.webp)
Copilot Capital has promoted Dave Sun to Partner and Zerxis Billimoria to Director as it expands its senior team and increases its focus on pan-European software deals.
Both joined Copilot at its founding and have worked on investments and portfolio engagement as the firm has expanded its footprint in European software and data businesses.
Copilot manages a €200 million fund and targets lower mid-market buyouts in the sector. According to its investment profile, it focuses on companies with €5 million to €15 million in annual recurring revenue. It also works with management teams on growth plans aimed at reaching greater scale.
Nordics focus
Sun will continue to lead execution across the Nordics. His remit will also expand to include firm strategy and operational development alongside Founder and Managing Partner John Messer.
Sun has led Copilot's investments in Relesys and PriceShape. He previously spent seven years at Hg Capital and later worked as an operator at TravelPerk.
"I'm thrilled to be taking a step up and huge credit goes to my fellow Copilots – it's truly a team sport," said Dave Sun. "This is the most exciting time I've seen in my career as a tech investor and it's amazing to work with a portfolio of businesses so well positioned to capitalise on the AI future. It's a privilege to help them and Copilot maximise the significant opportunity we have ahead of us."
Deal leadership
Billimoria will take a leadership role in deal execution and portfolio engagement across Europe. The Director role includes leading deal processes from sourcing through execution and conversion.
Billimoria has worked on each of Copilot's completed deals and recently led the firm's investment in Zendr. He holds an MBA from London Business School and mentors junior team members.
He will also take on broader board responsibilities across the portfolio and work with founders on strategy. Copilot's approach centres on close engagement with management teams after an acquisition.
"I have thoroughly enjoyed helping to build Copilot over the last two years, but I couldn't have done it without my fellow Copilots," said Zerxis Billimoria. "Our founder and relationship focused approach gives us the edge both in the deal process and post-deal, and I look forward to taking a greater role in expanding our portfolio of European Champions going forward."
Scaling the team
The promotions come as European private equity firms navigate a shifting deal environment for software assets. Higher interest rates and valuation resets have affected transaction volumes across parts of the market. Investors have also spent more time working with portfolio companies on operating performance and cash generation.
Copilot positions itself as an execution-led investor in software and data companies. Its current and past investments include Zendr, Relesys, SecureFlag and PriceShape.
Messer said the firm wanted to add depth to its senior ranks as conditions improve for transactions and portfolio development.
"It's fantastic to start the year with two hugely deserved promotions," Messer said. "I am delighted for Dave, who I have known for many years, and can't think of anybody better to help drive Copilot forward. And I'm incredibly proud of Zerxis, who first worked for me as an intern six years ago and has a true instinct for investing. It has been phenomenal to see his career develop and the impact he has had at Copilot. I can't wait to see what more he and Dave can achieve in the coming years."
"As market conditions begin to open up, building depth in our senior team is critical to helping founders drive growth through execution, innovation, and operational excellence. These promotions reflect our continued focus on hands-on value creation and supporting European software businesses through their next phase of growth," Messer added.