Nic Humphries is Senior Partner and Executive Chairman of Hg, Europe's largest software investor managing assets across nearly 60 businesses. Over 25 years Nic has helped transform Hg from a small division of Mercury Asset Management into a hyper-specialised, institutional-grade platform that has consistently delivered strong returns with the vast majority of realised investments returning multiples of invested capital. Few people in European private equity have seen more technology cycles, made more consequential bets or thought more carefully about what it actually means to build a firm that compounds over decades.

In this episode Nic traces the pivotal decision to go sector-specialist in technology at a time when most of his partners thought it was career suicide. He gives a remarkably candid account of blowing up his first two investments in the early 1990s and what that taught him about the circle of competence, why he walked away from being CEO because he had passed the threshold of managerial incompetence, and how Hg's engineering mindset has shaped everything from deal execution to succession planning. He also gives the most direct and considered take on AI we have heard across this series, framing it as a once-in-20-year platform shift and an execution game pure and simple.

Key themes from this conversation:

• The founding decision to go sector specialist and why it took two years of internal debate to get there
• Why most private equity is extractive and why product innovation is the only true path to long term compounding returns
• Hg's Catalyst program, 100 AI engineers on the balance sheet loaned directly into portfolio companies
• How blowing up two investments in 1993 led directly to the inch wide mile deep philosophy
• Succession done right, servant leadership and why nobody at Hg actually wants to be CEO
• The AI platform shift, why Hg sees it as an execution game and what the portfolio is doing about it today
• Building a firm that treats investors, founders and counterparties with equal respect over 25 years

RedeCast Legal Disclaimer

The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced.

Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed.

Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients’ funds, resulting in a material conflict of interest on its part.

No compensation has been received by Rede Partners in connection with the Guest’s participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds.

The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

Mike Mortimer is Co-Founder and Managing Partner of GHO Capital, Europe's leading specialist investor in healthcare. Founded in 2014 with partners Alan MacKay and Andrea Ponti, GHO has grown from a first time fund of €660 million to a fourth fund of €2.5 billion, with €9 billion in AUM and a team of 75+ professionals spanning biopharma, medtech, health tech and life science tools. Scott and Mike go back to GHO's debut fundraise, making this a particularly candid conversation about what it really takes to build a specialist firm that endures.

In this episode, Mike traces the founding vision behind GHO, built on the conviction that healthcare was a global endeavour being served by firms thinking locally. We explore how GHO navigated a global pandemic, the current wave of regulatory and geopolitical uncertainty, and why Mike believes sustained profitable growth is the only strategy that holds up regardless of what the market throws at you. Mike also shares a remarkably honest take on people decisions, succession planning and what he would tell his fund one self today.

Key themes from this conversation:

• Why GHO saw a global opportunity others were missing in 2014
• How the pandemic tested and ultimately validated their investment philosophy
• The role of technical expertise and deep networks in winning founder trust
• Building a we culture not a me culture across 18 nationalities
• Why GHO deliberately stays in the mid market and sells to the big guys rather than competing with them
• Succession planning done right, transparency with LPs and building a firm that outlives its founders
• The people decision Mike wishes he had made faster

RedeCast Legal Disclaimer

The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced.

Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed.

Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients’ funds, resulting in a material conflict of interest on its part.

No compensation has been received by Rede Partners in connection with the Guest’s participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds.

The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

David H. Wasserman is Co-Founder and Managing Partner of Recognize, a New York based private equity firm investing in digital services businesses at the intersection of services and software. Founded in 2020 alongside Francisco D'Souza and Charles Phillips, former CEOs of Cognizant and Infor respectively, Recognize was built on a simple but contrarian insight — that private equity had largely ignored the space where technology services meets IP, and that the next generation of enterprise technology winners would live exactly there.

In this episode David shares the origin story of Recognize, born from a chance conversation at a celebration dinner in 2019 and stress tested almost immediately by COVID. He explains why three people who had already made it in their careers felt compelled to start something from scratch, what surprised them most about the journey so far and how the tectonic shifts in AI are reshaping both their portfolio and their investment thesis. David also gives a genuinely candid take on the SaaS disruption debate, drawing on an e-commerce analogy that reframes the whole conversation. And he closes with career lessons that have stayed with him throughout his career.

Key themes from this conversation:

• The serendipitous origin story of Recognize and how COVID became a catalyst not a blocker
• Why digital services was the overlooked gap between software and venture investing in 2019
• How AI is reshaping the tech stack and what that means for where Recognize invests
• The SaaS disruption debate, roadkill versus resilience and why complexity is the deciding factor
• Building culture from within, lessons from a basketball coach
• The difference between edge and energy as a leader
• Why the thin line between success and failure is the most important career lesson David ever received

RedeCast Legal Disclaimer

The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced.

Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed.

Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients’ funds, resulting in a material conflict of interest on its part.

No compensation has been received by Rede Partners in connection with the Guest’s participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds.

The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.

John Tough is Co-Founder and Managing Partner of Energize Capital, a Chicago based climate software investor focused on the intersection of software, services and the energy transition. Since founding Energize, John has built one of the few specialist firms backing companies from Series B through to profitable growth buyouts across climate, industrials and built environment.

In this episode John traces his career from bioethanol banker in Chicago to Kleiner Perkins investor to operator at Choose Energy, and explains why that combination of finance, investing and operational experience became the blueprint for Energize. We explore what it really means to build a specialist firm, why John believes generalist investors are leaving the climate market at exactly the wrong moment and how AI is creating an entirely new wave of budget for the companies Energize backs.

Key themes from this conversation:

• Why climate tech deserves a specialist investor and why John has never doubted that conviction
• Building a world class firm from Chicago without the Silicon Valley playbook
• The co head structure that shapes how Energize makes decisions
• Being early is being wrong — how Energize uses proprietary data to know when to lean in
• Why AI is creating the fastest emergence of budget in Energize's history
• Decision making frameworks and the power of knowing who to call
• Career advice from John to his 21 year old self

RedeCast Legal Disclaimer

The information discussed in this podcast is for general information purposes only and does not constitute financial advice, investment recommendation, invitation or inducement to engage in investment activity or an offer to buy or sell any financial product. The views expressed are those of the speakers as at the time of the recording and do not necessarily reflect those of Rede Partners or the firm employing the guest speaker (Guest) or any of their respective affiliates. The information discussed, including any forward-looking statements, should not be relied upon for any purpose and listeners should seek independent professional advice before making any investment decisions. References to specific companies or products are for illustrative purposes only and do not constitute an endorsement or recommendation. None of the content should be copied, distributed or reproduced.

Past performance, where indicated, is not a guarantee or reliable indicator of future results. Any references to past performance, track records, or investment returns are for illustrative purposes only. Actual results may differ materially from any projections, estimates, or implied performance discussed.

Rede Partners is engaged by its clients to market their funds and the firm employing the Guest and/or its affiliates is or has been a client of Rede. In the U.S. Rede Partners operates through its wholly owned subsidiary, Rede Partners Americas LLC, which is a registered broker-dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Rede is not a current advisory client or fund investor of its client funds, although its partners and employees themselves invest in client funds via a pooled vehicle established for such purpose which may have negotiated beneficial economic terms in connection therewith (e.g., reduced or no management fees and/or carried interest). For providing its services, Rede is entitled to cash compensation paid by the client rather than the client fund. Rede has a significant economic incentive to solicit investors to commit capital to their clients’ funds, resulting in a material conflict of interest on its part.

No compensation has been received by Rede Partners in connection with the Guest’s participation in this recording and the views discussed herein do not constitute an endorsement or testimonial of Guest, its employer or its private funds.

The information contained in the Podcast is believed to be accurate as of the date of publication and will not be updated or supplemented to reflect subsequent events.