Saul Klein Courtesy of Phoenix Court VC firms have long operated as limited liability partnerships, distributing profits to a small number of senior people.
Phoenix Court Group is taking a different path
The London-based investor has had a busy few months, cementing several exits and a raft of partner departures. But the most significant change in its 11-year history is its transition to a shared-ownership model, making its neighborhood foundation, Phoenix Court Works, the largest shareholder in the management company and distributing equity to all staff for the first time. PitchBook sat down with co-founder Saul Klein to discuss the restructuring and its implications for the firm’s future.
This interview has been edited for length and clarity. PitchBook: What’s your view on how VC firms should be structured? Europe’s innovation economy has fundamentally changed, but much of VC still operates on structures designed for a different era.