Q2 2022 Update
Dear Limited Partners,
Over the last few months we’ve received some feedback from a number of you regarding our reporting cadence and the substance of that reporting. Taking that feedback into consideration, the General Partners have decided to make some adjustments moving forward:
Q1 and Q3: Qualitative reporting via our Semi-Annual LP Calls covering portfolio and fund-specific activity with updated performance
Q2 and Q4: Quantitative reporting focusing exclusively on performance figures and an inventory of fund assets
Should there be activity in the portfolio that requires additional reporting such as liquidity events, the execution of new investments, or other milestones, we will provide those updates.
TABLE OF CONTENTS
1. Performance Summary
2. Key Takeaways
3. Funds IV, III, II, and I Performance (in that order)
4. SPVs IV, III, II, and I Performance (in that order)
LP IV UPDATES:
- Mirato attracted a strategic investment from prominent financial technology investor Serendipity Capital. Joule IV took its pro rata in this round
- Obsecure completed its merger with IronVest in the context of the company’s seed round in which Joule IV participated
- Both Rupert and Perfect received terms for new investment from financial and strategic investors — Joule plans to take its full pro rata in both rounds
- Joule IV is in the process of executing two new investments, which we expect to complete in the coming 4-6 weeks
LP III UPDATES:
- Much of H1 was spent harvesting and recycling capital from underperforming portfolio companies Simpo and Unomy (WeWork) in order to focus on more promising assets where we expect to generate the bulk of future returns.
- Atomation is beginning to see significant momentum on the revenue front — generating more in Q1 than it did in all of 2021. The company is in advanced talks to raise additional capital to continue fueling this growth.
- ShieldIoT is seeing the IoT Security market finally shift in its direction with major customer engagements in the works with multiple U.S. utilities and Fortune 500 enterprises. This is driving interest from existing investors to invest additional capital into the business to give it more hiring power to take advantage of the market opportunity.
- Reposify’s growth stagnated in Q1; however, their new business pipeline grew significantly. The company is in talks with prospective investors and strategic acquirers to gauge the best path forward. Without the ability to convert this aforementioned pipeline, Reposify might be in danger of shutting down later in the year.
LP II UPDATES:
- Coralogix closed a $142M Series D round of funding led by blue chip U.S. PE firm Advent International and prominent growth investor Brighton Park Capital. In the context of this raise, the General Partners executed a share sale of this partnership’s holdings in Coralogix turning a $900,000 investment into more than $21M in gross proceeds.
- Atomation is beginning to see significant momentum on the revenue front — generating more in Q1 than it did in all of 2021. The company is in advanced talks to raise additional capital to continue fueling this growth.
LP I UPDATES:
- This partnership, for the most part, is fully realized. There may be one additional distribution from the last remaining asset (Cellwize); however, in the grand scheme of the fund’s return profile it will not be a material event.
