Investing on a Deal-by-Deal Basis: How Co-Investment is Evolving for Private Investors

Angel investing or co-investing? 

Private market investing has traditionally been accessed in two ways: sourcing investments directly, as an angel investor, or allocating capital to a discretionary fund. 

Both approaches remain relevant, but they involve different levels of control and involvement. 

The Guinness Ventures Co-Investment Service has been developed to provide access to venture investments on a deal-by-deal basis, alongside our discretionary portfolio services. 

We offer high net worth and sophisticated investors the ability to be selective, without the need to source and execute deals independently, combining elements of angel investing with institutional sourcing and execution. 

What is co-investment? 

Co-investment enables investors to participate directly in individual private company investments, without the need to source opportunities independently. 

Through the Guinness Ventures Co-Investment Service, high net worth or sophisticated investors who have signed up are offered access to selected investment opportunities.  Only companies to which Guinness has committed to invest, or into which funds have been transferred are eligible for the Service. 

Each opportunity is presented with supporting information, allowing investors to assess and decide whether to participate. The decision rests entirely with the investor. 

How the Service works 

Guinness Ventures reviews more than 1,000 opportunities each year, with a small number selected following detailed due diligence. 

When an investment is made, a portion of the funding round may be made available to those who sign up for the Service, for a limited period. 

Features: 

• Access to investments alongside Guinness Ventures funds 
• Minimum investment of £20,000 per opportunity 
• First come, first served allocation 
• Regular valuation updates and reporting 

Investments are made on the same basis as our discretionary portfolios, aligning co-investors with the underlying strategy and investment terms. 

Why co-invest with us? 

Co-investment provides access to individual venture investments alongside an established investment manager. 

Curated deal flow

All opportunities are sourced, reviewed and selected through our network and go through extensive due diligence, including in-house and third-party due diligence, during the Guinness Ventures investment process. The Service only offers access to companies into which Guinness Ventures has committed to invest or completed an investment. Opportunities shared are typically expected to qualify for EIS. 

Institutional alignment 
Investors participate alongside Guinness Ventures funds, accessing the same opportunities on the same terms and with the same shareholder protections. 

Selective participation 
Investors retain full discretion over whether to invest in each opportunity, allowing capital to be allocated on a case-by-case basis. 

Flexible deployment 
Investors can deploy capital as they wish, without the need to commit upfront or within a fixed timeframe.  There is no obligation to invest in any deal offered by the Service. 

Investment approach 

The Service follows a generalist approach across sectors including technology, healthcare, consumer and business services, coinvesting alongside our EIS and/or VCT funds. 

Guinness Ventures has invested over £190 million into more than 60 unlisted growth companies since 2017, providing a consistent pipeline of opportunities. 

Recent co-investment opportunities have included companies such as Perci Health, YASO, GlycanAge, Dragonfly.AI and Fussy, reflecting a focus on scalable, growth-oriented businesses across consumer and wellness, business services and healthcare. 

Fees and structure 

There is no cost to join the Guinness Ventures Co-Investment Service and no annual fee. 

Risks and considerations 

Investments in private companies are high risk and illiquid. 

Capital is at risk and investors may lose some or all their investment. Shares in unquoted companies may be difficult to sell and valuations may be uncertain. 

Investors are expected to make their own assessment of each opportunity and rely on their own judgement or that of a professional adviser. 

Conclusion 

The Co-Investment Service provides investors with access to individual investment opportunities, supported by institutional sourcing, pricing and a rigorous due diligence process. 

It is designed for experienced investors seeking direct exposure to growth companies backed by Guinness Ventures, without the need to source and execute deals independently.