First Close

Why chemistry can kill a deal, bringing operating partners inside the tent, and building a business not just an investor.Miles Otway has spent his career in the UK lower mid-market, most recently more than eleven years as a Partner and Head of New Business at Connection Capital. In late 2024 he co-founded Ama Capital an independent sponsor platform built on a simple idea: operating partners should not sit on the sidelines of the firm, they should be co-owners and integral to the strategy of the firm itself. The platform backs UK businesses in the lower mid market and has already completed its first two transactions.In this conversation we talked about:How bringing operating partners inside the GP changes decision-making, not just deliveryWhat happens when a great business and a great operator don't fitDeal-by-deal capital versus building towards a fund, and why that's a business decision as much as a funding oneThe difference between being a founder who backs deals and a founder who builds a businessAnd of course, what Miles thinks success looks like for Ama CapitalFirst Close is powered by Langham Hall, the award winning provider of fund services to global emerging managers.

"The most important investment thesis of all time."Chris Gorell Barnes spent over a decade building the Blue Marine Foundation, one of the world's leading ocean conservation charities, before co-founding Ocean 14 Capital, a private equity impact fund dedicated to the blue economy. In 2024, Ocean 14 raised over €200 million for its debut fund hitting the hard cap. Chris says that Ocean 14’s mandate is "the most important investment thesis of all time."In this conversation, we talked about:Why a $3 trillion economy is still overlooked by investorsWhat happens if we don't increase our investment in the oceansThe importance of private equity in scaling these businessesShrimp genetics, cod farming and sustainable plasticsAnd of course, what Chris thinks success will look like for Ocean 14First Close is powered by Langham Hall, the award winning provider of fund services to global emerging managers.

Will Broadfield ever raise a fund, why the independent sponsor model is maturing in Europe, and the importance of personality types in high performing teams.Guy Ellis began his career as a management consultant focusing on operational improvement and value creation, before holding roles at Goldman, Alcuin Capital and most recently Rockpool Investments.Across his career, he's made nine platform investments, completed over twenty five bolt-on acquisitions, and delivered six successful exits. Eighteen months ago, he set up his own independent sponsor, Broadfield Capital, focused on buy and build strategies in the lower mid-market, and already has two platform investments under his belt.In this conversation we talked about:The independent sponsor dance: what comes first, the deal or the capital?Why knowing your exit matters before you've even inked a dealWhen does EQ overtake IQ?Whether the independent sponsor model is here to stayAnd of course, what Guy thinks success will look like for BroadfieldFirst Close is powered by Langham Hall, the award winning provider of fund services to global emerging managers.

Is AI really taking over the world, are zombie funds a good thing, and when should a founder step down as CEO?John Messer is the founder of Copilot Capital, a lower mid market SaaS investor.John has spent a decade in private equity in the UK, including roles at Inflexion, Alchemy Partners and Tenzing, almost exclusively focused on software buyouts. In 2023, he founded Copilot Capital, which invests in founder led SaaS businesses in Europe. Copilot's first fund is now almost fully deployed, with investments in Sweden, Denmark and the UK.In this conversation, we talked about:John's unusual route into private equityThe “SaaSpocalypse” and how AI is reshaping software investingHow AI could change the structure of private equity deal teamsWhen founders should step back from the CEO roleThe trade-offs of taking seed capital as an emerging managerWhy zombie funds may create new opportunities for specialist managersAnd of course, what John thinks success will look like for CopilotFirst Close is powered by Langham Hall, the award winning provider of fund services to global emerging managers.

Why private equity has become lazy, the importance of trust, and the key to a successful fundraise.Mark Williams is the co-founder and managing partner of Goldenpeak, one of the most exciting private equity firms to have launched in recent years.Mark began his career in investment banking at Close Brothers, before holding key investment roles at Bank of America, Sovereign Capital and most recently Inflexion.In 2025, he co-founded Goldenpeak with ex-Houlihan Lokey banker Leon Gillespie, raising the debut fund at £375m, and hitting the hard cap in just 12 weeks.In this conversation, we talked about:How Mark began a career in Private EquityThe key factors that made such a fast fundraise possible, and the challenges along the wayWhere there is value to be found in the current marketBuilding a high performing teamAnd of course, what Mark thinks success will look like for GoldenpeakFirst Close is powered by Langham Hall, the award winning provider of fund services to global emerging managers.

First Close is the emerging manager podcast, hosted by Tom Pinnell. Each episode, Tom will sit down with emerging managers and the people who back, advise, and work alongside them — talking honestly about what it really takes to build a private equity firm from scratch. The fundraises, the failures, and the moments that define whether a first-time fund becomes a lasting franchise.Episode 1 is coming soon. Hit follow to be the first to know when it drops.First Close is powered by Langham Hall.