Expert validation first, then portfolio discipline
We believe the Consensus Awards judging process is a strong first screen for technology companies. Our job is to build a balanced portfolio from what passes it.
Our investment thesis
Assessing early technology companies is hard and expensive. The Consensus Awards have been doing it since 1999, with independent judging panels matched to each technology.
We believe that judging works as a peer-reviewed due diligence filter, comparable to an investment committee’s review. By investing in companies that have passed it, at several stages of growth, the Fund aims to give wholesale investors diversified access to innovation companies grounded in expert assessment.
Venture returns tend to be concentrated in a small number of very successful companies. A credible way of finding those companies early is valuable, and that’s what we aim to use.
Every company is judged on three criteria
- Innovation: does the product create a competitive moat?
- Performance: is there market traction and scalability?
- Potential: is there a large, accessible market with global reach?
Award selection is one input. We also apply our own assessment before investing.
Target allocation
Capital is spread across stages to balance growth potential with liquidity.
- 30%
Listed companies
Listed companies with a Consensus connection, providing liquidity and stability.
- 30%
Mid-stage growth companies
Post-revenue businesses that are scaling, with validated product-market fit.
- 30%
Early-stage ventures
Seed and Series A investments in emerging innovators, sourced from the Awards pipeline.
- 10%
Cash and liquid ETFs
To support redemptions and let us act on opportunities.
These are target allocations. Under the Information Memorandum the Fund may hold 30% to 80% in listed equities, 30% to 80% in unlisted equities and venture capital, and 10% to 40% in cash, and actual weights will differ while the portfolio is being built. Unlisted investments are typically expected to be held for five to seven years.
From the Awards to an investment
Companies reach the Fund through the Consensus Awards process, which runs across eight technology awards programs with submissions accepted quarterly.
Prospecting 1 to 3 years
Consensus finds candidates through incubators, start-up hubs, university research, industry associations, government, judges, CEOs and the media.
Qualifying 1 to 2 years
Entrants are evaluated to see whether they qualify for an awards program.
Filtering 6 months
Qualified entrants are filtered across the eight programs.
Judging 1 month
Independent panels judge each company on innovation, performance and potential.
Investment 3 to 6 months
We assess the company ourselves and, where it fits the Fund, invest through listed or unlisted shares, senior secured debt, convertible notes or preference shares.
Built into the structure
Selection
Every company has been through independent expert judging, which reduces the risk of backing an unproven idea. It does not remove it.
Diversification
Holdings are spread across stages and across software, fintech, healthtech, greentech and enterprise SaaS. No single asset will be more than 30% of NAV when the Fund invests in it.
Liquidity
The target of 40% in listed equities and cash is intended to support redemptions and give the Fund room to move during market disruptions.
No borrowing. The Fund has a 0% gearing policy.
Request the Information Memorandum
Register your interest and we’ll send you the Fund’s Information Memorandum and keep you up to date.