In this episode, Andreas sits down with Exit of The Year Finalist Fergal Mullen, Founding Partner at Highland Europe, to explore the firm’s growth-only investment strategy and what it really takes to scale durable, capital-efficient European champions.Fergal shares why Highland’s equal partnership model is more than just internal structure—it’s a reflection of how trust, alignment, and founder collaboration drive outcomes. From turning operational efficiency into alpha to navigating U.S. expansion and cap table cleanups, this episode lays out a blueprint for growth with discipline in a market still shaped by cycles, hype, and hard-earned fundamentals.

🎧 Here’s what’s covered:

• 01:15 Spinning Out from Highland Capital & Building a Growth-Only Fund
• 02:30 Why Equal Partnership Structure Matters—for GPs and Founders
• 04:20 Sensible Growth > Blitzscaling: Highland’s Core Investment Philosophy
• 09:10 Founder Coachability, No-Frills Marketing & Building Trust Post-Investment
• 11:50 Exiting and Re-Investing: When and Why to Consult LPs
• 13:45 US Expansion: Why Founders Must Move to Make It Work
• 16:00 Europe’s Best Exit Year? Why Fundamentals (Still) Win
• 17:55 Tourist Capital: How Cycles Distort Venture Discipline
• 19:20 Founders’ Liquidity and Cap Table Cleanups—Done Right
• 24:30 Closing Reflections from Fergal: Growth with Discipline, Always

Exit of The Year Sponsor: Ace Alternatives
At ACE Alternatives, we’re honoured to sponsor the Exit of the Year Award at the EUVC Summit. This award celebrates not only the incredible achievements of founders and their teams but also the vital roles played by the GPs who champion them and the LPs who believe in their vision. Together, these efforts create success stories that drive innovation, growth, and long-term impact in the venture ecosystem. We’re thrilled to recognise and celebrate these collective milestones.