Hambro Perks boss abruptly leaves VC firm and London’s first Spac

The head of prominent London venture capital firm Hambro Perks has abruptly left his role while also stepping down from the city’s first special purpose acquisition company, casting doubt over the future direction of the investment groups.

Dominic Perks, who was chief executive and co-founder, has resigned from the tech VC firm he co-founded in 2013, according to a company representative.

He has also stepped down as a director from the firm’s listed investment vehicle Hambro Perks Acquisition Company, according to a filing and the representative.

The representative did not provide a reason for the sudden exit. Perks, who will remain the largest shareholder, declined to comment.

“Dominic’s vision and energy have played a key part in the growth of Hambro Perks,” wrote Anthony Salz, its chair and a former senior partner at law firm Freshfields, to investors in the firm on Monday.

One person who has invested with the company said they were surprised no further explanation was given other than that Perks offered his resignation with immediate effect on Friday.

Perks played a significant role at the investment group that still bears his name, serving as its chair and public face. He was actively involved in finding and evaluating investments, and serving on portfolio company boards.

Hambro Perks owns stakes in more than 100 companies, including US biotech Gelesis, geolocation start-up What3words, fintech group PrimaryBid, and investment platform Moneybox.

The firm also launched the first blank cheque company on the London stock market in late 2021. While the vehicle targeted a £2bn deal, including debt, it has yet to find a target.

At the time, Perks told the Financial Times that the firm would bring a European tech champion to the UK public market.

“We are seeing some really high-quality tech firms in the UK and Europe. It’s exciting to see the London market develop from here . . . [and] not lose some of the fantastic companies already based here,” he said.

Its blank-cheque vehicle ended talks with drug developer Istesso in January, according to a statement. The Spac now has until November 30 of this year to find a target.

Alongside its flagship venture capital fund, which backs technology companies in early stages of development, Hambro Perks also has other offerings such as a fund for buying secondary shares and a vehicle focused on emerging environmental technologies.

Hambro Perks has received backing from Saudi Arabia’s public investment fund for its Middle East-focused venture capital fund Oryx.

In November, the firm announced the first close of a new £100mn debt fund, backed by investors including government-owned British Business Investments and the pension and savings business Phoenix Group.

Perks had previously worked at McKinsey and Morgan Stanley. He co-founded Hambro Perks alongside Rupert Hambro, a financier and one-time chair of the family merchant bank Hambros, who died in 2021.

The Times newspaper reported Perks’s resignation earlier on Tuesday.