Two seats at the same table
Every vehicle on the platform has two kinds of owner. Its investors share in that one vehicle's profit. The general partner earns from every vehicle it raises and every fund it runs, and keeps the track record and the investors for the next one. Benevolent Global is the GP.
Owns one deal
- Puts in the capital
- Gets the return on that deal, after fees and carry
- Starts again on the next deal
Owns the firm behind every deal
- 3% up front on every deal-by-deal vehicle
- 30% of the profit once investors have doubled their money
- Management fees on every fund, every year
- Advisory and placement fees on deals it doesn't own
Where your returns come from
Four sources of cash, all owned by the one company you invest in. The figures below are our targets from the business plan, 2027 to 2035: what we are building towards, not forecasts. Switch each source off to see what it carries.
Targeted revenue and EBITDA by year
Targets from our business plan. They depend on hiring, regulatory approvals, fund raising and acquisitions, and may not be achieved. Carry and realisations from the existing portfolio are shown in the next section, not in this chart.
What the company already owns
Before any new business, the platform holds GP interests, carry, equity and operating companies across the existing book. This is what we expect those holdings to return to the firm: our expected case first, then a base case of what they would return if sold today. Both are estimates.
Oura
19.6x$6.9m in, about $135m todayIpswich Town FC
$121mInstitutional round from Arizona PSPRSThree Lions Acquisition Corp
$100mRaised in three and a half weeks, September 2026Rhode Island FC
2.6xClub and Centreville Bank Stadium, $57.5m of LP capitalThe business plan
Growth comes three ways at once: more vehicles and new funds, the advisory and capital markets arm, and buying regulated firms onto the platform. Together we target taking assets under management from $656m today to $17.0bn by 2032.
We target 40 new deal-by-deal vehicles in the next five years, after 21 companies in the last five. Fund I healthcare ($1.5bn) launches in September 2027, Fund II sport ($2bn) alongside it, Fund III from 2032.
Our target for sell-side M&A, placements and secondaries for third parties through the regulated arm, live under a hosted umbrella within 12 to 16 weeks of launch. A target of $36.6m of fee revenue by year five.
Wealth managers, IFAs, boutique managers and ManCos. We target $61m of EBITDA bought for $320m with 75% senior debt, at a blended 5.3x, and valued inside the platform at listed-comparable multiples of 14.1x.
The engine under the platform
Every deal runs on our own operating system.
VICAPai handles sourcing, screening, diligence and portfolio work on one record, and senior people make every call. That is how the platform doubles its pace to eight vehicles a year and underwrites each firm it buys before it bids.
It was built in twelve months by the team that runs it, it is owned outright, and it is licensed to every entity on the platform.
The record behind it
Five years, one platform, one investor base, across four asset classes. Pick one to see what sits in it.
Values are current marks and estimates, mostly unrealised.
The raise and the next 18 months
We are raising a combination of debt and equity. It pays for the senior team, GP commitments to new vehicles and funds, and bringing the platform's existing borrowing into the company. The vehicle invests on the equity side, directly into the parent. Click a step to see what happens when.
The team
The founding team from day one. Click a name for more.
Questions
Risks and important information
- You could lose all the money you invest. This is a high-risk investment in a private, early-stage platform.
- There is no market for these shares and no planned exit, so you may not be able to sell for a long time, or at all.
- Assets under management, revenue and EBITDA are targets from our business plan and depend on hiring, regulatory approvals, fund raising, acquisitions and markets. They may not be achieved.
- Portfolio values are current marks and estimates, mostly unrealised. Carried interest is paid only if vehicles beat their hurdles.
- The platform will borrow, and lenders are paid before shareholders. Further raises will dilute existing shareholders.
- The platform depends on a small number of senior people. The investment is in US dollars.
Want the full picture?
The full data room holds the financial model, the asset-by-asset rooms and the supporting documents.