Shackleton is different from most venture firms.  We specialise in direct secondary investments – where we buy a portfolio of existing investments, or an individual holding, from an investor that is seeking liquidity. 

We focus on two areas: venture investments in young technology companies and development capital in more mature companies in traditional industries.  We tailor our approach according to the type of investment but in all cases seek to back management teams with deep experience and insight into their company’s markets.

Development Capital
Shackleton’s development capital investments are generally in profitable companies operating in traditional industries.  Shackleton acts as a patient and committed shareholder, willing to work with companies to achieve an agreed objective.  In most cases, other than turnarounds, management teams are highly experienced and portfolio companies are already set on a steady growth path.

Venture Capital
Companies in our venture portfolio are usually revenue-generating and in the main profitable.  The exceptions are typically in the medical area where development timescales are longer.

Many companies struggle for years to commercialise their product, and go through several rounds of funding before success is achieved, often beyond the timescales of their original investor. In the process, they end up with a complicated capital structure and little incentive for management.

The incoming secondary investor can view things in a new light and can help you make the changes necessary to achieve success. These may be a simpler capital structure, new management incentives or changes to strategy, often facilitated by much needed investment where that will help the company to build value towards a profitable exit for all concerned.  However, we also know that the source of ultimate success is the energy and enterprise of the management teams we back. Although we will often take a board seat, Shackleton does not believe in interfering where the ingredients are already in place for success.

Team
The Shackleton team has extensive experience both as investors and as managers of companies at all stages of their development from initial formation through to successful trade sale or flotation.

	Hugh Stewart, Managing Partner Hugh Stewart has 24 years’ experience in venture capital.  In 1983, he joined Electra Investment Trust plc, a quoted investment company investing in a broad range of unquoted investments.  In 1989 he moved to a subsidiary of Electra’s management company that was formed to focus on technology investments.  In 1997 he founded Strathdon Investments and as Chief Executive led it from start-up through to flotation on AIM prior to his leaving in 2006 to form Shackleton.  Before joining Electra he spent seven years in industry in general management, marketing and planning.  He holds an Economics degree and an MBA with distinction from INSEAD.
	Steve Burton, Partner Steve has over 25 years experience as an entrepreneur having co-founded Shackleton Ventures and previously Strathdon Investments plc and two companies with venture capital backing, Nova Weigh Ltd and Pulsar Process Measurement Ltd. He was Managing Director of Rolls-Royce subsidiary Stresswave Technology which he acquired in a management buyout backed by Electra. Steve is a Fellow of the Institution of Mechanical Engineers and is experienced in all aspects of building young companies, particularly the process of turning new technology into high-margin commercial products.
	David Hudson, Partner David Hudson combines a strong operational background in technology with high level international strategy consulting gained with McKinsey and Company Inc. His early career was in technology development with British Gas plc. Prior to joining Strathdon Investments in 2000, he was head of business development / e-Commerce at Britannic plc and subsequently the founder and chief executive of an internet services company. He has a degree in electrical engineering and an MBA with distinction from INSEAD. He is currently employed by YFM Group as Chief Investment Officer for Strathdon.
	Michael Low, Partner Michael Low is an experienced Finance Director and Chief Executive, with over 20 years spent in young, high growth companies. In 1989 he co-founded an international medical electronics company, Creos International, and as Chief Executive led the company through early-stage growth to flotation on AIM, at which point he also became a member of the AIM Advisory Committee. Prior to founding Shackleton he was an Investment Director with Strathdon Investments plc having joined in 2000.  His earlier background includes corporate finance experience, gained after qualifying as a chartered accountant with Ernst & Young (Arthur Young). He also has an MBA from Strathclyde University.
	Wendy Roberts, Company Secretary Wendy Roberts joined the Shackleton team in August 2007, having previously worked at Strathdon Investments whom she joined in 1999, gaining extensive experience in all aspects of venture capital marketing, human resources and administration. Wendy was previously assistant to the Chairman of Ducal Limited, the largest pine furniture manufacturers in the UK which grew to 800 employees during her time there. She has experience in training, tele-sales, customer services, and international exhibition management. She holds a BA Hons Social Sciences degree from Leicester University.
	Oliver Hart, Finance Manager and Compliance Officer Oliver Hart joined the Shackleton team in August 2007, having previously been Finance Manager and Compliance Officer of Strathdon Investments, which he joined in 2001. Prior to that he was Director and General Manager of Salomon Taylor Made GB, the UK subsidiary of Salomon. Initially responsible for the wintersports division, he subsequently rose to be in charge of all Salomon's UK operations. He qualified as a Chartered Accountant in England and Wales with Whinney Murray (now Ernst & Young). Oliver speaks fluent French.

Shackleton Secondaries II LP Fund is a new fund established in 2007 with £25m initially available for investment.