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- 📶 new taxes could wipe out UK VCs
📶 new taxes could wipe out UK VCs
New tax codes in the UK threaten its innovation market, where family offices are putting capital to work, and genetically edited pigs are coming
Good morning 👋
In case you needed another reason to avoid the UK …
Investors in the country are bracing for new changes to the tax code that would increase the capital gains tax and close loopholes that set how carried interest is taxed.
Most innovation already happens outside of Europe, but this would be a death blow to whatever innovation is left in the UK.
More taxes on risk capital = less innovation = less attraction for new talent to move to the region.
Not a great formula.
P.S. Want to get Confluence.VC swag for free?
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TL;DR:
HEADLINES
UK is about to obliterate its innovation market 💣
UK’s venture capitalists brace for tax rises (FT)
Family-Office War Chests Keep Shrinking. Here’s Where They Put That Capital to Work. (Institutional Investor)
OpenAI wants to join the $100B club. History shows it’s not a smooth road. (Pitchbook)
SparkLabs closes $50M fund to back AI startups (TechCrunch)
EGenesis Raises $191 Million for Transplants of Genetically Edited Pig Organs (WSJ)
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LINKS
🤓 Smart vs Stupid Risk-Taking: Scott Galloway talks with Nate Silver about the role of risk in shaping modern life
📳 Founder Mode: Paul Graham’s essay describes “founder mode” vs “manager mode” and why founders should ignore traditional managerial advice
📚 Ex-Meta VP’s Top Lessons from 25 Years Leading Product Design: Delight comes last, north stars aren’t that useful, AI’s impact on design jobs and other hot takes from Jon Lax
🙌 How to Raise From Institutional LPs: The Generalist brings the definitive guide on raising from big institutional investors, accompanied by a database of target LPs
🔄 The Subscription Value Loop—A Framework for Growing Consumer Subscription Businesses: If you’re building a consumer subscription app, consider this post your new bible
📶 17 Lessons From Bill Gurley (General Partner @ Benchmark): Here are 17 of our favorite takeaways from studying Bill and his investment philosophy
FUNDS
Name | Fund Size | Fund Number |
|---|---|---|
$242m | I | |
$800m | I | |
$100m | I | |
$72m | II | |
$615m | IX | |
$15.1b | XI |
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RECS
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POLL
What do you think about the idea of a country increasing the capital gains tax? |
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- Clay
RESULTS
Here are the results from our poll question in yesterday’s piece:
Does your fund / company / place you work have a succession plan in place?
🟨🟨🟨🟨🟨⬜️ Yes - that has been planned out (16)
🟨🟨🟨⬜️⬜️⬜️ No - we need to do that ASAP (10)
🟩🟩🟩🟩🟩🟩 Not sure - I'm not in the room for those decisions (18)
44 Votes
Reply