Industry
GP/LP Fund
Challenge
In 2019, Zero Carbon Capital engaged Sapphire as an experienced investment manager to establish an EIS fund and later a GP/LP fund. Sapphire was chosen due to our regulatory guidance and strong governance for early-stage GreenTech investments. This foundation has enabled scalable growth and helped build investor confidence.
Results
Since November 2019, Zero Carbon Capital has been an Appointed Representative of Sapphire. Leveraging Sapphire’s extensive investment management and regulatory experience, this relationship has enabled the Zero Carbon Capital funds to successfully establish, raise capital, and make investments via both an EIS and, subsequently, a GP/LP fund.
Key Products
Zero Carbon Capital 2022 LP, Zero Carbon Fund
"Collaborating with Sapphire is always a rewarding and professional experience. Their attention to detail and steadfast commitment to excellence distinguish them as a trusted partner in the industry. Sapphire demonstrated expertise and professionalism in guiding the launch of both the Zero Carbon Capital EIS and GP/LP funds. We continue to enjoy working with Sapphire on a daily basis on both the EIS fund and the GP/LP fund."
"Throughout the entire journey, Sapphire’s proactive support and expert guidance ensured the process was smooth and exceptionally well managed. The calibre of the Sapphire team was evident throughout, as they handled every situation with the utmost professionalism and care."
About Zero Carbon Capital
Zero Carbon is a deep-tech climate fund established by Pippa and Alex Gawley in 2019, a dynamic team that invests in pre-seed and seed-stage ventures across Europe.
They focus on scientific innovations that reduce costs and emissions. In collaboration with Sapphire, Zero Carbon has launched investment vehicles to accelerate the net-zero transition by supporting early-stage technology companies and positive climate action. Zero Carbon’s portfolio includes companies such as Spark e-Fuels, Climate Crop, Ionate, and others.
The Challenge
As a relatively young organisation established in 2019, Zero Carbon required an investment manager with technical expertise and a comprehensive understanding of the venture capital landscape, particularly regarding the establishment and ongoing management of sophisticated investment vehicles such as EIS funds and GP/LP structures. Zero Carbon Capital recognised the importance of partnering with a seasoned manager who could navigate regulatory complexities and deliver robust fund governance.
The Solution
Under a structure in which Zero Carbon operated as an Appointed Representative (AR) of Sapphire, the Zero Carbon EIS Fund was launched in early 2020, with a dedicated focus on GreenTech investing.
Building on the momentum of its initial launch and leveraging Sapphire’s support, Zero Carbon established its second fund, Zero Carbon Capital 2022 LP. This structure enables the pooling of investor commitments and supports the allocation of capital to early-stage GreenTech opportunities, in accordance with the fund thesis.
We believe that Sapphire’s expertise and support were one of the key elements instrumental in the successful launch of both Zero Carbon Capital funds.
“Sapphire demonstrated expertise and professionalism in guiding the launch of both our EIS and our GP/LP fund, setting a high standard of excellence throughout the process.”
Pippa Gawley, Co-founder and General Partner of Zero Carbon Capital.
The Results
Zero Carbon Capital set out with a clear mission to invest in deep decarbonisation technologies. Drawing on Pippa Gawley’s extensive experience as an angel investor and Alex Gawley’s proven leadership track record, the move towards establishing formal investment vehicles was a natural evolution, culminating in the launch of both EIS and GP/LP fund structures.
The collaboration between Sapphire and Zero Carbon Capital was strengthened through the successful delivery of these two distinct investment vehicles. The early and effective launch of the Zero Carbon EIS Fund created both the foundation and the momentum for Zero Carbon Capital to progress to a GP/LP structure.
Supported by Sapphire’s technical expertise and robust governance framework, both funds were launched with precision and operational discipline, underscoring the partnership's strength and effectiveness. Sapphire is proud to have played a central role in enabling the development and growth of Zero Carbon Capital.
Next Steps
If you would like advice on setting up an investment fund, such as a GP/LP fund or an EIS fund, or if you need an FCA authorised operator and manager to manage a fund, or need pricing and options, contact us, and we will be in touch right away.
Disclaimer:
Sapphire Capital Partners LLP ("Sapphire") is authorised and regulated by the Financial Conduct Authority (FRN 565716). The case study above is illustrative only and does not represent investment performance or future outcomes and the content on this webpage is intended solely to explain Sapphire’s fund-management and advisory services. It is not a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 and does not constitute investment advice, an offer, or an inducement to engage in any regulated investment activity. Nothing on this page should be interpreted as a recommendation regarding any investment, fund, scheme or structure. Any person considering an investment should obtain independent financial, legal and tax advice. Investments in start-ups, early-stage businesses and venture capital funds involve high risks, including the risk of losing all capital invested, illiquidity, and dilution. Tax treatments, including SEIS/EIS reliefs, depend on personal circumstances and may change. Communications with Sapphire’s staff are for general information only and should not be relied upon to make investment decisions.
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