Dawn Capital

Dawn is led by a small investment partnership that has stayed together across fund vintages. Haakon Overli and Norman Fiore appear as related persons on nearly every Dawn fund registration going back to Fund III, and Josh Bell is a general partner named alongside them on the Luxembourg vehicles from Fund IV onward.

The wider investment team includes Evgenia Plotnikova, Shamillah Bankiya, Dan Chaplin, Henry Mason, Daniela Raffel Torrebiarte, Zoe Qin, Romeo Walter, Andrea Guariglia, Alex Tsylnitska and Atiyu Mehta. Around them the firm runs a platform function of roughly eight people, covering the go-to-market and talent work that European B2B companies need when they attack the US market, plus a large operations and finance group. The consistency matters commercially: Dawn typically leads or co-leads, takes board seats and follows management teams through multiple rounds, which requires partners who stay in seat.

Dawn Capital has run a single B2B software strategy for close to two decades, and its fund series shows the compounding. Dawn Capital III, a London limited partnership, took first sale in March 2018. Dawn Capital IV moved the structure to a Luxembourg SCSp and reported $301.6 million sold to 72 investors after a July 2020 first sale. Dawn Capital V took first sale in June 2022 and reported $621.2 million sold to 74 investors in a July 2023 amendment, roughly doubling the prior vintage.

A parallel opportunities series holds ownership in later rounds. The first Dawn Capital Opportunities Fund registered a $140 million offering in December 2018 and sold $123.8 million to 24 investors. Opportunities Fund II SCSp followed in March 2021 and Opportunities Fund III SCSp in June 2022, both as Luxembourg vehicles with indefinite registered amounts. Haakon Overli and Norman Fiore are named on effectively every filing.