Sir Nick Clegg Joins HIRO Capital as General Partner as the Firm Launches HIRO III to Back European Scale-ups

High-profile hire and a new fund focused on big-tech deep-tech

HIRO Capital announced in London this week that Sir Nick Clegg has signed on as a general partner as the firm launches HIRO III, a new venture fund aimed at backing European and UK scale-ups. The move pairs a well-known political figure with a team that says it will lean into deep-technology areas such as Spatial AI, robotics, longevity, games, space and defence.

The announcement carries weight beyond a routine hire: Clegg is a public-facing figure with connections in government and industry, and the fund also rolled out a heavyweight advisory board that includes Yann LeCun, the AI researcher and Meta (META) chief scientist. The firm says HIRO III will operate out of London and target growth-stage companies across Europe, with an emphasis on technologies that are capital intensive and strategically important.

What the release did not detail is as important as what it did: HIRO has not yet disclosed the fund’s target size, fee and carry structure, planned first-close target, or whether it has secured anchor limited partners. Those are the basic facts investors and founders will want before reading the full playbook.

What HIRO III says it will back and how it plans to help

HIRO frames HIRO III as a multi-stage vehicle that will continue the firm’s longstanding focus on software-for-games and digital entertainment while broadening into capital-heavy and strategic domains. The named sectors — Spatial AI, robotics, longevity, games, space and defence — suggest a thesis that mixes commercial scaling stories with national-security and infrastructure plays.

Practically, that means the fund seems aimed at later seed through growth stage rounds where ticket sizes are larger and capital is needed for productisation, manufacturing or regulatory work. The announcement did not list typical check sizes or exact stage exposure, so it’s unclear whether HIRO intends to lead late seed and Series A rounds, write larger Series B checks, or reserve more capital for follow-on rounds.

The firm pitches an active value-creation model: bringing operational experience, tech and product support, and access to commercial channels. For HIRO III to deliver on that promise, it will need clear follow-on capital plans and partnerships that help companies cross the scale-up chasm — especially in hardware-heavy fields like robotics and space, where capital needs and timelines are long.

Yann LeCun and the advisory board: credibility, tech due diligence, and recruiting muscle

Yann LeCun brings clear technical cachet. He’s a leading AI researcher, an academic and the chief AI scientist at Meta (META), and his presence signals the fund will take technical due diligence seriously for AI-linked bets. For founders, having a figure like LeCun on the advisory board can help with product-level questions, hiring top research talent, and opening doors to AI partnerships or validation.

The rest of the advisory board, described as global leaders from industry and government, adds another layer: expertise for defence and space diligence, help navigating export controls and procurement, and introductions that can accelerate business development. That combination is useful for any fund targeting regulated or mission-critical technology where technical credibility and political navigation matter.

Still, an advisory board is not the same as a track record of exits. For LPs and founders, the question will be how often the board actively helps portfolio companies versus lending brand value at marketing moments.

What HIRO III means for Europe’s VC market

This fund launch comes at a moment when Europe is pushing to retain and grow home-grown scale-ups, especially in strategic technologies. More capital focused on later-stage, capital-heavy startups can be a positive: it reduces the risk that European winners are starved of the checks they need to scale at home, and it nudges the ecosystem toward larger exits.

At the same time, the sectors HIRO targets raise geopolitical and regulatory complexity. Investments touching defence, space or advanced AI may trigger screening under the UK’s investment rules and the EU’s foreign investment screening frameworks. That could lengthen deal timelines, add approval risk, and make LPs sensitive to governance and ownership structures.

Competition for deals will also heat up. Other European and global growth funds are chasing the same scale-ups. HIRO’s edge will rest on its network, its ability to move quickly on follow-on capital, and whether it can use its advisory board to win proprietary access to top founders or strategic co-investments.

For potential LPs: the main questions to ask

Institutional investors should expect a standard but focused due diligence checklist. Key items to probe include the GP team’s track record of realised exits and returns, alignment of economics (management fees and carried interest), and clarity on sector concentration — how much of the fund can be in high-capital, long-horizon companies.

LPs should also evaluate political risk: a figure like Sir Nick Clegg brings access, but also potential political exposure. Ask how the firm manages conflicts of interest, what governance safeguards exist, and whether there are clear policies for investing in regulated sectors where government approvals are required.

Finally, seek transparency on the fund’s size, reserves for follow-ons, LP composition, and the expected path to liquidity for investors who need it.

What to watch next

The immediate signals to track are straightforward. First, the fund size and the announcement of any anchor LPs or a first close. Second, whether HIRO reveals typical check sizes and stage focus in more detail. Third, the firm’s early portfolio moves — the companies it backs first will say a lot about its practical risk appetite and speed of deployment.

Also watch for regulatory clearances for defence- and space-related deals and follow-up interviews with Clegg, the GP team and advisory board members to clarify their hands-on role with portfolio companies. Those follow-ups will determine whether HIRO III is mostly a brand-led fund or a deeper operational platform for Europe’s next wave of scale-ups.

Sources

• prnewswire.com