All In Ventures

A secondary sale transfers a portion of the founder's shares to a buyer, who joins the cap table and may require company and investor consent. The Liquidity Advance is a structured loan against the founder's shares. Ownership transfers only to a custodian for security purposes, so the existing cap table remains unchanged and no third-party consents are required. The founder also avoids immediate capital gains tax since no sale occurs at the time the advance is made.

The firm targets founders of high-growth companies whose personal equity stake is worth at least $5 million based on the most recent company valuation. The underlying company must be profitable or have a short-term path to profitability, with a credible exit opportunity expected within two to five years.

There is no upfront interest — interest accrues only between years six, seven, and eight of the loan. Once the loan principal is fully repaid, the founder pays an Upside fee of 10–20% on any additional proceeds realized from the shares until the position is exhausted. An optional Break Fee of 50–200% of the loan amount is available if the founder wants to exit the agreement during the first three years.

The firm is run by its two named partners, Simon Campbell and Thomas Davies. Campbell is a serial entrepreneur who founded eight businesses and worked as COO at P&G Ventures. Davies is a UK- and New York-qualified lawyer and previously served as CEO of Forge Europe, the largest secondary marketplace for private shares in Europe.

No, the founder retains full voting control over the shares. The shares are transferred to a custodian solely to secure the loan, and the founder continues to direct all voting and governance rights until a sale or repayment event occurs.