Catherine Lenson, Mish Mashkautsan and George Henry Hold Early Talks to Launch New UK Venture Fund After Leaving LocalGlobe
Updated: Oct 7
A team of investors who left Phoenix Court, the London firm widely known by the name of its seed stage fund LocalGlobe, are in early talks to raise a fund of their own, Sifted reported on 12 August, citing sources close to the discussions.
Catherine Lenson, Mish Mashkautsan and George Henry left the firm earlier this year. No target size, sector focus or timeline for a first close has yet been made public but for founders raising in the UK, every emerging manager who strikes out on their own effectively creates a fresh entry point onto the map of who might say yes, particularly for the earliest and hardest to place rounds.
The story matters less for headline numbers, which are not yet public, and more for what it represents: another crack in the assumption that UK seed capital only flows through the same handful of established names.
LocalGlobe itself has seen a wave of senior departures this year as it works toward closing its latest fund, and the emergence of alumni led vehicles is a familiar pattern in UK venture, where investors who cut their teeth at platforms with strong track records frequently go on to start their own firms, often carrying forward both a network and an investment philosophy shaped by their former employer.
If Lenson, Mashkautsan and Henry do formalise a new firm, it will add to a lengthening list of emerging UK managers formed by departing partners this year, a trend this publication has tracked as part of a broader shift in how the earliest capital is sourced and deployed. The presence of more, smaller, founder facing funds run by first time managers is one of the more concrete ways the funding gap for underrepresented and regionally dispersed founders narrows in practice, even if progress is incremental and unglamorous compared with headline mega funds.
Key Takeaways
Catherine Lenson, Mish Mashkautsan and George Henry, who left Phoenix Court (LocalGlobe) earlier in 2026, are in early talks to raise their own fund, Sifted reports.
No fund size, sector focus or timeline has been confirmed publicly.
The move continues a pattern of alumni led fund formation in UK venture, often expanding the roster of managers founders can approach.
Emerging manager formation is treated as a first class Pillar 3 story here because it changes who founders can access, not just how much capital exists in aggregate.
Sources
Background: the Phoenix Court platform
Phoenix Court Group is the umbrella brand that Saul Klein and his father Robin Klein, the co-founders of LocalGlobe, introduced in June 2022. At launch the group reported a $500 million first close across four strategies: LocalGlobe for seed to Series A, Latitude for Series B onwards, Solar for Series C and beyond, including listed technology stocks, and Basecamp, a limited partner fund that backs smaller VCs, angels and solo GPs.
That structure is relevant here. Through Basecamp and earlier initiatives such as Seedcamp, founded in 2007, and Zinc, the Klein family has long backed emerging managers from the investor side. Alumni leaving to raise their own vehicles sit within a lineage the platform has helped to build. LocalGlobe's seed portfolio has included companies such as Motorway, TravelPerk and Zego.
What it means for UK founders
A single new fund does not change the funding picture on its own, but it joins a growing cohort of first-time and emerging managers, some now backed by public capital. On 25 June 2026 the British Business Bank committed up to £90 million to 10 microfunds through its Investor Pathways Capital programme, part of a wider £400 million initiative. The funds are expected to be £10 million to £20 million each and focus on pre-seed and seed rounds across technology, deeptech, climate, defence and consumer. The cohort was chosen from 151 applications.
For founders preparing an early round, the practical step is to track which emerging managers announce a first close, since a new fund needs to build its initial portfolio. Many UK seed investors also look for SEIS or EIS eligibility, so founders may want to check their position with HMRC advance assurance and take professional advice before approaching early-stage funds. Until the former LocalGlobe team confirms its size, focus and timeline, this is best treated as a name to watch rather than a live source of capital.
Key facts at a glance
Sifted reported the fund talks on 12 August 2026.
Phoenix Court Group launched in June 2022 with a reported $500 million first close across four strategies.
LocalGlobe, co-founded by Saul and Robin Klein, invests from seed to Series A.
The British Business Bank committed up to £90 million to 10 first-time microfunds on 25 June 2026.
Those microfunds are expected to range from £10 million to £20 million each.
Further reading
Frequently asked questions
Which former LocalGlobe investors are planning a new venture fund?
Catherine Lenson, Mish Mashkautsan and George Henry, who left Phoenix Court (LocalGlobe) earlier in 2026, are in early talks to raise a fund of their own. Sifted reported the talks on 12 August 2026, citing sources close to the discussions.
How big will the new fund from the ex-LocalGlobe team be?
No target size, sector focus or timeline for a first close has been made public. The talks are at an early stage.
Why do new emerging manager funds matter for UK founders?
Each new manager adds another possible investor for the earliest and hardest to place rounds. More, smaller, founder facing funds run by first time managers are one of the ways the funding gap for underrepresented and regionally dispersed founders narrows in practice, even if progress is incremental.
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