Nick Sando, who recently joined Molten's secondaries team, shares what gives Molten a genuine edge in the secondaries market, why he thinks existing software businesses are being underappreciated, and the piece of advice he dismissed at the time - but has never forgotten.
What attracted you to Molten?
To do secondaries well, you need two things on top of capital: asymmetric information and relationships. Relationships aren’t unique to secondaries - any great primary investor needs to earn the trust of founders and make them want you around the table. Molten has built an incredible reputation for taking big, bold bets early, and founders genuinely respect that.
Then there's the asymmetric information. Molten is an investor in over 80 funds across 60 managers. They've seeded some of the greatest funds in Europe and through that network, we get a look‑through at the underlying portfolio companies those general partners have invested in, and that insight is incredibly powerful. That's the secret sauce. Most founders don't want to talk to you unless they're fundraising. But if I can say, "I've already seen how your business is performing, I'd like to provide some liquidity and I'm not going to be painful because I already know the details," they almost always say yes.
There's another advantage, too. Founders often say, “We don’t want to add anyone new to the table.” But we're not new; we've already invested through the funds backing their business. It's one of the clearest examples of the edge Molten has. That combination is exactly why I joined.
From your previous roles or experience, what are you excited to bring to Molten?
I'm excited to approach secondaries with a primary investor mindset. We will focus on growth over discounts and take a first-principles approach on value.
How do you start a relationship with a potential company you might invest in?
It almost always starts through our network. We connect with founders via a warm introduction rather than reaching out cold. Stephen has been a founder for 15 years. I was a founder before becoming an investor. Between us, we know the founder community and the investor community inside out, so there's almost always a warm introduction available. That makes the whole process smoother for everyone.
Are there any investment trends you’re noticing this year and are you excited about any in particular?
When Malcolm and I evaluate opportunities, we certainly look for momentum players, but we also believe existing software businesses are being significantly underappreciated right now. We want to back founders who already have a great business with a strong distribution channel, but who also see a clear path to embedding AI to take it to the next level. We’re not AI-only, unlike some others.
Are there specific AI sectors you’re most excited about?
AI is going to transform every facet of how we live and work, so we're genuinely open-minded across the board. One area we find particularly interesting is consumer. A lot of investors say they won't touch consumer companies because they can be more daunting, but some of the biggest businesses in the world are consumer-led. We think there's a real opportunity there.
What’s one thing that you’d proud of in your personal life?
I wrote a couple of storybooks for my daughter. I can't draw at all, so I'll admit I used AI to generate the watercolour illustrations, and honestly, they turned out beautifully. It’s a small but genuine example of what AI can make possible.
And finally, what’s one piece of advice you were given early in your career that stayed with you?
It's funny, because the best advice is usually the advice you dismiss at the time, then realise later you should have followed. If we all actually lived by good advice, we'd be doing far better than we are.
But one thing has always stayed with me: you meet everyone twice in life. Always be the bigger person and treat people with kindness.