Opinions & Learning | Sapphire Capital

What a medieval woman taught me about modern leadership

vasiliki@sapphirecapitalpartners.co.uk (Vasiliki Carson) — Sun, 21 Jun 2026 09:07:18 GMT

When we think about Lady Elizabeth de Clare, the formidable medieval heiress and foundress of Clare College Cambridge, it’s tempting to imagine her as a character in a world of lords, castles, and chroniclers, conjuring up images from hit TV series like The Game of Thrones. But if you were to ask what she was really like, the answer might surprise you.

Knowing Her Own Mind
Lady Elizabeth once said that “we ought to know better than others what our intentions are.” That conviction of self-awareness and purpose feels deeply modern. She knew who she was and refused to let others define her. Despite a life marked by political turbulence and personal loss, she remained remarkably clear-headed about her role, her responsibilities, and her values.

Loyal to a Fault
Her loyalty to friends and allies was unwavering, though not always profitable. In an era when alliances were currency, Lady Elizabeth’s personal bonds often outweighed business sense. Yet that same devotion gave her a rare reputation for trustworthiness. Even after her death, her venture partners and estate managers were treated as extended family.

The Art of Keeping Count
Lady Elizabeth was meticulous, almost parsimonious, in her record-keeping. Her household books reveal a woman who believed in accountability: noting who owed what, to whom, and when it was due. Every penny and promise mattered. Her approach was pragmatic, not romantic, which is the hallmark trait of a woman who understands power in practical terms.

The Long View
Despite devastating losses including imprisonment and mistreatment by both King Edward II and her third husband Sir Damory, Elizabeth endured because she thought in decades, not days. Even when stripped of favour, fortune and freedom, she managed her affairs with strategic patience, gradually restoring her wealth and autonomy. Throughout her life, and particularly after the death of her first husband, the Earl of Ulster John de Burgh, Lady Elizabeth often relied on what we might now call “strategic hibernation” to navigate political upheaval. By stepping back from public life, she conserved her energy, reassessed her position, and deepened relationships with those who mattered most. This deliberate retreat, I would argue, enabled her to overcome adversity and ultimately reclaim her estate.

Balancing Heaven and Earth
Elizabeth recognised the delicate interplay between the secular and the divine. Her piety wasn’t performative, it was practical. She saw charity not as abstract virtue, but as a way to strengthen community and reciprocity. She gave to those she understood, empathised with, and could depend upon.

Empathy as Strategy
What truly set Elizabeth apart was her self-awareness. She knew her limitations but also knew how to overcome them by making efforts to understanding others. She discerned what they wanted and used that knowledge to negotiate fairer treatment and lasting alliances.

The Voice of British Values
Unlike many of her contemporaries, Lady Elizabeth’s influence stayed close to home. She didn’t seek foreign ventures or distant pilgrimages. Her world was the British Isles, which makes her legacy indelibly English. In her restraint, stewardship, and rootedness, she embodied what we might now identify cornerstone British values: duty, pragmatism, and quiet resilience. Echoes of Lady Elizabeth's legacy can certainly be felt in Victorian moral values, particularly around education and community service.

A Love of Learning
Elizabeth’s curiosity reached beyond her station. She explored medicine, surgery, and even the intricate politics of the Vatican. This breadth of interest became the soul of Clare College: a place that celebrates balance between the arts, sciences, and theology rather than narrow specialisation.

A platform and a Purpose

Lady Elizabeth used her title, wealth, and social position to build something enduring. Her estates opened doors, but it was her insight and empathy that turned privilege into legacy. Clare College stands today not just as a monument to her generosity, but as a reflection of her worldview: intellectually curious, ethically grounded, and elegantly self-aware.

Below is a video summary of the life of Lady Clare.

The Scale-Up Shift: Budget 2025 Reforms EIS, VCTs, and EMI

bronagh@sapphirecapitalpartners.co.uk (Bronagh Duggan) — Sun, 31 May 2026 10:59:42 GMT

The Chancellor's Budget 2025 delivered a clear message: the UK tax system is being reshaped to aggressively back high-growth scale-up businesses and the talent they need to thrive.

Announcement: Sapphire and JP Jenkins Launch Partnership to Expand Access to PISCES Secondary Market

vincent@sapphirecapitalpartners.co.uk (Vincent Robinson) — Sun, 31 May 2026 10:58:50 GMT

Our firm (Sapphire) is pleased to announce a groundbreaking partnership with JP Jenkins, the UK’s largest liquidity venue for unlisted assets. By leveraging JP Jenkins’ recently awarded PISCES operator licence, our portfolio companies can now choose to access a fully regulated secondary market structure.

Boyd Carson, co-founder and chairman of Sapphire, commented:

“We have been successfully supporting the financing of growth businesses for many years. We realised that the launch of the new PISCES operator licenses would present us with a unique opportunity, so we have partnered with JP Jenkins to provide new liquidity options and exit opportunities for investors in private companies. We are confident that this partnership presents a winning combination when it comes to providing greater flexibility for our clients.”

Boyd Carson
Co-founder and chairman, Sapphire

Why early-stage valuation discipline matters now more than ever.

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Sun, 31 May 2026 10:56:12 GMT

At present, all we seem to be thinking about at Sapphire is valuations. Specifically, valuations of investee companies associated with AI.

Are we in an AI bubble?

For those of you old enough to remember, this feels remarkably like the internet bubble of the late 1990s all over again.

At that time, I was working in New York for PwC, and the exuberance was palpable.

The crash was painful. I was fortunate enough not to lose my job, but I know plenty of friends who did.

I fear we could be heading in this direction again.

It was therefore with keen interest that I listened to Nvidia’s Chief Executive, Jensen Huang, who was recently asked whether we’re in an AI bubble. His answer was immediate and emphatic:

“I don’t believe we’re in an AI bubble,” Huang told Bloomberg Television. “All of these different AI models we’re using, we’re using plenty of services and paying happily to do it.”

Investors cheered. Nvidia’s stock surged 5% to a record high of $201.03, pushing its valuation past the trillion-dollar mark. Huang’s confidence was infectious, backed by his claim that Nvidia’s latest chips could generate half a trillion dollars in revenue.

Below is a video summary of this article.