�ݺ�ߣ

Early
?Stage
?Digital
?Technology
?Fund
?

A
?discre7onary
?EIS
?Fund
?

Important
?No+ce
?
?

C&P
?Capital
?LLP
?and
?Prosper
?Cap7al
?LLP
?are
?communica7ng
?this
?presenta7on
?on
?a
?con?den7al
?basis
?only
?to
?a
?limited
?number
?of
??rms
?
authorised
?by
?the
?Financial
?Services
?Authority
?of
?the
?United
?Kingdom
?(the
?"FSA")
?for
?the
?sole
?purpose
?of
?providing
?informa7on
?about
?the
?Early
?
Stage
?Digital
?Technology
?Fund
?(��The
?Fund��).
?Promo7on
?of
?an
?investment
?in
?the
?Partnership
?is
?regulated
?under
?the
?Financial
?Services
?and
?
Markets
?Act
?2000
?("FSMA")
?and,
?in
?par7cular,
?under
?the
?FSMA
?(Financial
?Promo7on)
?Order
?2005
?(��FPO").
?Accordingly,
?this
?presenta7on
?is
?being
?
communicated
?to
?persons
?having
?professional
?experience
?in
?maSers
?rela7ng
?to
?investments
?who
?are
?"investment
?professionals"
?within
?the
?
meaning
?given
?in
?ar7cle
?19
?of
?the
?FPO
?and
?speci?cally
??rms
?authorised
?by
?the
?FSA.
?The
?distribu7on
?of
?this
?presenta7on
?to
?persons
?who
?are
?not
?
investment
?professionals
?or
?are
?not
??rms
?authorised
?by
?the
?FSA
?is
?unauthorised
?and
?contravenes
?FSMA,
?and
?such
?persons
?should
?not
?act
?or
?rely
?
on
?this
?presenta7on
?or
?any
?of
?its
?contents
?for
?any
?purpose.
?
?

This
?presenta7on
?is
?intended
?to
?be
?a
?brief
?summary
?overview
?of
?an
?investment
?in
?the
?Fund.
?Any
?recipient
?of
?this
?presenta7on
?must
?read
?this
?
presenta7on
?in
?conjunc7on
?with
?the
?informa7on
?memorandum
?of
?the
?Partnership,
?once
?available,
?which
?sets
?out
?the
?detailed
?terms
?and
?risks
?
involved
?in
?inves7ng
?in
?a
?business
?of
?this
?nature
?prior
?to
?any
?decision
?to
?invest
?being
?made.
?
?
Any
?projec7ons,
?forecasts
?and
?es7mates
?contained
?in
?this
?presenta7on
?are
?forward-?�\looking
?statements
?and
?are
?based
?upon
?certain
?
assump7ons
?considered
?by
?the
?Fund
?to
?be
?reasonable.
?Projec7ons
?are
?necessarily
?specula7ve
?in
?nature
?and
?it
?can
?be
?expected
?that
?some
?or
?all
?
of
?the
?assump7ons
?underlying
?the
?projec7ons
?will
?not
?materialise
?or
?will
?vary
?signi?cantly
?from
?actual
?results.
?Accordingly,
?the
?projec7ons
?are
?
only
?an
?es7mate.
?Actual
?results
?may
?vary
?from
?the
?projec7ons
?and
?the
?varia7ons
?may
?be
?material.
?Some
?important
?factors
?that
?could
?cause
?
actual
?results
?to
?di?er
?materially
?from
?those
?in
?any
?forward-?�\looking
?statements
?include
?changes
?in
?interest
?rates
?and
?market,
??nancial
?or
?legal
?
uncertain7es,
?among
?others.
?Consequently,
?the
?inclusion
?of
?projec7ons
?herein
?should
?not
?be
?regarded
?as
?a
?representa7on
?by
?the
?Fund
?or
?any
?
other
?person
?or
?en7ty
?of
?the
?results
?that
?will
?actually
?be
?achieved
?by
?the
?Fund.
?
?

This
?presenta7on
?should
?not
?be
?construed
?as
?a
?recommenda7on
?or
?as
?legal,
?tax
?or
??nancial
?advice
?in
?rela7on
?to
?the
?subscrip7on,
?purchase,
?
holding
?or
?disposi7on
?of
?shares
?in
?the
?Fund.
?Prospec7ve
?investors
?should
?accordingly
?consult
?their
?own
?professional
?advisers
?

?? Overview
?
?? What
?
?? Why
?
?? How
?
?? Who
?
?? Fees
?
?? Funnel
?extract
?
?

overview
?
?? Target
?fundraise:
??15m
?

?? Minimum
?fundraise:
??10m
?

?? Minimum
?investment:
??25,000
?

?? Maximum
?investment:
??1,000,000
?

?? Target
?return:
?30%
?IRR
?

?? Investment
?term:
?5
?years
?(with
?the
?op7on
?of
?a
?further
?two,
?one
?year
?increments).
?

?? Closing
?Date:
?April
?2013
?

?? Fund
?Structure:
?Discre7onary
?EIS
?porbolio
?

?? Investor
?Repor7ng:
?Investors
?will
?receive
?a
?quarterly
?leSer
?and
?full
?annual
?report.
?

what
?
?? A
?discre7onary
?EIS
?fund
?inves7ng
?in
?early
?stage
?internet
?
companies,
?ran
?&
?advised
?by
?successful
?internet
?
entrepreneurs
?and
?experienced
?investment
?professionals.
?
?? A
?fund
?seeking
?to
?invest
?in
?the
?value
?created
?by
?disrup7ve
?
internet
?technologies.
?

?? A
?fund
?that
?is
?using
?historical
?data
?to
?guide
?an
?investment
?
strategy
?to
?manage
?downsize
?risk,
?while
?leaving
?an
?
opportunity
?for
?substan7al
?returns.
?

?? In
?fact,
?a
?target
?IRR
?of
?30
?over
?5
?years.
?
?
?

what
?
?? A
?fund
?that
?draws
?analogue
?to
?successful
?US
?��micro-?�\VC��
?models
?
?? ��[This
?kind
?of
?fund]
?want
?to
?reinvigorate
?venture
?capital
?by
?taking
?
it
?back
?to
?its
?roots,
?when
??rms
?were
?smaller,
?more
?nimble,
?and
?
more
?likely
?to
?help
?startups
?get
?o?
?the
?ground.��
?�C
?Business
?Week
?
?? ��The
?fact
?that
?start-?�\ups
?today
?can
?do
?a
?lot
?with
?so
?much
?less
?
capital
?will
?conCnue
?to
?put
?pressure
?on
?VCs
?to
?look
?at
?smaller
?
investment
?opportuniCes.��
?�C
?Greg
?Foster
?
?? ��This
?��boom��
?in
?seed
?and
?Micro-?�\VC
?acCvity
?is
?not
?so
?much
?a
?boom
?
as
?it
?is
?a
?seismic
?shiI
?in
?how
?technology
?companies
?will
?be
?
founded
?and
?funded
?for
?the
?forseeable
?future
?��C
?Jonathan
?Tower,
?
MD,
?Citron
?Capital
?

Source:
?Mark
?Suster,
?GRP
?Partners
?�� The
?State
?of
?The
?Venture
?Capital
?Markets��
?

why
?
We
?believe
?that
?certain
?structural
?changes
?caused
?by
?internet-?�\based
?technologies
?have
?
presented
?unprecedented
?opportunity
?for
?growth
?from
?a
?rela7vely
?small
?capital
?base.
?

ZocDoc
?

Company
?
LivingSocial
?
Zulily
?
Tumblr
?
AirBnB
?
Evernote
?
Dropbox
?

0
? 100
? 200
? 300
? 400
? 500
?
xMul+ple
?

Mul+ple
?of
?seed
?value
?for
?select
?tech
?companies
?<4
?years
?old
?(source:
?C&P
?Research)
?

why
?
And
?this
?has
?led,
?for
?some,
?to
?stellar
?seed
?returns.
?

why
?
And
?this
?gap
?hasn��t
?yet
?been
??lled
?in
?UK/Euro
?VC
?

Sample
?Euro
?Startups
?by
?value
?($)
?(Source:Business
?Insider)
?

shazam
?
miniclip
?
Mind
?Candy
?
Habbo
?
Ozon.ru
?
spo7fy
?
Rovio
?
Vente-?�\privee
?

0
? 500,000,000
? 1,000,000,000
? 1,500,000,000
? 2,000,000,000
? 2,500,000,000
? 3,000,000,000
? 3,500,000,000
?

why
?
Yet
?UK/Europe
?are
?fully
?capable
?of
?crea7ng
?blockbuster
?start-?�\ups
?

why
?
Because
?angel-?�\level
?investments
?�C
?by
?investment
?groups
?�C
?are
?solid
?performers
?
?

40
? 25
?
N
?=
?10,
?y
?=
?gross
?fund
?mul7ple
?
35
?
N
?=
?10,
?y
?=
?gross
?fund
?mul7ple
? 20
?
N
?=
?40,
?y
?=
?gross
?fund
?mul7ple
?
30
?

25
? 15
?
20
?
~40%
?chance
?of
?>6x
?return
?
15
? 10
?

10
? <10%
?risk
?of
?<2x
?return
?
5
?
40%
?risk
?of
?<2x
?return
?
5
?
<20%
?risk
?of
?<3x
?return
?
0
? 0
?
0%
? 20%
? 40%
? 60%
? 80%
? 100%
? 120%
? 0%
? 20%
? 40%
? 60%
? 80%
? 100%
? 120%
?

CDF
?results
?of
?Monte-?�\Carlo
?simula7ons
?on
?fund
?porbolios
?of
?n-?�\companies
?using
?a
?probability
?distribu7on
?imputed
?from
?
The
?Kau?man
?Founda7on
?Angel
?Returns
?Study
?(Wiltbank
?2007),
?the
?biggest
?survey
?of
?Angel
?returns
?to-?�\date.
?Source:
?
Irving
?Ebert
?(Owner,
?PurpleAngels)
?&
?C&P
?Capital
?Research
?

why
?
Because
?angel
?investments
?exhibit
?non-?�\normal
?distribu7on
?curves,
?risk
?can
?be
?hedged
?
with
?upside
?poten7al
?retained.
?

IRRs
?for
?VC-?�\Backed
?Companies
?in
?Selected
?
Industries,
?2008-?�\11
?

Sovware/Services
?
Internet
?ecommerce
?
Internet
?e-?�\business
?

0.00
? 20.00
?
40.00
? 60.00
?
80.00
?
Source:
?Cambridge
?Associates
?LLC
?US
?Venture
?Capital
?Index
?and
?Selected
?Benchmark
?Sta+s+cs
?
?

why
?
And
?VC
?should
?see
?solid
?results
?going
?forward.
?

how
?
Tapping
?into
?our
?mature
?and
?expansive
?
networks
?to
?generate
?deal?ow.
?We
?
already
?have
?a
?strong
?funnel.
?

Using
?published
?term
?sheets
?&
?
standardised
?legal
?documents
?

By
?being
?��public��:
?blogging,
?twee7ng
?and
?
aSending
?the
?myriad
?of
?conferences
?and
?
meetups.
?

We
?too
?will
?seek
?to
?be
?nimble,
?hard
?
Paul
?Singh,
?500Ventures:
?
working
?&
?disrup7ve,
?just
?like
?our
?
?��Moneyball:
?A
?Quan7ta7ve
?Approach
?to
?Angel
?Inves7ng��
?
startups.
?

how
?
By
?leading
?~15-?�\20
?of
?the
?best
?
investments.
?

By
?giving
?that
?~15-?�\20
?direct
?opera7onal
?
and
?board
?level
?support.
?

And
?��following��
?or
?��silent
?partner��
?
inves7ng
?for
?the
?rest.
?

who
?
?? Fund
?manager:
?Prosper
?Capital
?LLP
?
?
?
?
?? Technology
?Adviser:
?C&P
?Capital
?LLP
?
?
?
?? Custodian:
?Woodside
?Securi7es
?
?
?
?? Audit
?and
?accounts:
?Nyman
?Libson
?Paul
?
?
?
?? Solicitors
?to
?o?er:
?Davenport
?Lyons
?
?
?

who
?
David
?Hickson
?�C
?Chief
? Dylan
?Collins
?�C
?Chairman
?
Investment
?O?cer
? Investment
?CommiSee
?
David
?Hickson
?is
?a
?seasoned
?digital
?media/Internet
? Dylan
?Collins
?is
?one
?of
?the
?most
?experienced
?online
?
veteran
?and
?entrepreneur.
? gaming
?entrepreneurs
?in
?Europe,
?building
?three
?
companies
?with
?three
?successful
?exits
?over
?the
?last
?
decade.
?

?He
?was
?commercial
?&
?legal
?director
?at
?
lastminute.com
?PLC,
?where
?he
?was
?a
?key
?part
?of
?its
?
?He
?is
?Execu7ve
?Chairman
?of
?Fight
?My
?Monster
?the
?leading
?
?577m
?exit
?to
?Travelocity
?Europe
?Limited.
? online
?game
?for
?boys
?in
?the
?UK.
?
?

?Head
?of
?Corporate
?Development
?at
?mydeco.com
? Dylan
?is
?also
?an
?angel
?investor
?in
?several
?Internet
?and
?
where
?he
?raised
?over
??12.5m
?of
?venture
?capital,.
? technology
?companies
?in
?the
?UK
?and
?Ireland.
?
?
?
Co-?�\founder
?and
?Chief
?Strategy
?O?cer
?at
? He
?serves
?as
?Ambassador
?to
?the
?Irish
?Government��s
?
Tribesports.com
?that
?has
?recently
?announced
?over
? Interna7onal
?Startup
?Fund.
?
?2m
?worth
?of
?venture
?capital
?and
?has
?seen
?1200%
?user
?
growth
?since
?January
?��12.
?
Accolades:
?

?He
?is
?a
?partner
?at
?C&P
?Capital
?LLP
?
?Finalist
?in
?last
?year��s
?Ernst
?&
?Young
?Entrepreneur
?of
?
the
?Year
?
He
?sat
?on
?the
?Jury
?Panel
?at
?the
?Tech
?Entrepreneurs
?
?Winner
?Irish
?Internet
?Associa7on
?��Internet
?Hero��
?
Week
?with
?Jimmy
?Wales,
?founder
?of
?Wikipedia.
? award
?

who
?
Paul
?Thompson
?�C
?Fund
? James
?Cox
?�C
?Investment
?
Manager
? Director
?
In
?2006
?Paul
?founded
?Prosper
?Capital
?to
?provide
?regulated
?status
? James
?is
?a
?Founding
?Partner
?of
?C&P
?Capital.
?
?James
?
and
?authorisa7on
?to
?companies
?in
?the
?media
?and
?technology
? started
?his
?career
?working
?for
?an
?ins7tu7onal
?
sector,
?also
?aiding
?in
?capital
?raising
?under
?EIS
?regula7on.
?
?
equity
?trading
?company
?and
?was
?then
?headhunted
?
Prior
?to
?this
?he
?worked
?at
?Dover
?Street
?Capital,
?which
? to
?set
?up
?an
?equity
?deriva7ves
?desk
?at
?Cornhill
?
specialised
?in
?tax
?based
?products.
? Capital.
?
?Having
?successfully
?set
?up
?the
?equity
?
desk,
?James
?then
?set
?up
?their
?Managed
?FX
?trading
?

?In1993
?Paul
?founded
?the
?Capital
?Exchange,
?a
?web
?based
? desk.
?James
?was
?then
?in
?turn
?solely
?responsible
?for
?
business
?portal
?for
?entrepreneurs
?and
?investors,
?which
?exited
?to
? raising
?capital
?for
?both
?the
?Equity
?and
?FX
?Desks;
?
Evolu7on
?Capital
?in
?1999.
? during
?James��
?7me
?at
?Cornhill
?Capital
?he
?raised
?in
?
excess
?of
??30m.
?

?From
?1987
?to
?1992
?Paul
?was
?a
?partner
?at
?Cygnus
?Venture
?
Partners,
?a
?venture
?capital
??rm
?which
?invested
?in
?biotech
?and
? James
?then
?co-?�\founded
?Xen?n
?FX,
?part
?of
?the
?
technology
?start-?�\ups
?including
?Axis
?Shield,
?Bio
?Compa7bles
?and
?
Deltex.
? Xen?n
?Group,
?a
?Foreign
?Exchange
?brokerage
?that
?
currently
?trades
?in
?excess
?of
?$25bn
?of
?Foreign
?
Paul
?received
?his
?MBA
?from
?Bradford
?University
?in
?1980
?having
? Exchange
?per
?month.
?
?Xen?n
?FX
?was
?an
?FX
?
already
?quali?ed
?as
?a
?member
?of
?the
?Ins7tute
?of
?Chartered
? advisory
?business
?covering
?a
?range
?of
?clients
?
Accountants.
? including
?Asset
?Managers,
?Family
?O?ces
?and
?
Hedge
?Funds.
?

who
?
David
?CoSerell
?�C
?Investment
? Peter
?Rose
?�C
?Investment
?
CommiSee
? CommiSee
?
David
?CoSerell
?has
?successfully
? Partner
?at
?C-?�\View,
?C-?�\View
?currently
?
built
?up
?a
?number
?of
?IT
?sovware
? manages
?in
?excess
?of
?$250m.
?
and
?services
?businesses
?from
?early
? Ex-?�\CIO
?of
?a
?quoted
?hedge
?fund
?(In
?
stages
?through
?to
?mature
?and
? managing
?approximately
?$2.5bn.
?
?
successful
?business
?models.
?
Ex-?�\Director
?of
?Research
?at
?Ivy
?Asset
?
ACT
?Financial
?Systems
?(became
?a
? Management,controlled
?$15bn
?of
?
subsidiary
?of
?Misys)
?,
?DST
? investments.
?
?
InternaConal,
?Advent,
?Cresta,
?and
? Trading
?experience
?-?�\
?mul7
?strategy
?
SQS
?.
? hedge
?fund
?(MBS
?Ltd.)
?and
?long/
short
?for
?Close
?Bros
?
Risk
?management
?experience
?�CBear
?
Stearns
?

who
?
David
?Kelly
?�C
?Special
?Advisor
?
COO/VP
?Opera7ons
?at
?ebay
?

COO
?of
?lasminute.com
?
?

Director
?at
?Amazon,
?
?

Founder/CEO
?of
?mydeco.com
?
SVP/Managing
?Director
?of
?
Rackspace
?�C
?the
?US
?hos7ng
?and
?
cloud
?plaborm
?�C
?during
?a
?7me
?it
?
put
?on
?$5
?billion
?of
?market
?cap.
?

fees
?
Establishment
?costs
?

?? 5%
?of
?aggregate
?Subscrip7ons
?to
?the
?Fund,
?from
?which
?will
?be
?seSled
?all
?
establishment
?costs
?(including
?professional
?fees
?and
?prin7ng
?costs)
?and
?
commissions
?due
?to
?independent
?third
?party
?intermediaries),
?including
?a
?
fee
?to
?the
?Manager
?and
?Technology
?Adviser.
?

Annual
?costs
?
?

?? 2.5%
?of
?aggregate
?Subscrip7ons
?to
?the
?Fund,
?from
?which
?will
?be
?paid
?a
?
fee
?of
?0.25%
?of
?aggregate
?Subscrip7ons
?to
?the
?Manager,
?a
?fee
?of
?0.2%
?of
?
aggregate
?Subscrip7ons
?to
?the
?Custodian,
?with
?the
?balance
?to
?the
?
Technology
?Adviser.
?The
?transac7on
?costs
?in
?rela7on
?to
?each
?investment
?
will
?be
?met
?out
?of
?the
?annual
?fee,
?although
?in
?some
?cases
?may
?be
?met
?by
?
the
?Investee
?Companies.
?
?

fees
?
Performance
?fee
?
?

?? A
?performance
?fee
?shall
?be
?payable
?to
?the
?Technology
?Adviser
?on
?realisa7on
?
of
?the
?assets
?of
?the
?Fund.
?The
?performance
?fee
?shall
?be
?calculated
?as
?
percentage
?of
?the
?surplus
?available
?
?for
?distribu7on
?to
?Investors
?aver
?
realisa7on
?of
?Fund
?assets,
?calculated
?aver
?the
?return
?to
?the
?Investors
?of
?
their
?aggregate
?Subscrip7ons,
?(��Surplus��)
?as
?follows:
?

contact
?
?? James@candpcapital.com
?
?? David@candpcapital.com
?

Or
?call:
?0203
?6518181
?

�ݺ�ߣ

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