In one of the week's most distinctive manager profiles, Opalesque spoke exclusively with Dr. Christian Czernich, Founder and Managing Partner of Althera42, a London-based alternative investment platform applying royalty investing to European technology IP. The firm's thesis is that royalty finance - well-established in pharmaceuticals, metals, mining and music - has not yet been deployed at scale in European tech despite the sector representing over EUR 1 trillion in annual recurring revenues growing at 12-15% per year.

Czernich, a spin-off from Round2 Capital where he pioneered revenue-based finance across nine European countries, describes three structural barriers that keep competition low: banks cannot use royalties within their regulatory frameworks; most credit funds ......................

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