Funds under operational management
Photon serves as the operating partner of venture funds in partnership with leading Uzbek banks.
SQB Ventures
A venture fund in partnership with SQB Bank. Invests in startups at the intersection of financial and industrial technology for the corporate segment.
Request Fund InfoHayot Ventures
A venture fund in partnership with Hayot Bank. Focused on technology for retail banking and consumer financial products.
Request Fund InfoUC Ventures
Photon's first operational mandate (2023-2025). We are supporting the portfolio companies through their exit cycles expected in the next 1-2 years.
Request Fund InfoOperating partner of the funds
Photon serves as the operating partner of the funds. We run the full operational cycle: startup sourcing, due diligence, deal negotiations, portfolio support and exit assistance.
Investment decisions are made by each fund's Investment Committee and/or Supervisory Board. Photon staff are not members of these bodies - this ensures the independence of investment decisions and a clear separation of operational and fiduciary responsibility.
Investors (Limited Partners) participate in the funds as financial partners with clearly defined rights, share and exit horizon.
- Transparent fund governance structure
- Regular reporting for LP investors
- Active mentorship of portfolio companies
- Partner ecosystem access for startups
Operational management: what it is and how it differs
Photon runs operational management of the funds but is not a management company in the sense of trust management of assets. This is a fundamental distinction - we explain it below.
Trust management
- Who decides: the management company makes investment decisions on its own
- Legally: requires a specific license for trust management of assets
- Liability: fiduciary responsibility for investor capital sits with the management company
- Regulation: operations are regulated by specialised trust management legislation
Operational management
- Who decides: each fund's Investment Committee and/or Supervisory Board - Photon staff are not members of these bodies
- Legally: does not require a trust management license, operates under a regular service agreement with the fund
- Liability: Photon holds operational responsibility for the quality of selection and processes, fiduciary decisions sit with fund governance bodies
- Regulation: complies with regulatory requirements without the need for special licensing
What Photon does
- Sourcing and scouting startups
- Hypothesis scoring via the Innovation Framework
- Due diligence and analytical preparation
- Deal negotiations and structuring
- Portfolio company support
- Exit support
- Reporting to LPs and fund governance bodies
What the Investment Committee / Supervisory Board does
- Makes final investment decisions
- Approves deal terms (term sheets)
- Approves follow-on investments
- Approves strategic portfolio exits
- Approves changes to the fund's investment strategy
- Ensures compliance with the fund mandate
Why this matters: this model ensures the independence of investment decisions, separates operational from fiduciary responsibility, and allows us to operate within the framework of current legislation without requiring a license for trust management of assets.
Interested in investing?
Contact us to learn about the terms of participation in active funds operated by Photon.