Ex-JPMorgan Banker Launches Admiralty Capital Group for Early-Stage Investments

Key Takeaway

• Ryan Holsheimer, ex-JPMorgan banker, launches Admiralty Capital Group in Australia, targeting early-stage investments with a focus on a 20% annual return.
• Despite the global downturn in venture capital investments, Holsheimer is optimistic about strategic advantages in the current market cycle.
• Admiralty Capital has already invested in startups like BlockTrust and Feasly and plans to expand its team and launch a hedge fund later this year.

Launching Admiralty Capital Group

Ex-JPMorgan Chase & Co. banker Ryan Holsheimer is embarking on a new venture with the establishment of Admiralty Capital Group, a firm dedicated to early-stage investments. Based in Australia's Gold Coast, the firm is set to begin its fundraising efforts within the next two months, aiming for both local and international investments. Holsheimer, who has a significant background in finance, particularly as the former Asia-Pacific head of cash equity and equities distribution at JPMorgan in Hong Kong, plans to close the fund by the end of June and start deploying capital by the third quarter.

Navigating a Challenging Market

The venture capital industry is currently facing a downturn, with global investments in startups dropping to $345.7 billion last year, a 35% decrease from 2022 and the lowest since 2017. In China, venture capital investments have fallen to a four-year low. Despite these challenges, Holsheimer is optimistic about entering the market at this point in the cycle, highlighting the difficulties in making exits, such as IPOs, during this period. He believes that the timing may offer strategic advantages since there is no immediate pressure to sell.

Investment Strategy and Goals

Admiralty Capital Group has already made investments in startups like the Asia-based Web3 and blockchain firm BlockTrust, and Feasly, an Australian property technology company. Holsheimer is targeting a 20% return a year net of fees and plans to focus on exits from investments within 5 to 7 years. The firm is open to investing in a wide range of companies, from those with only a prototype to those seeking to raise $10 million to $20 million. While the firm will definitely be investing in Hong Kong and China, it is also looking at opportunities elsewhere.

Expansion and Future Plans

Holsheimer aims to grow Admiralty Capital Group to about 10 people by the end of the year, primarily in investment manager roles, and is open to having team members based in Hong Kong. Additionally, he plans to launch a fund of hedge funds later this year to invest in younger hedge funds, though the focus remains on the venture capital fund initially. Despite relocating to the Gold Coast for family reasons and initially planning to retire, Holsheimer is now fully committed to his new venture, not ruling out a potential return to Hong Kong in the future.

Management Quotes

• Ryan Holsheimer, Ex-JPMorgan Chase & Co. banker and founder of Admiralty Capital Group:

  "The challenge the VC industry has at the moment is making exits... For a company to IPO in some cases, that’s proving difficult at this stage in the cycle." "I think if the right people want to be based in Hong Kong, that would be fabulous." "I grew up here, so the Gold Coast is my hometown, but if the stars led me back to Hong Kong one day, I’d be delighted."