EMV Capital

EMV Capital functions as a publicly quoted venture capital investment group on the AIM market of the London Stock Exchange, rather than operating as a single closed-end fund. It deploys capital through three channels: direct investment from its own PLC balance sheet, management of third-party funds including the Evergreen EIS and Martlet Capital Funds, and syndicated deals that bring in co-investors. This layered structure allows EMV to back companies from early stage through to exit without the fixed capital deployment and return deadlines that define traditional venture partnerships, while generating returns through both direct equity stakes and carried interest on fund exits.

EMV targets early-stage companies in deep tech and life sciences that hold attractive intellectual property, with deployment spanning sectors such as artificial intelligence, quantum computing, robotics, space systems, and healthcare. The firm focuses on companies from seed through late stage, with a portfolio that includes positions in Cambridge GaN Devices, Paragraf, NU Quantum, FocalPoint Positioning, and Infinitopes. Its operating model emphasizes proactive management and value creation services aimed at advancing portfolio companies to critical inflection points, with exits achieved through M&A, IPOs, or sales to private equity and financial investors.

EMV invests both directly and through managed funds. The firm uses its own balance sheet to take direct equity stakes in portfolio companies, while also serving as the manager of the Evergreen EIS and Martlet Capital Funds, which pool third-party investor capital. In addition, EMV assembles syndicated co-investments from its network of external investors for specific opportunities. This combination gives the firm multiple pathways to increase ownership in companies and earn returns through capital gains on direct positions and carried interest on fund realizations.

EMV generates operational income through a combination of fee-based management services and modest divestments from its portfolio holdings. The firm charges fees for the proactive value creation services its in-house team provides to portfolio companies, which include investment readiness, exit readiness, IP strategy, senior executive placements, and financial-function support. Capital gains are realized separately through strategic partial or full exits from directly owned positions, while carried interest flows from successful exits within the managed fund portfolios.

EMV sources investments primarily in the UK, with additional positions in the US and select international markets, concentrating on companies with defensible intellectual property. Post-investment, the firm takes board seats, works closely with management, and deploys an internal operational team supported by venture partners and a panel of expert service providers. This active management style focuses on guiding a select cohort of companies through growth milestones and preparing them for exit, with the firm maintaining close coordination with co-investors to align strategy and objectives over an extended holding period.