At Copilot Capital , we believe the journey is just as important as the destination.

In an industry known for its transactional and financial focus, we take a more human approach to private equity investing, building long-term relationships with founders and prioritising the people behind the software businesses we invest in.

With us since the very start, Copilot software investor Zerxis Billimoria embodies our philosophy. A trained accountant turned M&A due diligence expert, Zerxis was drawn to investing as a way to play a more active role in building businesses.

“For me, strong investor returns are the by product of a strong investor-founder relationship and a well-built business. It’s why we place a lot of importance on our own company culture, the people we hire and the founders we back. It’s also why we like to get involved earlier than typical private equity investors and play a key role in the growth journey.”

Zerxis’s own journey began in Mumbai, where he grew up and went to university, studying accounting and business before joining Deloitte to do his accountancy training. “As it turned out, I quickly learned that typical accountancy work wasn’t my passion, but Deloitte offered me another role in due diligence, which was much more up my street, and gave me the opportunity to study businesses up close.”

Zerxis spent five years in the role and worked on 50 M&A transactions across India, the USA, Malaysia and Egypt – giving him invaluable insight into the deal process. It made him realise that his true calling was investing, and playing a direct role in business building.

✈️ Flying through London Business School to Copilot ✈️

With a long held ambition to study abroad, Zerxis packed his bags and accepted a place on London Business School’s MBA programme, where he first crossed paths with Copilot Founder, John Messer , an alumnus at the school. “I knew I needed to base myself in one of the global financial centres, and once I moved to London everything fell into place. John offered me a year-long internship at his firm, and that experience helped me secure a role at another investment house once I graduated.”

Zerxis and John stayed in touch, and two years later the phone rang with an opportunity he couldn’t pass up. “I trust John’s judgement as an investor and we share the same investment philosophy. So, when he told me about Copilot, and the chance to build something from scratch, it was impossible to turn down.”

🗣️Putting human-centric investment into practice

As a day one member of Copilot’s investment team, Zerxis relished the opportunity to create a different type of private equity firm, that is less hierarchical and more collaborative – both internally and in its support for founders.

“My role spans the whole investment and portfolio lifecycle, but I’m also hands on with building and shaping the culture of our own business, which is really important to me.”

In 2024, he played a key role in the pre-investment phases of two of Copilot’s first investments, and now supports one of these on an ongoing basis. He explains that Copilot’s investment approach is to keep software founders firmly in the pilot’s seat.

“We’re not here to micromanage. We provide counsel and expertise, and for that to work, we must truly understand our businesses. We do a huge amount of research and due diligence prior to deploying capital. For founders, it means some extra legwork, but the reward is operational freedom on the other side, which really appeals to them.”

💻 A software enthusiast at heart

For Zerxis, software has always been a passion. “When I was at Deloitte, I audited one of the largest IT outsourcing firms in the world,” he recalls. “There I was exposed to the massive investments into software and automation – this was back in 2010, well before AI became such a buzzword. It opened my eyes to how software can reshape business and commercial life.”

Today, Zerxis sees huge potential in areas such as automating business processes and gamification, the art of turning ordinary or even tedious tasks into engaging, competitive experiences. “While I’m keen to learn about any software product that generates value for its customers, these are just two examples of areas in which we’re looking to partner with founders.”

👨🏻💻 A day in the life of a Copilot investor

Zerxis spends the bulk of his time in Copilot’s London HQ, although he’s recently been jetting across Europe to explore new investment opportunities. “When not out meeting management team's you'll usually find me at my desk analysing new businesses, chatting with industry experts, and of course, checking in with my portfolio company to see where we can help.”

Looking ahead, Zerxis sees 2025 as a period of continued growth and brand-building for Copilot. “We’re still young, but we’ve laid strong foundations in 2024,” he says. “The goal is to keep that momentum going and further establish ourselves as the go-to private equity partner for ambitious software businesses.”