Command Centre

Vision → Mission
Europe's best tech-focused PE firm
Undisputed market leader in Europe's Lower & Mid Market
Be Super AmbitiousBe InnovativeBe HumanBe a High Performance Team
Invested-capital growth (YoY)
44%/ 70%
+22% this quarter
Fund IV cover (× target)
1.6×/ 3×
+1.2× this quarter
Portfolio on/above plan
17/21/ 21/21
-2/21 this quarter
Top-team score (firm)
84%/ 90%
+5% this quarter
Q3 milestones
109 tracked
64On track
29At risk
16Off track
Fund performance

Tenzing I

2018 · Harvesting
On track
TVPI
3.4×
DPI
1.6×
Net IRR
31%
BenchmarkTop decile
MedianTop decile
Top decile · ~4x · full liquidity by year 10

Tenzing II

2021 · Value creation
At risk
TVPI
1.9×
DPI
0.4×
Net IRR
22%
BenchmarkTop quartile
MedianTop decile
Top quartile · pull equity levers for extra growth

Tenzing III

2024 · Investing
On track
TVPI
1.2×
DPI
0.0×
Net IRR
14%
BenchmarkTop quartile
MedianTop decile
Deploy to plan · performing to underwriting

Tenzing IV

2027 · Fundraising
At risk
Raising now — Raise 3x cover by Jan 2026 · close within 6 months
Raise 3x cover by Jan 2026 · close within 6 months
The three strategic goals
01

Europe's #1 tech PE investor

Off track

Undisputed market leader in Europe's Lower & Mid Market - the deepest origination reach and the highest-performing, most scalable firm.

49%
High-performance team - reduced complexity, clear process, high accountability
Support career growth & development, augmented with talent density
Increased proactive origination >12 months ahead
GGOwned by Guy Gillon
02

70% YoY growth in invested capital

Off track

Steady pacing across Fund III and Fund II top-ups, building high demand for Tenzing IV and funding the Ascension strategy.

41%
Build high demand for Tenzing IV
Steady pacing & growth in invested capital (Fund III & II top-ups)
Maximise Fund II invested capital, through to an Ascension Fund
CHOwned by Christian Hamilton
03

Consistent top-quartile returns

Off track

Strive for top decile on all core metrics - predictable and low-volatility - protected by a scalable growth team and AI-led value creation.

41%
Top decile & <10 yrs on Fund I
Top 1/4 throughout, ideally on all core metrics
Impactful & scalable growth team, AI nascent
CHOwned by Christian Hamilton
Needs attention
Open the Paris office
BG·due 1 Sept
Sign a France investment lead
BG·due 30 Sept
Close the Bannerflow platform deal (DE)
MK·due 31 Aug
Rebuild Benelux advisor coverage (6 to 15)
BG·due 15 Aug
Land the MPLC platform deal (UK)
CL·due 1 Jun
Onboard Boris in the Munich office
MK·due 21 Jul
Origination funnel · 2026

Run-rate vs target through the IC gates. Volume is strong; conversion at IC1+ is the pinch point.

TOC
Opportunities assessed
326 / 220
Triage
Resource allocated
222 / 70
IC0
Preliminary IC paper
76 / 48
IC1
Primary IC paper
16 / 24
IC2
Final investment paper
4 / 12
Complete
Completed investments
4 / 5
ahead of target behind target target
Prior-quarter activity met
78%target 80%

The share of last quarter’s committed activity actually delivered — the proof the system works.

Stakeholder goals
LPs
Grow invested capital across the funds£684m / £830m
Keep Funds I, II & III tracking top quartileOn track / Top quartile
Portfolio KPIs - organic 12% / EBITDA 15% / aggregate 20%9/6/21% / 12/15/20%
Management
90% of portfolio management positive & 80% would recommend87% / 78% / 90% / 80%
Team
Improve employee engagement survey82 / at least 82
Sunday Times Best Places to Work2024 winner / Ranked
Advisers
Ranked top 3 by key advisers in UK, Germany & NordicsUK strong, DE rising, Nordics static / Top 3
Community
Evidence of impact in our chosen communities12 grants / Piton Trust