A Year in Review

General Partners Andy and Wills Reflect on the Year

On December 30, we recorded a quick year-end reflection because we didn’t expect to feel this energized heading into the final days of 2025—especially after a Q4 where we were running 5–6 major workstreams in parallel and doing everything we could to “stick the landing.”

Over the course of the year (with much of it culminating late), we completed three portfolio company sales—EightSleep, Steelhead, and, at the last minute, Sion—and also closed a major transaction to acquire a controlling interest in Ipswich Town Football Club, a process that began in the spring and demanded sustained execution.

The common thread was leaning into opportunism and applying relentless pressure: these outcomes didn’t just happen—we pushed, supported teams, and, in Sion’s case, mobilized our venture partner bench across tech and go-to-market while adding capital to help prep for a sale. What made it possible was the team we’ve built—small, but with the right functional coverage to move fast—and a little bit of luck meeting a lot of work.

As we look to 2026, we’re optimistic: even amid the AI frenzy, we’re conviction-driven about the quality of businesses in our portfolio.