Don’t invest unless you’re prepared to lose all the money you invest. These are high-risk investments and you are unlikely to be protected if something goes wrong.

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Risk summary for non-readily realisable securities which are shares:

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

Last updated: 01 July 2026

What are the key risks?
  1. 1. You could lose all the money you invest

    If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.

  2. 2. You are unlikely to be protected if something goes wrong

    Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance.

    Try the FSCS Investment Protection Checker

    or use this URL link:

    www.fscs.org.uk/check/investment-protection-checker.


    Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it.

    Learn more about this service from the following Financial Ombudsman Service Protection

    or use this URL link:

    www.financial-ombudsman.org.uk/consumers.

  3. 3. You won’t get your money back quickly

    Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.

    The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common.

    If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these.

  4. 4. Don’t put all your eggs in one basket

    Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well.

    A good rule of thumb is not to invest more than 10% of your money in high-risk investments.

    Read more at the FCA InvestSmart Guide

    or use this URL link:

    www.fca.org.uk/investsmart/5-questions-ask-you-invest

    5. The value of your investment can be reduced

    Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well.

    The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.

    These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.

    If you are interested in learning more about how to protect yourself, visit the FCA website:

    FCA InvestSmart

    or use this URL link:

    www.fca.org.uk/investsmart.

    Please find the PDF version of the Risk Summary.

Full-service fund management
Umbraila

Launch your own
fund under our FCA authorisation.

You find the companies. We carry the regulation. 

 

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What you get

Authorised, documented and administered from day one.

Documents, onboarding and compliance, all handled.

A fund in your name, run under our permissions.

From the first conversation to open for subscription in around three months.

More than 50 funds launched since 2009.

Three ways to structure your fund.

SEIS and EIS Funds
1 SEIS and EIS Funds

The Enterprise Investment Scheme was introduced in 1994 to encourage investment into early-stage companies. The Seed Enterprise Investment Scheme followed in 2012 for the very earliest stage.

Both offer income tax and capital gains reliefs to eligible UK investors, though tax treatment depends on individual circumstances and the rules can change. Investors hold their shares in the underlying companies through a nominee.

For a first fund, this is usually the fastest and least expensive route to market. The structure is well established, fund sizes are typically smaller than institutional vehicles, and most of the funds we launch start here.

Measure Meter

“Sapphire has been the cornerstone of our investment operations.”

Mark Pearson, Fuel Ventures

2 GP/LP FUNDS

The general partner and limited partner structure is the traditional private equity model. Investors commit capital as limited partners, and the fund draws it down as investments are made.

There are no SEIS or EIS reliefs, but equally there are no scheme restrictions. You can write larger cheques, back a wider range of companies and raise a larger fund.

It costs more to establish and is operationally more demanding, so it tends to suit clients with an existing track record or an anchor investor already in place.

3 property funds

We also establish and operate property funds, including Exempt Property Unit Trust (“EPUT”) structures, using the same general partner and limited partner model.

Investors subscribe for shares in a company that, in turn, invests in property, allowing relatively small amounts to be committed to large-volume assets alongside other investors.

Property funds suit clients with a clear asset strategy and investors who want exposure to larger assets than they could hold on their own. As with every fund we operate, Sapphire acts as the FCA-authorised operator and manager.

Measure Meter
Measure Meter

“Sapphire has been the cornerstone of our investment operations." Mark Pearson, Fuel Ventures

property funds

Set up a property fund with Sapphire. Sapphire will collaborate with you in setting up the traditional "LP/GP" structure for a property fund. LPs are the limited partners who invest in the fund, and the GP is the General Partner.

In addition to this, Sapphire is authorised to manage & operate Exempt Property/ Exempt Property Unit Trust ("EPUT") structure. 

An indirect property investment means that the investor subscribes to shares in a company that, in turn, invests in properties. Through property funds, investors, therefore, have the opportunity to invest relatively small amounts in large-volume properties by way of professional fund companies. 

We do the parts you cannot.

Who Does What

The first question everyone asks is who decides what. Here is the straight answer: you bring us the companies, and everything after that sits with us.

1 Permissions

We act as the FCA-authorised investment manager for your fund, so you can operate under our permissions from day one rather than waiting months for your own.

2 Documents

We draft the information memorandum, key information document and application form, and take them through compliance approval before your fund opens.

3 Oversight

We make the formal investment decision, onboard your investors, check valuations and reporting, and answer to the regulator for the fund.

How it works

The second question everyone asks is what the process looks like.

 

1 A conversation. Fifteen minutes to understand your strategy, your investors and your timing.

2 Structure and strategy. We agree which structure suits you, the investment policy, the fees and the target fund size.

3 Documentation. We prepare everything your investors will sign, and take it through compliance approval.

4 Launch. Your fund opens for subscription, with investor onboarding and anti-money laundering checks running from day one.

5 Deployment. You bring the companies. We complete the investments.

6 Ongoing. Valuations, investor reporting and regulatory oversight for as long as the fund runs.


Most funds are open for subscription within three months of the first conversation, when everything runs to plan.

Visionaries who started where you are.

Fuel Ventures came to us in 2015 as a team of three with no authorisation, and we are still their investment manager eight funds later. British Design Fund has launched six funds with us since 2016. Love Ventures used their three funds to build a track record that helped them obtain their own FCA authorisation in 2024, as did EMV Capital.

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Start with a conversation.

Fifteen minutes with Boyd Carson, who has helped launch more than 50 UK venture funds since 2009. Bring your plans and we will tell you honestly whether it works, what it would cost and how long it would take.

 

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