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We are pleased to announce that Pembroke achieved a record
fundraise of £34.5 million, having closed our offer just after the
tax year end on 6 April 2020.

We have grown and matured into a
£100 million investment fund since our inception
in 2012 and continue to focus on premium consumer brands.

The portfolio team was further strengthened by Katrina Lytton
in February. Prior to joining, she was an investment manager
at a venture capital fund. She started her career at KPMG,
initially within deal advisory, and latterly as its UK nutrition lead.

As the COVID-19 challenges continue to evolve, we continue
to be impressed by the agility, resilience and creativity of
the founders at the helm of our portfolio companies. Some
companies, such as Boom Cycle, Secret Food Tours and HotelMap
have cut costs to the minimum and are mothballed for the time
being. Other companies have adapted their product offerings
and strengthened their online selling, including Floom and
Me+Em. We also have several companies that continue to exceed
expectations, including Stitch & Story, Popsa, Plenish and Pasta
Evangelists. Despite the current economic headwinds, we remain
confident that our diverse portfolio is in good shape to handle
the forthcoming challenges.

In this issue we’d like to tell you about our new investments and
provide you with an update on how a few of our nimble founders
have responded to the evolving situation.