Steven Mendel, who recently joined Molten’s secondaries investment team, shares his plans, what excites him and the advice he would always give.
What drew you to Molten?
Myself, Nick and Malcolm – also on the investment team - had been looking very closely at the secondary investment space for some time. We’d been trying to raise our own fund and became increasingly convinced that we were onto something. This project didn’t come to fruition but in an unrelated conversation with Molten, they expressed interest in the secondary space and invited us to build our original plan alongside them. It felt like a great meeting of minds. We could continue building what we had set out to do, while also leveraging Molten’s experience; across secondaries, fund-of-funds investing, fundraising capability, and the strength of their broader brand.
In many ways, the two came together very serendipitously, but also very closely aligned.
What are your main responsibilities at Molten?
The three of us work closely together, on fundraising/ on sourcing deals/ and the selection process
As we’re only three people and still in the early stages, we’re all pitching in across everything. For example, I’ve already sourced one deal, and Malcolm has already contributed to fundraising.
Over time, my expectation is that we’ll settle more clearly into our own “swim lanes,” but for now, it’s very much a team effort.
Can you give a top-level overview of the fundraising process and your approach?
There are many different sources of capital, and the fundraising process varies significantly depending on who you’re speaking to.
At one end of the spectrum, you have large institutional investors, life companies, pension funds, who typically follow a very structured and lengthy selection process.
At the other end, you have individuals, who are often the most nimble. Close to them are family offices, which are more structured investment vehicles for wealthy individuals. They tend to use professionals to manage capital, but they’re still not far removed from direct investment decision-making.
So, the approach really depends on the audience. The process can look very different depending on where on that spectrum you’re operating.
What investment trends are you seeing this year, and which excite you most?
It would be remiss not to mention deep tech. We think we are likely to see a number of large, predominantly US-led businesses coming to market via IPO this year, which hasn’t been the case for a while.
What’s interesting, though, is what this means for Europe. There are a number of very large European private companies that haven’t yet stepped onto the global stage. I think 2026 will mark the beginning of some of these European businesses really moving into the limelight.
For us, this creates a significant opportunity, particularly in secondaries, to gain exposure to what could become some of the world’s leading businesses that were originally founded in Europe.
Are you seeing a shift away from the US?
There’s definitely some evidence of that, but I think the reasons are more nuanced than simply politics.
Some may frame it as a political shift, but I think it’s more likely about diversification and opportunity. European assets may currently be more economically attractive, while some US businesses appear fully valued.
It’s convenient to say the shift is politically driven, but I suspect there are deeper reasons: Europe offers compelling opportunities, and there may simply be more interesting businesses emerging there right now.
Also, when you consider that most investing is done with a medium-term horizon, political cycles, being relatively short-term, are less likely to be a primary driver for serious investors.
How do you choose which companies to invest in?
Stepping back from AI specifically, the key is to identify businesses that are building something with long-term economic viability.
That includes:
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A clear moat, or the potential to develop one
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A strong strategy for locking in customers (whether B2B or B2C)
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A business model that can sustain itself over time
Many companies fall short because they assume early success will simply continue. That’s not always the case.
Personally, I’m particularly excited by opportunities in fintech and healthcare, especially given the potential for innovation in areas like new drugs and treatment programmes, which are already beginning to transform the landscape.
What experience are you bringing to Molten from previous roles?
Most recently, I was the founder and CEO of ManyPets, a multi-geo pet insurer. There are a few key things I bring from that experience:
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I’ve been through the full “alphabet soup” of fundraising, so I understand how it works from the inside
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We used secondaries extensively, for staff incentives, rewarding early investors, and as a broader business tool
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I’ve sat in the CEO seat, so I understand the pressures, challenges, and decision-making realities
That last point is particularly important. I’m able to relate directly to founders, share their concerns, and provide perspective based on lived experience.
I’ve also spent a lot of time pitching to investors, which gives me a strong understanding of how investment decisions are made.
What’s one piece of advice you would always share with someone?
First, your business cannot be everything. It’s essential to look after yourself as a leader. Having interests and time outside of work is critical for balance.
I do worry when I hear about CEOs working seven days a week, 15-hour days. There are moments when that’s necessary, but it should be the exception, not the norm.
Secondly, perspective is key. If you can’t create it yourself, find someone who can help you.
I strongly recommend having someone external, ideally in a professional, commercial relationship, who can challenge you and provide an objective view. It’s often easier to open up to someone like that than to a friend, and they’re more likely to give honest, constructive feedback.
Having a sounding board with no vested interest in your business can be incredibly valuable.
What are you most proud of in your personal life?
I wouldn’t point to a single achievement, I think about it more as having a rich and full life.
I have three young adult children who bring me joy every day. Outside of work, I’m involved in charities, I cycle a lot plus I love jazz and architecture.
It’s not about being “proud” of any one thing but it’s about having a breadth of experiences that bring happiness and fulfilment.
I think it’s important that everyone builds that “rich fabric” in their own way. whether through family, social connections, charity work, or other interests.
Without that, work can take on too much significance. And when things don’t go your way, which inevitably happen at some stage, that can become quite concerning.
Having balance and perspective makes all the difference.