IBEX Ltd

IBEX Ltd concentrates on the insurance sector, targeting companies in insurance distribution, services, and technology. The firm invests across stages including venture, growth equity, and buyouts, and looks at opportunities both in the US and internationally in insurance hubs such as Bermuda and London. Its thesis is built around the founder's operational background in the insurance industry, favoring businesses where specialized knowledge of regulatory capital and distribution dynamics creates an edge.

Founder Mark Sullivan is the key decision-maker. Sullivan came to investing from an operating career in the insurance industry, which shapes the firm's thesis and sourcing. The firm's small, concentrated team structure means investment decisions are made at the principal level with direct involvement in portfolio-company governance.

Yes. Public records and the firm's communications indicate it evaluates opportunities in international insurance markets, including London, Bermuda, and continental European insurance hubs. These markets have distinct regulatory structures and market practices that create opportunities for a specialized investor familiar with the operating dynamics of cross-border insurance and reinsurance businesses.