Industry
GP/LP Fund
Challenge
In 2024, the Players Partnership LLP set out to launch a GP/LP fund, for which an FCA-authorised operator and manager was required. GP/LP fund management in the UK is subject to stringent regulatory requirements.
Results
Sapphire worked in collaboration with The Players Partnership LLP, providing the operator and manager role of The Players Fund Generation I LP, which launched in 2024.
Key Products
TPF Generation I LP
"Our time working with Sapphire has enabled us to get the fund off the ground and launched. It has been a strong partnership, with both teams working closely together. Sapphire's knowledge and experience have been key to the fund's launch, and we look forward to what the future holds."
"Working with Sapphire and their team has been very positive. Their knowledge across fund formation, regulation, and day‑to‑day operations has been helpful, and they are available to answer questions and provide guidance when needed. I would be happy to recommend Sapphire to others in the VC ecosystem looking for support from an experienced fund operator and manager."
About The Players Fund
The Players Partnership LLP was founded by athletes, for athletes. They are a UK-athlete-led venture capital firm that invests in startups at the Seed and Series A stages.
Their approach views athletes not just as influencers but as strategic players in the investment world. The Players Fund members benefit from a seasoned investment team's experience, gaining hands-on venture analysis experience. The team provides support in examining deals, teaching critical investing principles, and evaluating founders.
The Challenge
Founded in 2023 by brothers Ruari and Fergus Bell, The Players Partnership LLP is a venture firm built by athletes, for athletes. Ruari is a Forbes 30 Under 30 Founder and angel investor with over a decade of experience backing early-stage consumer brands, while Fergus is an ex-sportsman and award‑winning entrepreneur who also sits on the board of numerous early-stage businesses.
In 2024, The Players Partnership LLP set out to launch a GP/LP fund focused on Health, Sports Technologies, and Social Media. This required partnering with an FCA‑authorised investment operator and manager with the expertise and capacity to meet strict regulatory and compliance requirements.
The Solution
Sapphire was recommended to Ruari and Fergus Bell by Matthew Barnes at Palace Ventures Limited. Matthew's decision to recommend Sapphire was driven by our extensive experience in the VC sector, including launching, operating, and managing GP/LP funds. This allowed for the successful launch of The Players Fund Generation I LP in 2024. Sapphire assumed the role of operator and manager of the fund, and The Players Partnership LLP became the Appointed Representative of Palace Ventures Limited, thereby allowing it to provide investment advice to Sapphire.
Sapphire has an established track record in structuring, launching and managing venture capital funds. As an FCA‑authorised manager, we were a natural choice to design and implement a bespoke GP/LP structure for The Players Fund. From initial concept through to launch, our team oversaw every stage of the fund’s formation, regulatory setup and ongoing day‑to‑day management.
“It has been a strong partnership, with both teams working closely together. Their knowledge and experience have been key to the fund’s launch, and we look forward to what the future holds."
Fergus Bell, Co Founder & Managing Partner @ The Players Partnership LLP
The Results
Sapphire’s partnership with The Players Partnership LLP enabled the successful launch of The Players Fund Generation I LP in 2024. The fund’s aim is to help athletes build careers beyond sport, with a dedicated focus on health, sports technologies, and social media.
This collaboration highlights how an experienced, FCA‑authorised investment operator and manager can oversee the fund launch process with professionalism, strong governance, and close attention to regulatory requirements. It also shows what can be achieved through a specialist team and a disciplined, structured planning approach.
Next Steps
If you would like advice on how to set 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 the 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 consider to be 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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