Investor Overview

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Confidential — For Prospective Investors Only
Version 2.4 · June 2026

Opportunity LSI Advantage The Fund Mechanics Investors Team Timeline Commit Now

Version 2.4 · June 2026 · Confidential

Capital for the Emerging
Medtech Industry

The LSI Spotlight Fund connects curated early-stage medtech companies with a network of sophisticated investors — leveraging the world's leading medtech ecosystem to deploy capital with precision.

LSI Spotlight Fund I, LP · Delaware · Limelight Health Capital

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The Problem

The Medtech Seed
Funding Gap

Institutional VCs have moved to later-stage deals. Angel capital remains slow and fragmented. The result: a structural gap at exactly the moment when medtech innovation is most vulnerable.

$3–5M
Seed Stage Funding Gap
Per company, consistently unfilled
18 mo
Runway Required
To reach meaningful clinical or commercial milestones
70%
Fail to Raise Series A
Of promising medtech companies that reach seed stage
1–5%
Angels Write Checks
Of individual angels who attend medtech events
$25K
Median Angel Check
Too small to meaningfully support a company
18 wk
Angel Group Decision
Average cycle from pitch to commitment
Larger funds require larger deals to move the needle on returns. A $500M VC fund deploying 2% per deal needs $10M minimum tickets — making sub-$5M seed rounds economically impractical. The result is a vacuum at exactly the stage where capital is most transformative for medtech companies.
Individual angel investing in medtech requires deep domain expertise that most high-net-worth individuals lack. Traditional angel groups move slowly (18+ weeks to decision), invest in tiny increments ($25K median), and only 1–5% of event attendees ever write a check. The process is fragmented, illiquid, and inefficient for all parties.
The LSI Spotlight Fund aggregates capital from LPs into a structured vehicle that writes meaningful checks ($50K–$500K) to 14–20 curated medtech companies per annual cohort. LPs benefit from professional curation, industry-standard terms, diversification, and the full weight of the LSI network — while companies get committed capital on a predictable timeline.

Why LSI

The LSI Advantage

LSI is the world's leading medtech ecosystem. No other fund has direct, privileged access to this depth of vetted deal flow, strategic relationships, and market intelligence.

13,000+
Executives Attended
Cumulative across all LSI events
2,600+
Vetted Companies
$4.8Bn raised in 2025 alone
1,000+
Active Medtech Investors
VCs, PEs, and Family Offices in network
60+
Strategic Acquirers
Active participants across LSI events

Annual Conference Series

Asia Pacific
LSI Asia
Singapore · June–July
Attendees400+
Companies70+
2026 Cohort Target2–3 companies
Europe
LSI Europe
Barcelona · September–October
Attendees1,000+
Companies250+
2026 Cohort Target3–5 companies
North America
LSI USA
Dana Point, CA · March
Attendees2,000+
Companies400+
2027 Cohort Target9–12 companies

Structure

A Curated Index Fund
for Medtech

Three structural advantages that align the interests of founders, investors, and the broader medtech ecosystem.

01
Diversified Basket
Every cohort targets 14–20 of the most promising emerging medtech companies — selected from hundreds evaluated at LSI conferences. LPs gain exposure across device, diagnostic, digital health, and therapeutic modalities.
14–20 companies per annual cohort
02
Industry-Standard Terms
Convertible notes with a 20% discount, 7% interest rate, and 18-month maturity. Terms are transparent, founder-aligned, and consistent across every portfolio company — no surprises, no complex structures.
20% discount · 7% interest · 18-month maturity
03
Participation Rights
Limited partners retain the right to make follow-on investments in any portfolio company at the fund level. LPs who want deeper exposure to specific companies can act on it — without losing the benefits of fund-level diversification.
Follow-on rights retained at fund level

How It Works

Portfolio Company
Investment Mechanics

Term Detail
InstrumentConvertible Note
Check Size$50K – $500K per company
Discount Rate20%
Interest Rate7% per annum
Maturity18 months
Qualified Financing Threshold$2M minimum round
Valuation CapNone
Participation RightsYes — at fund level
Most Favored Nation (MFN)Yes
ReportingQuarterly financials + CEO report
Board RightsNone

Why These Terms?

Founder-Aligned

No valuation cap removes one of the most contentious negotiation points at seed stage
No board rights keeps governance clean for a pre-institutional company
Standardized terms across all companies reduces legal complexity and costs

LP-Aligned

20% discount provides meaningful upside protection at conversion
MFN clause ensures LPs always receive the best available terms
Quarterly reporting maintains transparency throughout the investment period

Three complementary lenses ensure each portfolio company is selected with maximum rigor and minimal bias.

01
Wisdom of Crowd
Structured investor feedback from conference attendees — the same participants who will ultimately decide whether to invest further. Aggregated ratings and qualitative input from hundreds of sophisticated evaluators.
02
LSI Compass AI
Data intelligence engine analyzing market positioning, competitive dynamics, team signals, and fundraising trajectory. Quantitative scoring that complements human judgment.
03
Investment Committee
Human curation by Scott Pantel, Henry Peck, and Bryan Lord. Unanimous approval required for each portfolio company. Deep domain expertise and extensive network relationships inform every decision.

5-Step Selection Process

01
Application
02
LSI Event
03
Investor Feedback
04
Compass AI
05
IC Curation

The 2026–27 annual cohort deploys across three conferences — Asia to Europe to USA — building to a full portfolio of 14–20 companies and ~$5M deployed capital.

🇸🇬 Asia
LSI Asia 2026
Singapore · June 2026 · Capital call: July 2026
2–3
companies
Active Now
🇪🇸 Europe
LSI Europe 2026
Barcelona · October 2026 · Capital call: November 2026
3–5
companies
Upcoming
🇺🇸 USA
LSI USA 2027
Dana Point, CA · March 2027 · Capital call: April 2027
9–12
companies
Upcoming
14–20
Total Portfolio Companies
Full 2026–27 annual cohort
~$5M
Capital Deployed
Across full annual cohort
9 mo
Deployment Cycle
June 2026 through April 2027

Investor Terms

Investor Economics

TermDetail
Investment TypeLimited Partnership Interests
Minimum Commitment$50,000
Maximum Commitment$1,000,000
Management Fee$10,000 one-time (paid on commitment)
Carried Interest15% to General Partner
Distribution WaterfallDeal-by-deal American style
LP / GP Split85% LP / 15% GP
LP InputEncouraged — always
Follow-on RightsYes, retained at fund level
Full Commitment Due30 days after next LSI conference
ReportingQuarterly LP reports, single K-1

Why These Terms?

Simplified Economics

A single $10K management fee (one-time) replaces the typical 2% annual fee structure — dramatically lower 10-year cost
Deal-by-deal waterfall means LPs receive distributions as individual deals exit — no waiting for the full fund to wind down

LP-Friendly Governance

LP input is actively encouraged — your market expertise and relationships help the fund perform better
Quarterly reports and a single K-1 minimize administrative burden
Follow-on rights at the fund level preserve optionality without complexity

Example Economics

A $100K LP commitment with a one-time $10K management fee creates $110K total outlay. At a 2x portfolio return, the LP receives $170K after 15% carry — a net $60K gain on $110K invested.

See how the LSI Spotlight Fund compares to traditional medtech investment options.

Dimension Individual Angel Angel Group Traditional VC LP LSI Spotlight LP
Minimum Commitment $25K–$50K $25K–$100K $250K–$1M+ $50K
Investment Increments Ad hoc Per deal Lump sum Per cohort call
Management Fee None Annual dues 2% annual $10K one-time
10-Year Fee Cost $0 $5K–$15K $50K–$200K+ $10K total
Carried Interest None None 20% 15%
Distribution Waterfall Immediate Per deal Full fund wind-down Deal-by-deal (85/15)
LP Input Full control Group vote — Always encouraged
Deal Flow Quality Network dependent Network dependent Fund dependent Curated from LSI pipeline
Diversification 1–3 deals/year 5–10 deals/year 20–40 deals/fund 14–20 per cohort
Follow-on Rights Yes Case-by-case — Yes, at fund level
Reporting Ad hoc Varies Annual LP report Quarterly + single K-1

Legal Structure

Fund Structure

LSI Spotlight Fund I, LP is organized as a Delaware Limited Partnership — a standard, well-understood vehicle for institutional and sophisticated private investment.

Delaware Limited Partnership. Each fund cohort operates as a separate fund vintage.

Limelight Health Capital
Management, LLC
Management Company
Delaware limited liability company
Limelight Health Capital
GP, LLC
General Partner
Delaware limited liability company
Management Agreement
Management Fee
+ Partnership Expenses →
LSI Spotlight
Fund I, LP
Delaware Limited Partnership
← Carried Interest
15% to the General Partner
Limited Partners
Investors (~100 or less)
Investments
(14–20 Portfolio Companies)

Investment Committee

Three Complementary
Principals

Unanimous approval required for each portfolio company investment. Deep domain expertise, institutional relationships, and operational experience across the full investment lifecycle.

SP
Scott Pantel
Founder & CEO
Life Science Intelligence (LSI)
Ecosystem Access & Strategic Relationships

Scott founded LSI and built it into the world's premier medtech intelligence and events platform. His relationships span the entirety of the medtech ecosystem — from emerging founders to the largest strategic acquirers in the industry. As IC chair, Scott brings unparalleled deal flow access and strategic perspective to every investment decision.
HP
Henry Peck
Chief Business Officer
Life Science Intelligence (LSI)
Customer Introductions, CompassAI & Commercial Strategy

Henry leads LSI's business operations and CompassAI platform — the data intelligence engine at the center of the fund's selection process. His customer relationships provide deep commercial diligence capability, and his strategic perspective on medtech market dynamics informs portfolio construction.
BL
Bryan Lord
Managing Partner
Flightline Partners
Fund Operations, Investor Relations & Portfolio Construction

Bryan brings institutional fund management experience through Flightline Partners. He oversees fund operations, LP relations, and portfolio construction and management — ensuring LSI Spotlight Fund operates to institutional standards from day one. His structured finance expertise ensures LP interests are always protected.

Key Dates

2026–27 Cohort
Key Dates

May 2026
LP Commitments Open
Non-binding commitment agreements accepted. Fund documentation review begins.
June 2026
LSI Asia — Singapore
2–3 portfolio companies selected from 70+ presenting companies.
July 2026
First Capital Call
Capital called for Asia cohort companies. Commitments due 30 days post-event.
October 2026
LSI Europe — Barcelona
3–5 portfolio companies selected from 250+ presenting companies.
November 2026
Second Capital Call
Capital called for Europe cohort companies.
March 2027
LSI USA — Dana Point, CA
9–12 portfolio companies selected from 400+ presenting companies.
April 2027
Third Capital Call
Capital called for USA cohort companies.
May 2027
2026–27 Cohort Complete
Full portfolio of 14–20 companies, ~$5M deployed. Annual reporting begins.

How to Commit

Next Steps
to Commit

Step 01
Verbal Commitment
Say "I'm in." That's all it takes to get started. Reach out to the investment committee directly to express your intent.
Immediate
Step 02
Non-Binding Agreement
Sign a non-binding commitment agreement confirming your intended commitment amount and acknowledging the fund structure.
1–2 weeks
Step 03
Review Documentation
Review the full fund documentation — LPA, PPM, and subscription agreement — with your legal and financial advisors.
2–4 weeks
Step 04
Execute & Wire
Execute the subscription agreement and wire your capital commitment. Full commitment due 30 days after the next LSI conference.
On commitment
LSI Spotlight Fund

Ready to Invest?

Let's Talk

The LSI Asia cohort is active now. LP commitments are open. Reach out to the investment committee to begin your commitment process.

investors@lsi.spotlightfunds.com

Scott Pantel

Founder & CEO, LSI

Henry Peck

Chief Business Officer, LSI

Bryan Lord

Managing Partner, Flightline Partners

Contact Us Now