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.

×

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.

DTS_Geometry_Daniel_Farò_Photos_ID6263
Umbraila

The operations team you do not have to hire.

NAV, capital calls, financial statements and audit-ready records, run by people who do it every day.

 

Book a Call
What you get

Books that balance without you having to check them.

Capital calls and distributions, handled.

Quarterly and annual statements, on time.

Audit-ready records, not a reconstruction exercise.

Operational expertise without the headcount.

Three ways to take operations off your desk.

Screenshot 2026-08-03 at 21.11.14
1 Fund Administration

Capital calls, distributions and investor communications for GP/LP structures, run to a schedule rather than to whoever has time that week.

Digital investor onboarding with KYC and anti-money laundering checks built in, and an LP portal so your investors can see where they stand without asking.

Screenshot 2026-08-03 at 21.15.19

“BEN TO GET ME A QUOTE.”

Ben Campbell, Emerald client

2 Fund Accounting

NAV calculation and valuation, supported by documented methodology rather than a spreadsheet and a judgement call.

Quarterly and annual financial statements, capital account reporting and performance analytics, prepared through a controlled process and ready for your auditor.

 

Commitments, contributions, distributions, expenses, accruals and fee calculations, all tracked in one place.

3 Operations as a service

Not every manager needs a full administrator. Some need a second pair of hands, a review of what they already do, or someone to take on the parts nobody in the team wants.

 

That can mean reviewing your own calculations and workflows, picking up ad-hoc accounting and reconciliations, or working alongside your finance team as an extension of it.

You scale the arrangement up and down as the fund grows, rather than hiring for a workload that does not exist yet.

This service is delivered by Emerald Fund Services, a UK-based fund administrator. Emerald is owned by Ben McMeekin, Boyd Carson and Vasiliki Carson of Sapphire, together with the founders of Further. It is charged separately from Sapphire's fees.

Screenshot 2026-08-03 at 21.15.19
Screenshot 2026-08-03 at 21.15.19

“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. 

The unglamorous half of running a fund.

Who Does What

The first question everyone asks is what stays with them. The straight answer: the investment decisions and the investor relationships. Everything behind those can move.

1 Accuracy

NAV, capital accounts and financial statements prepared through a controlled process, so the numbers hold up when your auditor asks how they were reached.

2 Capacity

Operational support that scales with the fund, so you are not hiring for a workload you do not have yet or scrambling when you do.

3 Continuity

The work does not stop when someone leaves, goes on holiday or moves on to a bigger firm.

How it works

The second question everyone asks is what moving looks like.

 

1 A conversation. Fifteen minutes to understand your structure, your reporting obligations and what you currently do yourself.

2 Scoping. We agree what moves across, what stays with you and what the reporting cycle looks like.

3 Onboarding. Records, opening balances and investor data are brought over and reconciled.

4 Handover. The first reporting cycle runs with your team alongside, so nothing is lost in translation.

5 Reporting. NAV, capital accounts and statements go out on schedule from then on.

6 Ongoing. Year-end, audit support and whatever else the fund needs.


Most funds are fully transitioned within eight to twelve weeks of the first conversation, when everything runs to plan.

Emerald was founded by people who have run fund operations from the inside, at Sapphire and elsewhere, and built the service they wanted rather than the one they had.

Start with a conversation.

Fifteen minutes with Ben McMeekin, who manages Sapphire's venture capital and property funds. Bring your structure and we will tell you honestly what should move, what should stay and what it would cost.

Book a Call
See our pricing
Looking for something else? See all our services