Darktrace

“Despite Hoxton's age, their portfolio is immense, with the likes of Deliveroo, Darktrace by the famous Mike Lynch from Autonomy, and Campania, recently acquired by a twenty-four-seven customer.”

“Through a family office called Talus we bumped into Darktrace. And together, Talos and us ended up investing in Darktrace, and that clearly is turning into a cybersecurity winner.”

“I think it was trading at huge, a huge multiple discount. Seven hundred thirty-two million of revenue, like I said, trailing, trailing, got privatized at five billion.”

“We, that would have been, we would have been a 10 X net fund on, on, on, on Darktrace at the, at its peak.”

“And, but you know, going back to that Darktrace round that KKR did, four million a month, so forty-eight million annualized, four hundred million dollar post, not pre-post.”

“The company, when it got privatized, did seven hundred thirty two million of revenue. I mean, we, but when we invested, it was doing like 10 K.”

“By the way, the Delta was, they'd gone from about a million a month at that point to about four million a month. So it was like super exponential growth in those early days.”

“So in the run-up to the Darktrace IPO, we did a bunch of SPVs with our investors. We put more money to work in Darktrace than the fund size of Fund One. And we think the lowest performing IRR for us was net 66%. This is all realized, by the way. Net 66%. And t…”

“40. At 35 or 40, something like that.”

“Darktrace made more money in America than it did in the U.K. From the very early days. It had more staff in America than it did in the U.K.”