Hiro holds first close for debut fund

Hiro Capital partner Luke Alvarez told Unquote the fund has raised substantial commitments towards its €100m target. The vehicle has a hard-cap of €150m and is expected to hold its final close before the end of 2019.

The fund is structured as a Luxembourg SCSP, and its management fees, carry and hurdle rates are in accordance with market standards.

The firm will help portfolio companies scale up, assisting with planning, product development, strategy, global expansion and exit timing.

The fund was advised by CMS, and Crestbridge Luxembourg served as AIFM and EUVECA manager.

Investors
Hiro Capital I currently has 25 LPs with several more expected to join the fundraise. The LPs are a mix of high-net-worth individuals, family offices, institutional investors and strategic investors.

Though most of the LPs are based in North America and Europe, the firm does have some LPs from outside those regions.

Investments
The fund targets series-A and series-B funding rounds for games, electronic sports and sports technology companies based in the UK and Europe. The fund will make around 20 investments with an expected holding period of three to eight years.

Alvarez said the fund will make its first investments soon, as the firm has already reviewed 250 potential companies in 2019. The fund currently has four investments currently in progress.

People
Hiro Capital – Ian Livingstone, Cherry Freeman (partners); Luke Alvarez (managing partner).

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