FCA Authorised · Emerging Fund Managers · Fund I and beyond

Your first fund.
Properly launched.
Built to last.

Plug Capital gives emerging venture fund managers an FCA-regulated umbrella, an embedded operating hire and the full infrastructure to launch Fund I, and run Fund II, III and beyond. Our experienced fractional CFOs are also able to plug in wherever you are in your fund journey.

Speak to us How it works →
50+
Years combined
private markets leadership
27+
Fund managers
supported to launch
Day 1
Operating support
from the start
Rebekah Kasumu, Founder of Plug Capital
Plug Capital · FCA Authorised · FRN 1048102
Regulated umbrella·Embedded CFO·LP reporting·Fund governance·Institutional readiness·Compliance·Financial controls·Investor readiness·Fund operations· Regulated umbrella·Embedded CFO·LP reporting·Fund governance·Institutional readiness·Compliance·Financial controls·Investor readiness·Fund operations·

The problem

Most platforms offer
a wrapper.
We offer a foundation.

Traditional solutions are too fragmented, too expensive or too rigid for where emerging managers are in the journey. Managers end up caught between doing too much themselves and paying for infrastructure they do not yet need.

Plug is designed to solve that gap, giving you the credibility and support you need at launch, while preserving the flexibility and pace that matter at the early stage.

"Leaner than building in-house too early. More integrated than stitching together multiple providers. Better suited to venture than legacy operating models built for much larger funds."
Regulatory coverageFund operationsFinance leadershipLP governanceComplianceReporting

What we do

Regulation, operations
and finance,
in one model

Glass office building
01
Regulated
umbrella

We provide a regulated home for emerging managers who need a credible platform to begin fundraising. Managers operate within our FCA-authorised structure, designed for launch, oversight and growth, rather than navigating the early stages alone or assembling multiple providers.

02
Embedded
operating support

Plug acts as your first operating hire. You get embedded finance and operational leadership across fund setup, reporting, controls, governance and day-to-day execution, so you stay focused on sourcing, investing and building LP relationships.

03
Institutional
readiness

Sophisticated LPs now expect institutional standards far earlier than before. We help you build the reporting habits, governance standards and operating discipline that give LPs confidence, without overengineering the platform before it is needed.

50+ yrs
Combined private markets and VC finance leadership deployed directly into your fund from day one.
27+ funds
Emerging managers supported from formation through to first close, across the UK and Europe.
1 model
Regulation, finance, operations, compliance and governance; unified. No stitching. No gaps.

Funds we have supported

The Plug Capital team

The Plug Capital team

Built by people who have
done it before

Why managers choose Plug

More than a
regulatory wrapper

Managers choose Plug because they need a partner that understands what it takes to launch and run a fund in practice; embedded, commercially aware and built around the realities of an emerging manager budget.

01
One model, not many providers
Regulation, finance, operations, compliance and governance; joined up in a single platform. No stitching. No gaps. No handoffs.
02
Deep private markets experience
50+ years of combined private markets finance leadership. We have sat in the rooms where LP decisions are made, at LocalGlobe, ICG and beyond.
03
Automation-led, not process-heavy
A modern operating approach: technology where it improves speed and visibility, not process for its own sake.
04
Built to scale with you
Not a launch pad you grow out of; a partner that grows alongside your ambition from Fund I onwards.

What GPs say

Trusted by the next
generation of fund managers

"

Having worked with Rebekah through the formation process, the depth of finance and regulatory knowledge she brings is genuinely rare. We felt properly supported from day one rather than being handed to a junior team.

Founding GP
"

The difference with Plug is that the operating support is genuinely embedded, not a checklist and a quarterly call. We could focus on building LP relationships knowing the finance function was properly run.

Founding GP
"

As a first-time manager, the combination of regulatory coverage and a proper CFO function in one place was exactly what we needed. It gave institutional LPs confidence in how we were operating from the outset.

Founding GP
"

We looked at several platforms. Plug was the only one where the people had actually run finance functions at serious VC firms. That matters enormously when LPs ask hard questions about fund operations.

Founding GP
FCA Authorised
FRN 1048102 · Regulated fund manager
ICAEW Fellow
Chartered Accountant qualification
ACCA Qualified
Professional finance team
FCA SMF17
Senior Management Function
CISI Level 4
Investment Advice Diploma

What to expect from our seasoned professionals

"Our team has held senior finance roles inside institutional venture capital funds, not just alongside them. We have built the LP reporting frameworks, managed audit processes, run valuation committees and held SMF appointments at the funds you would benchmark yourselves against. That lived experience is what makes our support genuinely embedded. When you speak to us, you are speaking to people who have done this work themselves."

The team

50+ years of private markets
finance experience: yours from day one

Rebekah Kasumu
Rebekah Kasumu
Founder & Managing Director
Previously Partner and Head of Finance at LocalGlobe (Phoenix Court Group), one of EMEA's leading VC platforms with over $2bn AUM, where Rebekah built the group's finance and reporting functions and held the FCA's SMF17. A Fellow Chartered Accountant (ICAEW) and former KPMG senior manager.
LinkedIn
Alexander Söderman
Alexander Söderman
Co-Founder & Executive Director
An experienced venture capital CFO with over a decade in fund finance, operations and regulatory oversight. Since 2022, Alex has helped structure and launch five venture funds across four FCA-regulated firms. ACCA-qualified and CISI Level 4 certified.
LinkedIn
Katherine Norris
Katherine Norris
Head of Compliance
Twenty years of financial services experience, beginning in fund accounting and operations before spending the past twelve years as an independent compliance professional. Katherine serves as Plug Capital's Compliance Oversight function, responsible for regulatory liaison, AR onboarding, financial promotions and the compliance monitoring programme.
LinkedIn
Board of advisors
Henry Brown
Henry Brown
Independent Non-Executive Director
Over 17 years across private equity, fund performance and financial reporting. Currently Head of Funds at Development Partners International (DPI), previously Director of Fund Performance at ICG and Finance at Permira. Qualified ACA at PwC. At Plug Capital, Henry provides independent challenge across governance, risk management and the firm's regulatory framework.

Partners we work with

The ecosystem
built around your fund

fundra novabook ®

How it works in practice

From first
conversation
to first close,
clearly.

A clear path from initial conversation to a fully operational fund. No ambiguity. No surprises.

Week 1Initial meeting
Speak to us

An initial conversation to understand your fund thesis, stage and timeline. We will be direct about whether Plug is the right fit; and if not, we will point you in the right direction.

What to bring: fund overview, target LP type, indicative fund size.

Wks 2–3Onboarding
Platform setup

KYC/KYB, fund structure review, governance framework and compliance programme. We work with your lawyers and administrators, or recommend trusted partners if you need them.

~6 wksFCA consent
FCA Appointed Representative consent

We submit your AR application to the FCA. During this period we prepare LP-facing materials, financial promotions and fund documents ready for day one.

FCA processing time is outside our control but we manage the process end-to-end.

Day 1Live & raising
Fully operational from day one

From the moment you are live, you have a fully embedded operating team. Financial promotions reviewed within 48 hours. LP reporting built each quarter. You focus on the fund.

Who we work with

Built for managers at
the point of launch

Profile 01
The solo GP
Raising a first fund. Strong investment thesis and track record. Needs regulatory infrastructure and operating backbone without the cost of building it all internally.
Profile 02
The spin-out
An experienced investor leaving an established platform. Has the deal flow and LP relationships. Needs an institutional operating layer that matches the quality of the firm they are building.
Profile 03
The lean team
A small GP team that wants to stay lean and move fast. Needs regulatory coverage and embedded support without the overhead of assembling multiple specialist providers.
This model is right for you if
You are raising or preparing to raise your first fund
You want regulatory infrastructure alongside practical operating support
You do not yet want to build a full internal compliance and finance function
You want to look and operate in a way that gives LPs confidence
You are building for long-term quality, not just speed to launch
You have a clear strategy, strong judgement and the ambition to build a serious firm

Where it starts

Fund formation, done properly
from day one.

Before any fund operates, the decisions made at formation shape everything that follows. Structure, domiciliation, economics, governance and the operating stack all need to be right from the outset. We have formed funds across jurisdictions and LP bases and we bring that experience to bear before a single document is signed.

Structure and legal framework
  • Fund vehicle design: LP structure, management company and GP entity architecture
  • Domiciliation advice across UK, Ireland, Luxembourg and offshore structures, matched to your LP base and investment strategy
  • Heads of terms review: management fee structures, preferred return, carried interest economics and key person provisions
  • Legal partner coordination: we work closely with specialist fund formation lawyers and manage the process so you are not navigating it alone
  • Carried interest structuring at fund setup, with clear modelling of GP economics from day one
  • GP/LP economics review, working with our legal partner network to align commercials with market reality
Operations and regulatory setup
  • Optimal operations stack design: fund administrator selection, banking, technology and service provider appointments, structured for institutional-grade operations from the outset
  • FCA application management: appointed representative onboarding or direct authorisation pathway, including SMF appointments and regulatory business plan
  • Management company incorporation and Companies House setup
  • Opening financial model and management company budget, including management fee projections and runway planning
  • Banking setup and payment infrastructure for both the fund and management company
  • Investor readiness review: ensuring your financial and governance framework meets institutional LP expectations before you begin fundraising

How we support managers

Practical. Hands-on.
Proportionate.

01
From concept
We help you think through the core building blocks: structure, governance, financial operations, reporting processes and investor readiness.
02
To first close
We support the move from concept to first close, building the operating environment that supports fundraising from the moment you begin LP conversations.
03
Into the rhythm
Once capital is closed, we move into the rhythm of running an institutional-quality fund; reporting cycles, governance cadence, controls and LP communications.
04
Scaling with you
Because we sit close to the manager, our support is not theoretical. We help the operating environment scale with the firm over the long term.

What we deliver

The specific outputs
you can expect from our team.

Management company
CFO Services
  • Management company budget, forecasting and financial planning
  • Monthly management accounts, controllership and monthly close
  • Cash flow management and runway planning for the management company
  • Management fee income reconciliation and drawdown schedules
  • Carried interest structuring at fund setup and ongoing tracking through the fund lifecycle
  • GP/LP economics review and structuring, working closely with our legal partner network to align commercials with market reality
  • Audit liaison, statutory accounts preparation and Companies House obligations
  • Board-level financial reporting and strategic finance support
  • Valuation policy design and IPEV-compliant methodology
  • FCA regulatory capital monitoring and reporting obligations
Fund level
Fund Finance and Operations
  • Quarterly IPEV-compliant portfolio valuations and supporting investment memos
  • Capital call and distribution notices, mechanics and reconciliation
  • LP reporting packs and partner capital account statements
  • Waterfall modelling and carried interest calculations
  • Annual fund financial statements and audit process management
  • Data room preparation and financial content for LP due diligence
  • Tax reporting coordination with specialist advisers
  • Fundraising financial support and investor materials
  • Co-investment and SPV financial administration
  • Regulatory reporting: AIFMD, COBS, financial promotions oversight

Frequently asked questions

Everything you
need to know

Plug Capital is an FCA-authorised fund manager that provides a regulated umbrella for emerging venture managers, combined with an embedded operating team. We act as your first operating hire, covering fund setup, regulatory compliance, financial operations, LP reporting, governance and day-to-day fund management. The key distinction from other platforms is that we bring genuine CFO-level expertise: our team has run finance functions at the UK's leading VC funds, not just provided compliance oversight.
Plug Capital is an FCA-authorised fund manager (FRN: 1048102). When you come onto our platform, you operate as an Appointed Representative of Plug Capital. This means you can raise capital, make investment decisions and market your fund under your own brand, while benefiting from our regulatory permissions and oversight framework. We handle the FCA relationship, compliance monitoring and financial promotions approvals. You focus on investing.
From initial conversation to being fully operational typically takes 8–10 weeks. The first 2–3 weeks cover onboarding, KYC/KYB, fund structure review and governance setup. The FCA Appointed Representative application then takes approximately 6 weeks to process; this timeline is outside our control, but we manage the process end-to-end and use the waiting period to prepare your LP-facing materials, financial promotions and fund documents so you are ready to raise the moment consent is granted.
Embedded operating support covers: fund structure and governance setup; compliance programme design and ongoing monitoring; financial promotions review and approval (48-hour turnaround); IPEV-compliant quarterly and annual LP reporting; capital account statements and drawdown notices; treasury management guidance; audit preparation; investment committee support; and regulatory liaison with the FCA. This is a managed service delivered by our team, not software you administer yourself.
No. Plug Capital takes no equity in your fund and does not invest in your fund as an LP. We are a pure operating partner. This is a deliberate and important distinction: it means we have no conflicts of interest in how we advise you on fund structure, LP relationships or investment decisions. Our only interest is in your fund operating well and your firm building successfully over time.
We work with lean venture capital funds, typically first-time fund managers raising Fund I vehicles. There is no strict minimum or maximum fund size, but our model is built for funds where a full in-house finance and compliance team is premature. We work best with managers who have a clear investment thesis, strong judgement and the ambition to build a serious firm over time.
Yes. Plug Capital is designed to grow with managers over time, and we actively support the transition to direct FCA authorisation when the time is right. Because we build institutional-grade operating infrastructure from day one: proper governance, documented processes, clean audit trails; you will be far better positioned to seek direct authorisation than managers who have relied on lighter-touch platforms.
Our team produces IPEV-compliant quarterly and annual reports for your LPs, delivered as branded documents. This includes capital account statements, portfolio valuations, NAV calculations and narrative commentary. We apply the appropriate IPEV valuation methodology to each portfolio holding and produce reports that meet the expectations of institutional LPs including pension funds, family offices and fund-of-funds. You review and approve before distribution.
"

We are intentionally focused on building with the first managers who come onto the platform, working closely, being thoughtful about fit and shaping the operating model in partnership with the funds we support.

Rebekah Kasumu · Founder & Managing Director

Talk to us about
your fund
launch plans.

Start a conversation Book a 30-minute conversation →

We work with a select number of managers at a time

No commitment. We will tell you honestly whether Plug is the right fit for your fund.

Plug Capital Ltd