Summit
Studio
Capital

Backing startup studios – powerful engines that systematically create, fund, and scale ventures in-house.

Summit Studio Capital’s evergreen platform is designed for family offices, private investors and institutions who want the best-aligned exposure to the next generation of company creation.

Leadership

Leadership

Leadership

Denis Kovalevich

Built one of Europe’s earliest DeepTech studios from scratch to 120+ companies on €30m of capital. Achieved a 30% 10-year success rate (vs. a 1-3% ecosystem average) and capital loss rates below 10% by shutting down weak ideas early and sharing resources across teams.

Caroline Kendal

Built the UHNW investment network of TIGER 21 Europe, grew the European footprint by over 300% in just 12 months, demonstrating deep experience working with sophisticated investors. A seasoned investor relations leader.

Access

Access

Access

We are opening investment windows into leading startup studios through a disciplined, sequential investment logic:

Our track record as a pioneer studio builder and investment network operator creates a proprietary pipeline of hundreds of studios seeking independent, long-term partners.

Our track record as a pioneer studio builder and investment network operator creates a proprietary pipeline of hundreds of studios seeking independent, long-term partners.

Our track record as a pioneer studio builder and investment network operator creates a proprietary pipeline of hundreds of studios seeking independent, long-term partners.

With over a decade of hands-on experience in this asset class, we identify studios with genuine, repeatable company-building engines — not one-off successes.

With over a decade of hands-on experience in this asset class, we identify studios with genuine, repeatable company-building engines — not one-off successes.

With over a decade of hands-on experience in this asset class, we identify studios with genuine, repeatable company-building engines — not one-off successes.

Using our proprietary studio-scaling model, we anticipate studio inflection points and target venture-class return profiles with greater visibility.

Using our proprietary studio-scaling model, we anticipate studio inflection points and target venture-class return profiles with greater visibility.

Using our proprietary studio-scaling model, we anticipate studio inflection points and target venture-class return profiles with greater visibility.

Our strong standing within the studio ecosystem enables us to negotiate attractive, often off-market entry terms.

Our strong standing within the studio ecosystem enables us to negotiate attractive, often off-market entry terms.

Our strong standing within the studio ecosystem enables us to negotiate attractive, often off-market entry terms.

We structure exit pathways and distribution schedules with studio founders, materially improving the predictability and timing of cash flows.

We structure exit pathways and distribution schedules with studio founders, materially improving the predictability and timing of cash flows.

We structure exit pathways and distribution schedules with studio founders, materially improving the predictability and timing of cash flows.

When applied at the studio level, this structure produces a fundamentally different cashflow and distribution profile than both single-company venture investing and traditional venture fund allocations.

llustrative example

Consider a studio with a portfolio of 20 startups, creating 5 new companies per year and holding a 25% equity stake in each.

A €1 million investment into the studio holding company is modelled to begin distributions within 3 years, target a 100% return of capital within 6 years, with the potential to generate a 10%+ annual cash yield on an evergreen basis.

Performance

Performance

Performance

Each year, we target the top 1% of studios that:

Each year, we target the top 1% of studios that:

Have passed their high-risk formation phase.

Have demonstrated repeatability in launching, funding, and scaling companies.

Are still priced to deliver venture-class upside at comparatively lower growth-stage risk.

Are still priced to deliver venture-class upside at comparatively lower growth-stage risk.

Over the past decade, the studio market has become a significant global force:

Over the past decade, the studio market has become a significant global force:

Over the past decade, the studio market has become a significant global force:

1000+

startup studios worldwide — representing a 10× increase over the last decade.

13%

of new investment vehicles in 2024 were studio-based, as capital increasingly follows performance.

Independent modelling across 50+ studios shows that once a studio reaches its growth phase, portfolios have historically achieved net IRRs above 60% over 10 years, compared to 22-25% for top-tier VC funds.

Independent modelling across 50+ studios shows that once a studio reaches its growth phase, portfolios have historically achieved net IRRs above 60% over 10 years, compared to 22-25% for top-tier VC funds.

By systematic ideation and company formation, studios structurally reduce capital intensity per startup by an order of magnitude, broadening the buyer universe beyond large corporates to include mid-sized acquirers, and gaining independence from unicorndriven strategies.

Studio vs. single company exposure

The studio backing a digital health company from formation turned $2m of studio capital into $309m at IPO - a 154× multiple.

A top-tier VC fund investing in the same company turned $7.7m into $172m - a 22× multiple. The same company – radically different outcomes.

Exposure

Exposure

Exposure

Each year, we seek to select 2-3 studios that meet our maturity, efficiency, and governance benchmarks. Over five years, this builds a portfolio of roughly 10 studios and several hundred of startups. As an evergreen platform, this compounds over time towards 50+ studios, collectively producing more than 250 new startups annually.

Each year, we seek to select 2-3 studios that meet our maturity, efficiency, and governance benchmarks. Over five years, this builds a portfolio of roughly 10 studios and several hundred of startups. As an evergreen platform, this compounds over time towards 50+ studios, collectively producing more than 250 new startups annually.

At this scale, startup creation naturally spans the most dynamic emerging sectors — from AI and digital health to robotics, climate, and next-generation infrastructure — reflecting where new venture formation is actually occurring.

Investing in venture studios is not only a better alternative to traditional venture funds, it is a direct route to proprietary deal flow. Rather than waiting for allocations, investors can choose to co-invest into the specific portfolio companies that best match their priorities and thesis.

Our core regional focus is Europe and the UK – home to 40% of all studios worldwide and offering fast growth with comparatively low entry prices.

We also track multinational studios that mitigate single-jurisdiction and currency risk.

Alignment

Alignment

Alignment

We are not capital managers - we are entrepreneurs. And for investors in studios, we have built a fundamentally different model:

We are not capital managers - we are entrepreneurs. And for investors in studios, we have built a fundamentally different model:

We are not capital managers - we are entrepreneurs. And for investors in studios, we have built a fundamentally different model:

No management fees

100% of committed capital goes into studio positions. Summit Studio Capital earns only a 20% carry on realised profits. Our economics are fully aligned.

Earlier distributions

Our studios are not theoretical; they are already operating and have proven their ability to generate liquidity.

Built-in liquidity

An internal secondary mechanism allows investors to rebalance or exit individual studio positions, a level of flexibility rarely available in private markets.

Institutional-grade governance

We hold board positions at the studio level and provide professional due diligence, active monitoring, and consolidated portfolio reporting.

Summit Studio Capital’s evergreen platform multiplies the benefits of startup studio exposure - access, diversification, governance, value retention, distributions, and liquidity - while removing the friction and risk of doing it alone.

Traditional venture funds face mounting pressure: many struggle to generate consistent net returns for LPs, access to the strongest managers is constrained, and capital can be locked up for a decade or more.

Our approach is designed to sit alongside (or selectively replace) those allocations, providing a different risk-return profile with clearer alignment and earlier visibility of outcomes.

Engagement

Engagement

Engagement

If you would like to explore how a dedicated startup studio allocation could complement your existing portfolio, we would be pleased to walk you through our current pipeline, studio selection framework, and detailed performance modelling.

Denis Kovalevich

denis@summitstudiocapital.com

Caroline Kendal

caroline@summitstudiocapital.com

This material is provided for informational purposes only and does not constitute investment advice or an offer to sell or solicit any investment. The examples are illustrative only and not indicative of future results.

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This material is provided for informational purposes only and does not constitute investment advice or an offer to sell or solicit any investment. The examples are illustrative only and not indicative of future results.

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