On The Line

Recorded at the British Emerging Manager Institute Summit 2025
Guest: Ed Stubbings, Founder, BEMI
Host: Alice Murray, Editor, THE LINE_

Episode Overview
In this special episode of On The Line, Alice Murray sits down with Ed Stubbings, founder of the British Emerging Manager Institute (BEMI), live at the Institute’s flagship summit. Just one year on from launch, BEMI has become a rallying point for a growing community of first-time fund managers, independent sponsors, and early-stage private capital firms.

Ed shares how the Institute came to life, why it exists, and what he hopes it can become; a true launchpad for the next generation of private equity firms.

What We Cover
🔹 The origin story of the British Emerging Manager Institute
🔹 Why the 2025 Summit was designed like a house party (and why it worked)
🔹 A mission in motion: 30 new private equity firms by 2030
🔹 Why BEMI is designed as a "for now" community, meeting managers at the moment they need support most
🔹 Ed’s bold long-term goal:

Recorded at the British Emerging Manager Institute Summit 2025
Guest: Zoe Yeo, Partner, Headway Capital
Host: Alice Murray, Editor, THE LINE_

Episode Overview
In this episode of On The Line, Alice Murray speaks with Zoe Yeo, Partner at Headway Capital, about the growing importance of emerging managers and independent sponsors in private capital.

Zoe reflects on how Headway has sharpened its focus on backing emerging managers through deal-by-deal investing, and how institutional appetite for this corner of the market has evolved. She also shares her involvement with the British Emerging Manager Institute and why building community is essential to levelling the playing field for new talent.

Whether you’re a fundless sponsor, a first-time fund manager, or an LP exploring this space, this episode offers an insightful look at the people, capital, and conviction fuelling this fast-moving segment of private markets.

What We Cover
🔹 Headway’s refined focus on independent sponsors and emerging managers
🔹 How Fund 5 exceeded expectations and why institutional LPs are increasingly attracted to this market segment
🔹 Independent sponsorship as a destination, not just a stepping stone
🔹 The power of community and Zoe’s work with the British Emerging Manager Institute
🔹 Market outlook: why this might be a better time to invest than many think
🔹 Zoe’s advice for new managers navigating a tough environment:
“Patience, persistence and conviction. And remember, you only need the right LP, not ten of them.”

Jan Gruter and Ben Cocoracchio, co-leads of Addleshaw Goddard’s Independent Sponsor practice discuss the rapid rise of ISPs in Europe and the importance of these deal-doers when it comes to the overall health of private markets.  

The conversation delves into the evolving landscape of independent sponsors in the private equity market, coming off the back of Addleshaw Goddard’s recent independent sponsor forum.  

The partners discuss recent event insights, market trends, and the future outlook for independent sponsors. They touch on the unique dynamics of independent sponsor deals, the challenges they face, and the opportunities for growth in the European market.  

Takeaways 

• There is a strong appetite for independent sponsors among investors. 
• Independent sponsors offer flexibility and alignment with their deals. 
• The European independent sponsor market is catching up to the US. 
• Data collection and insights are crucial for understanding the independent sponsor landscape. 
• Community engagement is vital for the success of independent sponsors. 
• The independent sponsor model is seen as a positive contributor to the SME sector. 
• There is potential for significant growth in the independent sponsor market in Europe. 

Sarah Clarke, co-founder of Rewire Partners and Insight Referencing, shares her journey into private equity and the evolution of fundraising and investor relations.  

For Sarah, the tougher fundraising conditions mean relationships are at a premium, which in practice means adopting a constant fundraising approach, regardless of the fundraising cycle. But relationships with investors or potential LPs in today’s market require a deeper level of care and focus; what’s needed is respect.  

The conversation also explores the future of investor relations, the role of technology, and practical guidance for maintaining strong relationships with investors. Ultimately, the discussion highlights the significance of respect in fostering meaningful connections within the industry. 

Key takeaways 

• Sarah’s accidental journey into private equity.   
• Continuous fundraising is essential in today's competitive market. 
• Investor relations should focus on nurturing relationships, not just transactions. 
• Respecting investors as individuals is key to successful fundraising. 
• Feedback from investors is valuable for improving future fundraising efforts. 
• Basic communication and follow-through are critical in relationship building. 
• The role of technology in fundraising should enhance, not replace, personal connections. 

About Sarah 

Sarah Clarke is a founder and managing partner of Rewire has more than 23 years of experience in private capital fundraising. Prior to Rewire, Sarah launched Foundation Fundraising Services where she worked with funds globally across all aspects of fundraising preparation and advisory services. Previously, she spent four years with Helix Associates. 

THE LINE UP_ steering committee member, Chris Hardy - Senior Fund Controller at Headway Capital - talks to Alice and Malcolm about his journey from auditing to private equity, his current role, and the evolving landscape of the finance function in the private equity sector.

Particular attention is paid to the ever growing importance of collaboration, data management, and networking in driving career progression. Chris highlights the significance of building relationships within the industry.

Key takeaways

• Chris Hardy transitioned from auditing to private equity, joining Headway Capital five years ago.
• His role as Senior Fund Controller involves diverse responsibilities including fund management and investor relations.
• The finance function in private equity is evolving, moving away from siloed operations to more integrated teamwork.
• Data management is crucial for meeting investor demands and improving reporting accuracy.
• Networking is essential for career progression, and Chris emphasises the importance of building relationships early on.
• The shift to remote work has changed how finance professionals collaborate and interact.
• Collaboration across different teams is key to driving growth and efficiency in finance roles.
• Chris believes that finance teams should take ownership of data to support decision-making.
• The future of finance in private equity will require adaptability and a focus on culture.
• Chris is passionate about helping others expand their networks and opportunities in the industry.

Kicking off our next gen initiative, THE LINE UP_ founding member Rachael Rickwood, FD of Northzone, takes us through her career journey so far. 

Rachael's story is somewhat unique, having decided to swap out a law degree for an in-house audit training scheme. She talks us through that decision and importantly, how quickly she was able to rise through the ranks. Rachael then tells us about her move to Northzone during the pandemic and with little previous experience of the venture capital industry. 

As well as exploring the value of practical experience versus formal education, we also cover the challenges faced by finance professionals today, and the importance of mentorship and career progression in the finance industry. 

THE LINE UP_ is all about supporting networking and sharing experiences as a means of navigating challenges and fostering growth.

Takeaways

• Rachael transitioned from audit to venture capital during the pandemic.
• Collaboration and networking are essential for career growth in finance.
• Practical experience can be more valuable than traditional education.
• Finance teams are now expected to provide more strategic insights.
• The importance of culture in smaller firms can shape the work environment.
• Finance functions must adapt to changing market conditions and demands.
• There is a growing need for finance professionals to embrace technology.
• The future of finance will involve more collaboration and innovation.

George Ralph, Global Managing Director & CRO of RFA, highlights the increasing risks posed by AI on the rapidly evolving cybersecurity landscape. 

George shares real-life examples of cyber attacks to illustrate the impact of human error. He emphasises the importance of education and awareness in mitigating cyber threats, the role of technology in protecting data, and the need for robust policies and recovery plans. 

Beyond growing cyber threats, George touches on the challenges faced by emerging managers in the industry. He advocates for a community approach to support new fund managers, which in turn would improve overall cybersecurity resilience.

Takeaways

• Cyber threats are more real than ever due to AI as it can both help and hinder cybersecurity efforts.
• Education is key to reducing cyber risks as human error accounts for the majority of data breaches.
• Robust policies are essential for recovery from attacks.
• Data literacy is crucial in understanding cyber risks, and while AI can enhance data analysis it can't replace human insight.
• Emerging managers need more support in cybersecurity.
• The industry must adapt to the evolving landscape of cyber insurance.

Stephanie Flooks shares insights from her extensive investor relations experience, detailing her role as an IR coordinator and providing practical tips and advice on how best to strengthen relationships with investors when also working with a busy investment team.

Stephanie explores the current challenges of fundraising, the complexities of due diligence, and the impact of technology (both good and bad) on investor engagement. 

She leaves us with perhaps one of the most pressing questions when it comes to modern investor relations: when will cat memes be an acceptable form of reporting?

Takeaways

• The role of an IR coordinator is multifaceted and central to investor engagement, especially when investment professionals are working across multiple deals and time zones. 
• Improving the investor experience involves understanding their needs and preferences; often reading between the lines and pre-empting information requests.
• Will there ever be a time when cat memes are an acceptable form of investor communications?

In this broad and multi-faceted discussion, Ed Stubbings shares his journey from studying theology to becoming a prominent figure in the private capital funds industry. From his formative experiences at Bank of America Merrill Lynch, then to Houlihan Lokey, and in 2020 launching his consultancy business Ternion. 

He reveals the genesis behind the British Emerging Manager Institute and what has been achieved so far, including rapid international expansion.  

Ed also provides tips on how to develop your own, authentic, personal brand. 

Key takeaways

• Ed's journey from theology to leveraged finance.
• The importance of mentorship and networking in career transitions.
• Being part of the founding team behind Beartooth provided Ed with invaluable entrepreneurial experience.
• Ternion evolved to address the growing needs of emerging managers.
• The British Emerging Manager Institute aims to support all new fund managers via free resources and a ready-made network of peers. 
• Expansion into the US reflects the growing demand for a more robust emerging manager ecosystem.
• Personal branding can yield surprising results.
• Despite the current malaise, the future of private markets is promising, with an abundance of opportunities for innovation and growth.

Columnist Laura Callahan, HR and next gen talent expert, explores the challenges employers face in adopting AI, the importance of setting clear expectations, and the need for open communication about AI usage within organisations. Laura emphasizes the necessity of being intentional with AI applications to ensure efficiency and compliance.

Takeaways

• Employers are learning AI usage through trial and error.
• Clear documentation of acceptable AI conduct is essential.
• Communication about AI usage must be open and ongoing.
• Ignoring AI adoption can lead to falling behind competitors.
• AI can enhance efficiency but requires human oversight.
• Employers need to define acceptable AI applications clearly.
• Collaboration is key in navigating AI policies.
• AI usage should be intentional and aligned with business goals.
• Employers should regularly discuss AI practices with their teams.