it's the 
accounting. 

353
00:22:15,800 --> 00:22:18,900
So you know where we're getting 
lots of different data sources 

354
00:22:18,900 --> 00:22:22,200
coming in to us, it makes it 
makes sense. 

355
00:22:22,200 --> 00:22:26,100
But for a fund manager who's got
two or three funds, you know it 

356
00:22:26,100 --> 00:22:31,400
wouldn't necessarily be a cost 
effective measure to in terms of

357
00:22:31,408 --> 00:22:32,700
the value, add you going to get 
from it. 

358
00:22:32,700 --> 00:22:37,600
I think so but again happy to 
hear what others others think 

359
00:22:38,100 --> 00:22:42,000
again some like Michael You'll 
Chase might have a different 

360
00:22:42,100 --> 00:22:44,400
view on this bearing mind. 
They're slightly different in 

361
00:22:44,400 --> 00:22:48,500
terms of their their scale. 
But yeah, I'm not surprised at 

362
00:22:48,500 --> 00:22:54,300
all on that statistic. 
Yeah. 

363
00:22:54,300 --> 00:22:58,100
So in terms of data like so we 
are actually in the in the 

364
00:22:58,100 --> 00:23:01,300
sixty-two percent that don't 
have a data like but I guess 

365
00:23:02,000 --> 00:23:05,300
it's something that now comes up
a lot more regularly for us and 

366
00:23:05,300 --> 00:23:08,700
we're reaching that scale where 
it becomes quite important. 

367
00:23:09,600 --> 00:23:11,600
So it's, yeah, it's very much on
our radar. 

368
00:23:11,600 --> 00:23:15,100
We've looked at a few platforms 
already that integrate and we're

369
00:23:15,100 --> 00:23:18,000
starting to use some of those 
platforms that integrate data 

370
00:23:18,000 --> 00:23:22,200
from different systems whether 
you classify, As a proper data 

371
00:23:22,200 --> 00:23:23,400
like or not. 
I'm not sure. 

372
00:23:24,800 --> 00:23:27,900
But certainly there is a, there 
is a movement in that direction 

373
00:23:29,200 --> 00:23:31,500
and I think we've also sort of 
touched on the, the challenges 

374
00:23:31,500 --> 00:23:33,100
of that. 
And for me, it's the quality of 

375
00:23:33,100 --> 00:23:37,600
that data for us, you know, 
we're we have a number of 

376
00:23:37,600 --> 00:23:40,100
different software Solutions 
within the business they use for

377
00:23:40,100 --> 00:23:44,000
different purposes, but 
sometimes collect similar or the

378
00:23:44,000 --> 00:23:47,900
same type of data. 
And so when you, when you're 

379
00:23:47,900 --> 00:23:51,400
sort of moving to that data like
one source of Truth, Sort of you

380
00:23:51,400 --> 00:23:54,600
that a lot of firms of our 
source Kayla getting towards, 

381
00:23:55,400 --> 00:24:00,400
it's all about the quality of 
that data, who owns it, it can 

382
00:24:00,400 --> 00:24:04,000
be quite a big task and I know a
number of firms have specific 

383
00:24:04,000 --> 00:24:08,600
data managers or team of data 
analyst who whose pure 

384
00:24:08,600 --> 00:24:11,500
responsibility is to look at the
quality of that data and to make

385
00:24:11,500 --> 00:24:15,500
sure that it's maintained and 
and you have proper 

386
00:24:15,500 --> 00:24:18,200
responsibility for that. 
So I think that's that's the 

387
00:24:18,200 --> 00:24:21,300
challenge. 
As I said, I think Getting to a 

388
00:24:21,308 --> 00:24:23,400
scale. 
Well, that's that's very much on

389
00:24:23,400 --> 00:24:26,100
our radar and something that 
might imagine we probably look 

390
00:24:26,100 --> 00:24:30,800
towards in the next, you know, 
two, three, four years but also 

391
00:24:30,800 --> 00:24:33,600
recognizing that there's 
challenges in doing that. 

392
00:24:33,600 --> 00:24:37,000
And, and it needs to be properly
resource and thought about and 

393
00:24:37,500 --> 00:24:39,900
that clear ownership of whose 
data is this and who's 

394
00:24:39,900 --> 00:24:43,600
responsible for maintaining. 
It is, is it is a real problem 

395
00:24:43,600 --> 00:24:48,300
when you reach that sort of 
scale, say sticking on data data

396
00:24:48,300 --> 00:24:54,100
like those speeds. 
Given that you have you know, 

397
00:24:54,100 --> 00:24:56,300
overseas from the investor 
reporting. 

398
00:24:56,700 --> 00:25:00,000
And other thing that are I said 
they threw up was that about a 

399
00:25:00,000 --> 00:25:05,400
third of respondents predicted, 
the LPS will in the future 

400
00:25:05,400 --> 00:25:10,800
request direct data. 
Feeds, what? 

401
00:25:10,900 --> 00:25:13,100
You know is that something that 
you can see happening? 

402
00:25:13,100 --> 00:25:15,000
And if so what would that mean 
for you? 

403
00:25:16,100 --> 00:25:18,600
We've definitely seen all piece 
try. 

404
00:25:18,900 --> 00:25:22,200
We've seen you know, initiatives
that Come come together and 

405
00:25:22,200 --> 00:25:27,100
felt. 
It seems impossible to me for it

406
00:25:27,100 --> 00:25:30,400
to happen. 
I mean we, you know, we get, I 

407
00:25:30,408 --> 00:25:33,600
don't know how many Help LP 
templates a day, they're all 

408
00:25:33,600 --> 00:25:36,000
different, they all want 
information differently. 

409
00:25:36,000 --> 00:25:39,800
They all Define their data 
fields, differently it all 

410
00:25:39,800 --> 00:25:43,100
requires some sort of level of 
customization or some unique or 

411
00:25:43,108 --> 00:25:47,000
some call or teams meeting with 
our team to say, what are they 

412
00:25:47,000 --> 00:25:49,500
really asking here? 
Even if we've been in business 

413
00:25:49,500 --> 00:25:52,700
with that healthy for 20 years 
in some cases. 

414
00:25:52,700 --> 00:25:57,600
So it seems Monumental it would 
be incredible for our team if we

415
00:25:57,700 --> 00:26:01,100
could really standardize around 
information that's required and 

416
00:26:01,100 --> 00:26:04,000
Reporting, that's required and 
leverage that and then we could 

417
00:26:04,000 --> 00:26:06,000
build a system to meet those 
needs. 

418
00:26:06,000 --> 00:26:09,800
It's just we could build a 
system to meet, you know, direct

419
00:26:09,800 --> 00:26:12,000
out if he's for a couple are 
big, LPS, but it would still 

420
00:26:12,000 --> 00:26:15,300
leave us with the one-offs that 
would consume a lot of time. 

421
00:26:15,300 --> 00:26:19,300
So, you know, there's a balance 
there between being as friendly 

422
00:26:19,300 --> 00:26:21,200
and creating the safety. 
Help. 

423
00:26:21,200 --> 00:26:23,600
He's particularly on the smaller
side so that they feel like they

424
00:26:23,600 --> 00:26:26,700
have that personal connection 
even as you grow the firm in 

425
00:26:26,700 --> 00:26:29,100
trying to manage their requests.
And also just trying to be 

426
00:26:29,100 --> 00:26:33,700
efficient and automate. 
So it seems, you know, Herculean

427
00:26:33,700 --> 00:26:36,700
in terms of that actually ever 
really happening just because 

428
00:26:36,900 --> 00:26:39,700
limited partners are so diverse 
and sort of what they need and 

429
00:26:39,700 --> 00:26:42,700
what they're asking for. 
But it would definitely drive a 

430
00:26:42,700 --> 00:26:45,900
lot of Automation and a lot of 
efficiency in the back office. 

431
00:26:45,900 --> 00:26:50,500
If it were ever to really gain 
significant momentum, we act 

432
00:26:50,500 --> 00:26:53,300
like Riku investigations, 
provide a fund manager. 

433
00:26:53,600 --> 00:26:58,500
Clients the the cosmos portfolio
monitoring platform Solutions. 

434
00:26:58,500 --> 00:27:02,300
So that's for them to do 
internal analysis and slice and 

435
00:27:02,300 --> 00:27:06,800
dice their data for their 
existing portfolio and more and 

436
00:27:06,800 --> 00:27:08,100
more. 
We're starting to. 

437
00:27:08,100 --> 00:27:12,500
I have fun manager, say to us. 
Can we give access to our LPS to

438
00:27:12,500 --> 00:27:17,300
the platform directly as of yet?
No one's actually taking it on, 

439
00:27:18,000 --> 00:27:20,100
but there is the capability to 
do that. 

440
00:27:20,300 --> 00:27:22,600
And I think, Just by the very 
fact that people are starting to

441
00:27:22,600 --> 00:27:24,700
ask us. 
The questions is showing that 

442
00:27:24,700 --> 00:27:28,400
there is that sort of thirst 
from LPS to have direct access, 

443
00:27:28,400 --> 00:27:33,300
but I don't think that will ever
supersede the sort of LP days, 

444
00:27:33,300 --> 00:27:35,400
the quarterly. 
Well, I think quarterly reports,

445
00:27:35,400 --> 00:27:38,500
I think in five years time, I 
don't think it would be unusual 

446
00:27:38,500 --> 00:27:41,700
set of the quarterly reports 
done more on a dashboard styles 

447
00:27:41,700 --> 00:27:44,600
of log on to it online. 
And we're starting to see that 

448
00:27:44,600 --> 00:27:49,900
for some of the lp clients when 
their board members are having 

449
00:27:50,400 --> 00:27:53,800
having Boards they're actually 
rather than getting a PDF 

450
00:27:53,800 --> 00:27:57,100
document or even a print out the
going on to the dashboards and 

451
00:27:57,100 --> 00:28:01,900
looking at online from iPads or 
you know, laptops acceptor. 

452
00:28:01,900 --> 00:28:05,500
So I do think that is a it's 
going to be a fairly slow 

453
00:28:06,900 --> 00:28:10,000
progression but I do think that 
will be the trend. 

454
00:28:11,400 --> 00:28:13,000
So I don't know if that answers 
the question. 

455
00:28:13,000 --> 00:28:16,400
What? 
Yeah, I mean, yeah, I have 

456
00:28:16,400 --> 00:28:22,400
spoken to a couple of I think ya
might went in there that you 

457
00:28:22,400 --> 00:28:28,200
know where firms have specific 
data, people that does seem to 

458
00:28:28,200 --> 00:28:30,000
be an area that they're 
increasingly looking at. 

459
00:28:30,000 --> 00:28:34,300
But I think you know portfolio 
management and did origination 

460
00:28:34,300 --> 00:28:36,300
is more of a priority at this 
point. 

461
00:28:39,400 --> 00:28:45,200
Okay so a final point I want to 
look at is the estienne and I'll

462
00:28:45,200 --> 00:28:49,800
come to you all for some 
concluding remarks Petro sorry, 

463
00:28:49,800 --> 00:28:54,900
I'm going to pee Corner again, 
just because you sort of 

464
00:28:54,900 --> 00:28:57,800
mentioned it when we were 
talking about data. 

465
00:28:58,500 --> 00:29:03,700
There's a very obvious data 
financial data but more and 

466
00:29:03,700 --> 00:29:09,200
more, LPS and GPS, won't to see 
less structured data. 

467
00:29:09,200 --> 00:29:16,800
And I'm thinking specifically 
around ESG, so with a kind of 

468
00:29:16,800 --> 00:29:22,700
increased desire to be Reporting
and, you know, get your kpis and

469
00:29:22,700 --> 00:29:26,400
understand the Geo AES G impact 
of your Investments. 

470
00:29:27,900 --> 00:29:31,400
How is that impacting your 
technological needs? 

471
00:29:33,500 --> 00:29:34,900
Yeah, I mean that's a good 
question. 

472
00:29:34,900 --> 00:29:41,000
I think he is G is one of those 
topics that's causing a lot of 

473
00:29:41,008 --> 00:29:45,800
drive towards automation because
there's there's your silently, 

474
00:29:45,800 --> 00:29:53,600
adding a lot more data that you 
need to feed and it's it's and 

475
00:29:53,600 --> 00:29:55,800
it becomes quite a quite a 
manageable if it's to 

476
00:29:55,800 --> 00:29:57,600
unstructured. 
So, you need to put some sort of

477
00:29:57,600 --> 00:30:03,100
structure so for us as a venture
investor and and sort of We 

478
00:30:03,100 --> 00:30:07,100
invest across a broad range of 
various technology. 

479
00:30:07,100 --> 00:30:13,300
So from biotech to energy to 
materials and finding a 

480
00:30:13,300 --> 00:30:18,700
framework, which we can, we can 
measure everyone against. 

481
00:30:20,200 --> 00:30:22,800
It's been the main challenge 
there and sort of. 

482
00:30:22,900 --> 00:30:26,000
So we're at the step of before 
sort of gathering the data is 

483
00:30:26,000 --> 00:30:29,700
figuring out how we even want to
measure these things. 

484
00:30:30,100 --> 00:30:35,600
So it's it's so I think that 
there's there are some 

485
00:30:35,600 --> 00:30:37,600
initiatives out there so this is
no problem. 

486
00:30:37,600 --> 00:30:40,500
No. 
It's just we having problem with

487
00:30:40,800 --> 00:30:44,000
we're not.we does feel like 
we're Reinventing the wheel here

488
00:30:44,000 --> 00:30:47,300
but it's something the industry 
has been talking about a lot of 

489
00:30:47,300 --> 00:30:50,600
times it's clearly that needs to
be some sort of standardization 

490
00:30:50,600 --> 00:30:53,700
around this and certain 
structure put around this. 

491
00:30:54,400 --> 00:30:57,500
And there are some initiatives 
recently, that that try to put 

492
00:30:57,500 --> 00:31:01,300
that and try to implement that, 
it still has a lot of drawbacks 

493
00:31:01,300 --> 00:31:06,500
is doesn't work for everyone. 
But I do feel like there as we 

494
00:31:06,500 --> 00:31:10,100
go on, they'll will be a bit of 
civilization because he is G. 

495
00:31:10,100 --> 00:31:11,800
When you say yes, G, it's not 
just one thing. 

496
00:31:11,800 --> 00:31:16,300
It's so many things that you can
measure and it's it's adding so 

497
00:31:16,300 --> 00:31:19,000
much data that you want to 
gather and want to tour. 

498
00:31:19,900 --> 00:31:23,300
And for us, when we're dealing 
with some startups that are 

499
00:31:23,600 --> 00:31:28,100
five, Ten to Ten people, we 
don't want to be asking for them

500
00:31:28,100 --> 00:31:32,500
to be filling in this long forms
and quarter on quarter. 

501
00:31:32,800 --> 00:31:36,800
So we do need systems, we do 
need standardization, we do need

502
00:31:37,700 --> 00:31:42,000
some sort of simple ways of 
recording this, but then on the 

503
00:31:42,000 --> 00:31:45,600
other side, it's more of a 
basis. 

504
00:31:45,600 --> 00:31:48,900
You need sort of some basis to 
understand to have to get a 

505
00:31:49,000 --> 00:31:54,900
general View and I think that's 
what LPS are asking for as well.

506
00:31:54,900 --> 00:31:58,200
It's sort of that that basis of 
that you can sort of get a quick

507
00:31:58,200 --> 00:32:02,100
overview, but fundamentally this
business is there's a lot of 

508
00:32:02,100 --> 00:32:05,300
nuances. 
And there is a lot of a lot that

509
00:32:05,400 --> 00:32:07,700
can be lost if you just looking 
at the data. 

510
00:32:07,700 --> 00:32:11,700
So the voice-over is always an 
important part of it. 

511
00:32:11,700 --> 00:32:15,300
So in fact, a lot of our data is
not structured is unstructured 

512
00:32:15,600 --> 00:32:19,400
and that's the bit that our 
investors finally the most I 

513
00:32:19,400 --> 00:32:22,500
think at this stage because 
that's that's where you really 

514
00:32:22,500 --> 00:32:26,000
understand what's going on and 
really understand the context 

515
00:32:26,000 --> 00:32:27,800
around what you're seeing in the
data. 

516
00:32:28,500 --> 00:32:32,200
So I think I see that sort of 
continuing to move forward, but 

517
00:32:32,900 --> 00:32:36,300
More and more trying to 
structure the HTC one side of 

518
00:32:36,300 --> 00:32:38,900
things to make it manageable. 
And thank you so much. 

519
00:32:38,900 --> 00:32:44,700
Everyone for your time, for your
expertise, for your insights, 

520
00:32:46,000 --> 00:32:51,700
sharing your knowledge, and your
experiences at Super