La Royale’s strategic approach is based around the proven search fund model. Through profitable company acquisition, our search fund model aims to support and enable owner-CEOs and well-run businesses, and generate venture-level returns while bypassing startup risk.

32%

IRR Target

4x

MOIC Target

Global

US, EMEA & Asia

Diverse

Casinos,
Sports & Payments

The evidence

Globally, search funds have consistently generated strong returns in the last 13 years. Between 2011 and 2021, search funds outperformed all other asset classes, achieving IRRs of up to 35%.

Private Equity Returns 2011-2021 IRR
Search Funds (All) 35.3%
Search Funds (ex top 5) 32.1%
US/CAN Venture 17.8%
US/CAN Private Equity 16.4%
Asia/Pacific PE & VC 15.2%
Europe PE & VC (USD) 14.6%
Fund of funds 13.0%
Secondaries 12.5%
Private Credit 8.8%

1 Source: ILPA Private markets 10 year benchmark realease Nov 18 2021 with 4460 unique funds of pooled Net IRRs
2 Source: Stanford 2022 Search Fund study pg.8 realeeased July 15th 2022.

Our difference

Unlike other models such as angel investing, VC or buyout, Search Funds represent an exciting and untapped market segment with key benefits.

Low Risk

Our acquisitions have been operating for many years

Size

Like VCs, we target smaller companies

Independence

Our portfolio is unaffected by the macro environment

Exit

We scale SMEs to be attractive to institutional investors

Target Sectors

The La Royale team has decades of combined experience and commercial success in the iGaming sector. That’s why we specialize in backing technology providers within the iGaming sector.

Software providers such as Evolution Gaming and Light & Wonder, and operators such as Draft Kings have delivered attractive returns while displaying resilience against market shocks such as Covid.

Equity Returns table

Equity Returns 2019-2024 IRR Segment
Evolution AB 44.2% Gaming Studio
Light and Wonder 36.1% Gaming Studio
DraftKings 32.0% Sports Betting
Better Collective A/S 30.9% Media & Affiliates
Organisation of Football Prognostics 23.4% Sports Betting
Intralot 22.5% Payments
Flutter Entertainment 20.2% Sports Betting
Gaming innovation Group 16.2% Media & Affiliates
S&P500 14.5% Index
Mastercard 13.8% Payments
Visa 12.2% Payments
Kindred Group 11.8% Sports Betting

Source: S&P Capital iQ

Operating Partners

Joan Beaufort

Founder & owner of a €45m EBITDA iGaming business

Investment Team

Keith Bortoluzzi

10+ years of corporate finance & fund management

Edward Choi

30+ years of corporate finance & fund management