Pembroke VCT

Fred Ursell is Head of Investments at Pembroke VCT, where he leads the firm's investment strategy alongside the CEO, overseeing sourcing, due diligence, capital allocation, and portfolio management. He joined Pembroke in 2019 and previously worked in the Growth Finance team at Grant Thornton advising scaling businesses on raising capital. He holds a First-Class Honours degree in Business and Finance, the Investment Management Certificate, and has passed Level I of the CFA programme.

Alicia Taylor is an Investment Director at Pembroke, where she joined in September 2022, focusing on new investments while supporting existing portfolio companies and their founding teams. She previously worked in Barclays Private Bank's ultra-high net worth investment team and spent three years at a boutique venture capital fund. She holds a first-class BSc in Management from Bristol University, the IMC Certificate, and has passed CFA Level One.

Andy Hall is an Investment Manager at Pembroke, working with founders across the investment process from diligence to long-term strategic support. He is an ACCA-qualified accountant with more than 10 years of experience supporting UK SMEs. Before Pembroke he worked at BDO in the Outsourced Accounting team and later the Growth Capital Advisory team, where he helped tech and tech-enabled businesses raise up to £10 million from venture capital, private equity, and venture debt investors.

Elizabeth Lazell joined Pembroke in May 2023 and works on new investments while supporting the firm's existing portfolio companies alongside founders and management teams. Before Pembroke, she worked at Grant Thornton, starting in the Audit team and later moving to Restructuring and Insolvency in 2019. She holds a first-class degree in Accounting and Finance from Newcastle University and is an ICAEW Chartered Accountant.

Adrian Harris joined Pembroke as a Portfolio Director in June 2024. He started his career as an investment banker at Lazard Brothers and Co in London and spent nine years as a managing director at Oakley Capital. He also co-founded and served as COO of Bluewater Bio, a water and wastewater treatment company, authored two Microsoft Office software add-ins, and created thankU Cashless Tipping.

Chris Allner joined the Board of Pembroke VCT plc in June 2024, bringing roughly 40 years of experience in venture capital and private equity. He has been a partner at Downing LLP since 2012, where he chairs the investment committee, and also serves on Nesta's Impact investment committee. Earlier in his career he held senior investment roles at Octopus Capital, Beringea, and Bridgepoint.

Chris Lewis joined Pembroke in 2019 as Chief Financial Officer and Chief Operating Officer, bringing experience from professional services, family offices and investment management. Before Pembroke he spent ten years as CFO at Downing LLP, where he helped the firm expand from a specialist VCT provider to a broader range of investment products. He also serves as Chair of the Venture Capital Trust Association (VCTA), a UK industry body representing several of the largest VCT managers.

Christian Capunitan works in finance at Pembroke VCT, where he focuses on monitoring, supporting and analysing the firm's portfolio companies. He previously worked at accounting firms. He is a Certified Public Accountant (Philippines), holds a Bachelor of Science in Accountancy from the University of Perpetual Help System Laguna, and an MBA in Strategic Management from Apsley Business School, London.

Cordelia Royds joined Pembroke in 2021. She graduated from Oxford Brookes University in 2020 with an Upper Second Class Honours degree in Politics and International Relations. Before university she worked as a ski instructor in Switzerland and as a secretary at the finance recruitment agency Walker Hamill in London.

David Till co-founded the Oakley Capital Group in 2002 alongside Peter Dubens, taking responsibility for operations, finance, due diligence, compliance and fund formation. He previously worked with Dubens on 365 Media Group plc and Pipex Communications plc, handling their acquisitions and disposals, and in 2007 helped launch Oakley Capital Private Equity. He holds a BA (Hons) in Economics from Essex University, began his career in the British Army, and qualified as a chartered accountant with Coopers & Lybrand before holding finance director and senior M&A roles.

Edward "Eddie" McMillan is an Economics student at the University of Bath who joined Pembroke's Valuations and Reporting team on a 12-month placement as a Portfolio Analyst. He previously worked in private equity, where he focused on improving investor outreach systems, and has completed university modules in Accounting, Financial Economics, and Econometrics. Before Pembroke he also gained experience in hospitality and events.

Elizabeth Flockhart is a chartered accountant with over 20 years of experience in fund management, investment oversight, and corporate governance. She began as a fund manager at Martin Currie plc, then held senior roles at Standard Life plc and Aberdeen plc, where she was Global Head of Oversight for public market assets including listed investment trusts. She sits on the Investment Committee of the Nuclear Liabilities Fund and, in 2025, was appointed a Non-Executive Director of Baillie Gifford US Growth Trust plc.

Emma Ward is Director of Talent at Pembroke, which she joined in March 2025, where she works with portfolio company leadership teams on Chair, NED, C-suite, and Board hiring. She previously served as European Managing Director of The Talent Business, an executive search firm in the brand and innovation space, and has 25+ years of management experience across brand consultancies and advertising agencies.

Felix Danczak joined Pembroke as Head of AI & Growth in June 2025, working with portfolio companies on AI adoption and go-to-market strategy and supporting the investment team in assessing new deals. He previously served as VP, Global Head of Marketing at Zuora, COO at Zephr, and Head of Strategy at Signal AI, and is the author of a book on market-led growth. He holds degrees from the University of Cambridge and the University of Warwick.

Attended the rev London event on behalf of Pembroke VCT to pitch the firm to founders.

Isabella Black joined Pembroke in March 2023 in an administrative and team support role. She graduated from Cardiff University with studies in Religious Studies and Ancient History, and travelled across Asia, New Zealand, and Australia before joining the firm.

John Paton is the Chairman and Co-Founder of IVA Ventures, which invests in and advises established media companies as well as seed and early-stage digital businesses. Before founding IVA, he led media companies across Europe, the US and Canada. He currently serves as Chair of The Independent and the Evening Standard and as Executive Chair of BOAT International Media, and in 2020 was appointed a Non-Executive Director of the Home Office by HM Government.

Jonathan Djanogly is a non-practising solicitor who spent over ten years as a corporate partner at City law firm SJ Berwin LLP, focusing on mergers and acquisitions, private equity, joint ventures, and public market fundraising. He has been a Member of Parliament since 2001, serving on the Trade and Industry Select Committee and later as a Justice Minister from 2010 for over two years, as well as in shadow roles including shadow Solicitor General. He is a former member of the Exiting the EU Select Committee.

Louise Wolfson is a corporate lawyer who was previously a partner at Allen & Overy LLP and Pinsent Masons LLP, with a focus on corporate finance transactions as well as mergers and acquisitions, joint ventures, strategic investments, capital raisings and listings. She now works as a freelance legal consultant and serves as a tribunal judge hearing social security and immigration appeals. She is also a director of Women's Pioneer Housing, a housing association supporting women in West London.

Marigold Quitoriano holds a Bachelor of Science in Accountancy from Far Eastern University and is a Certified Public Accountant in the Philippines. She previously worked as an Audit Assistant Manager at Ernst & Young LLP and joined the firm in 2024 as Valuations and Reporting Manager.

Mark Stokes has more than 30 years in financial services, including 20 years at Executive Committee level. He is currently Chief Commercial Officer at United Trust Bank and has previously held Managing Director roles at Lloyds Corporate and Commercial Banking, Williams & Glyn, and Metro Bank, with experience spanning commercial and SME lending, consumer and asset finance, M&A execution and capital markets fundraising. He is a member of the Chartered Institute of Bankers with its Green and Sustainable Finance certification, and holds a Diploma in Company Direction and Board Development from the Institute of Directors.

Mary Hull is a Fund Accountant who joined Pembroke in 2023. She previously spent 14 years as a VCT Accountant at Downing LLP and qualified as an ICAEW Chartered Accountant in 2008 while at HW Fisher. She holds a first-class degree in Mathematics and Fine Art from Aberystwyth University.

Neeta Patel CBE is a business leader and board director with experience across financial services, media, technology, and education. She has served as CEO of The Centre for Entrepreneurs, developed early European personal finance websites, led a fintech startup, and worked in private equity backing technology ventures. She currently holds several board and advisory roles and mentors entrepreneurs at London Business School.

Nick Maslechko is a Portfolio Associate at Pembroke, joining in December 2025, where he supports portfolio company founders and leadership on follow-on investment, exit planning, financial planning, and investment materials. He previously worked in Corporate Development at a large public technology company, handling in-house M&A and strategic recommendations. He is a CPA (Canada) who trained at PwC Toronto in Deals, Valuations and Financial Modelling, and holds a Bachelor of Commerce in Finance & Accounting from Queen's University.

Orla Walsh joined Pembroke in 2019. She previously worked in audit at Deloitte LLP, where she focused on privately-owned and private-equity backed businesses. She qualified as an ACA chartered accountant in August 2018.

Ruth Kennedy is a brand consultant working with clients in the luxury goods and services sectors on business development. She previously led Quinlan Private UK, a real estate and private equity group, from 2006 to 2009, and spent 16 years at bespoke furniture and design firm David Linley and Co., having started her career as an investment banker at S.G. Warburg. She serves as a non-executive director on the boards of Daylesford Organic, Bamford, and Value Retail, and previously sat on the public board of Belmond Hotels until 2019.

Sheeraz Salar is Head of Legal at Pembroke, joining the firm in September 2023. A qualified solicitor, he previously worked as a senior associate in the corporate team at Withers LLP, where he focused on investment and M&A work. He studied at the University of the West of England, Bristol.