Equity Gap

Individual members make their own investment decisions on a deal-by-deal basis. The central team — led by Managing Director Fraser Lusty and Senior Investment and Portfolio Manager Rhona Bree — sources, vets, and presents opportunities, but each angel investor chooses whether to participate. Founder Jock Millican serves as Non-Executive Chair and guides the syndicate's overall strategy alongside a board that includes two non-executive directors from operational backgrounds.

Equity Gap makes direct early-stage investments into operating companies and does not commit to external funds. The syndicate’s role is to present individual company opportunities to its members. Co-investment alongside other angel groups or early-stage funds in Scotland does occur, but the syndicate does not operate as a fund-of-funds.

Founder Jock Millican chairs LINC Scotland, the national trade association for angel capital in Scotland. This relationship positions Equity Gap at the center of Scottish angel policy and deal-sharing, though the syndicate operates independently. Millican’s dual role helps Equity Gap influence the broader early-stage funding environment while accessing a network of fellow angel groups for co-investment and deal referrals.