The Spotlight by Founders Capital - Edition 1

Welcome to the first edition of Founders Capital Spotlight - your curated biweekly roundup of the sharpest ideas, analysis, and must-listen podcasts shaping venture and private markets.

Author

Sam Scott
March 05, 2025

What We’re Reading

Richard Hadler of Founders Capital (FC) examines how SpaceX is reshaping the future, from revolutionising global connectivity to the audacious goal of colonising Mars. With four investments already made into the company, FC explores the unique opportunity it presents - and the risks that could derail it. Read more in the link above.

Giancarlo Devasini, Tether’s main owner, and Jeremy Allaire, Circle’s founder, are waging a high-stakes battle over the future of cryptocurrency. Tether’s USDT stablecoin dominates the $3 trillion industry, while Circle’s USDC pushes for a more regulated and transparent financial system. Angus Berwick explores how political lobbying and regulation have become the battleground for control of this emerging market.

Must-Listen Podcasts

George Taylor from Frive - Success Is In The Mind

Don’t miss the debut episode of Success Is In The Mind, Founders Capital’s new podcast, featuring George Taylor from Frive as our first guest! Taylor shares insights on bootstrapping a company from the ground up and the mindset required to lead from the front - “If I’m not willing to do it, why am I expecting someone else to?”

Solly Solomou’s first podcast - what a treat. From buying the LADbible FaceBook page as a university student, to creating a media empire. Solomou shed light on the challenges and opportunities that arose from listing on the London Stock Exchange, and discussed expansion to the other side of the pond.

Founders Capital Perspective

If you’re enjoying this newsletter and want to stay on the pulse, make sure to read our weekly private market trends newsletter - The Dealflow by Founders Capital. Last week we explored the strength of VC funding for European defence, and, as always, shared our insights and perspective.

Research & Resources

Private equity investors are facing a tricky exit environment, with a mountain of unsold assets and limited liquidity options. According to Bain & Company’s Global Private Equity Report 2025, around $3.6 trillion is currently tied up across 29,000 companies - leaving a significant amount of capital waiting for the right conditions to be deployed.

Sure, PE exits jumped 34% in 2024, but deal volume is still nowhere near pre-pandemic levels. That means firms are holding onto assets for longer than they’d planned, making traditional exit routes feel more like a slow crawl than a clear path. To work around this, secondary transactions and continuation funds are stepping in as crucial liquidity levers.

Some sectors are navigating this better than others - healthcare and AI continue to see solid exit activity, while consumer-focused industries are struggling to find the right buyers. For PE firms, this means adjusting expectations and timelines, as longer holding periods become the new normal.

When Do You Expect Private Equity Exit Conditions to Improve?

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Beyond the Boardroom

How to Stop Screwing Yourself Over - TED Talk by Mel Robbins

In this empowering talk, Mel Robbins introduces the "5-Second Rule," a simple technique designed to help individuals overcome hesitation and take action towards their goals. By counting down from five, one can bypass self-doubt and initiate positive change, leading to personal and professional growth.

The piece explores the crucial role of deliberate personal development in effective leadership, and the importance of curating your internal landscape. Emotional intelligence, growth mindset, and strategic thinking take centre stage, with actionable insights for leaders looking to strengthen both their personal and professional growth.

Thank you for reading! Like what you see? Think we missed anything? Let us know and we will check it out ahead of the next edition.