Strategy: Exposure to a portfolio of B2B SaaS companies, focused on the team’s areas of expertise.
Issues
Track record: A limited number of successful exits to date, but it had five in 2025, and the unrealised results continue to progress.
The investment manager
Positives
Team: The team brings strong entrepreneurial experience, having started, grown and sold several businesses.
Issues
Expansion:Haatch is expanding rapidly. While the team has experience of managing growth, it brings some risks.
Nuts & bolts
Duration: The fund is evergreen, with a target of three closes a year, or whenever sufficient funds are raised.
Diversification: The manager expects to provide 12-15 investments for each closing, with average deployment under four months.
Valuation: Usually changes at next financing, or on writedown.
Fees
Fees: All fees are charged directly to investors.
Performance fee: Charged per investment, at 25% on returns between 1x and 5x, and 30% on returns thereafter.
Risks
Target returns: The target return of 5x suggests a high-risk investment strategy.
Companies: Supplying risk capital to early-stage, digitally enabled companies at the start of commercialisation. There will be a spread of company returns, as the successful ones will do very well, but those that fail may do so completely.
