Davray — Strategic Advisory for Venture Capital

The context

$652B

in undeployed venture capital globally — PitchBook, 2024

Venture capital is at an inflection point. The old playbook no longer works.

Six hundred and fifty billion dollars in undeployed VC capital sits on the sidelines. Fundraising has declined for three consecutive years. LP distributions are at a fourteen-year low. The exit window remains largely closed.

GPs are under pressure from every direction. LPs are demanding liquidity they are not receiving. Founders are navigating boards that were structured for a different market. The relationships and structures that worked in 2021 are under strain in 2025.

The firms that navigate this moment will be the ones that take independent advice seriously — on governance, on liquidity, and on the decisions that cannot be delegated to a lawyer or a placement agent.

This is the moment Davray was built for.

The Firm

A strategic advisory firm built for the venture capital ecosystem.

Davray works with general partners, founding teams, and boards on governance, liquidity, and firm-level decisions.

The firm holds no capital and sponsors no transactions. Its only interest is the quality of its advice. Mandates are taken by introduction.

Advisory

01 GP Advisory

Venture capital firms face decisions at the management company level — on strategy, equity structure, and succession — that sit outside the remit of every other advisor they retain. Davray provides counsel on these questions.

02 Governance

Boards in venture-backed companies are frequently under-structured before they become consequential. Davray works with founding teams, investor representatives, and independent directors on cap table alignment, shareholder dynamics, and board mechanics.

03 Liquidity

Secondary transactions, LP stake transfers, and pre-IPO structuring require an advisor whose interests are fully aligned with the outcome. Davray advises across the full liquidity spectrum in venture capital.

04 Special Situations

Some mandates do not fit a category. When an LP/GP relationship has reached an impasse, or a founder and their lead investor are no longer aligned, Davray takes a small number of these engagements each year, on a retainer basis.

Who We Work With

Limited Partners

Institutional and private LPs seeking clarity on GP relationships, portfolio governance, and secondary positions.

General Partners

VC and growth fund managers navigating firm strategy, LP relationships, and management company decisions.

VC Portfolio Teams

We act as a liquidity squad — reviewing portfolios, identifying exit paths, and getting active in portfolio operations where value is at risk.

Boards

Independent directors and investor-appointed board members working through governance complexity and investor alignment.

Founding Teams

Founders navigating shareholder dynamics, cap table restructuring, and liquidity planning at critical moments in their company's trajectory.

What Clients Say

“Alexandre brought clarity to a board situation that had defeated every other advisor we had consulted. His independence was the point.”

Managing Partner

European early-stage venture fund

“We needed someone who understood both the LP and the GP perspective. Davray was the only firm that genuinely did.”

Chief Investment Officer

Family office, London

“The liquidity process was complex and politically sensitive. Davray handled it with a discretion and competence we had not found elsewhere.”

Founder & CEO

Series C technology company, Paris

“When our cap table became a battlefield, Davray stepped in and reframed the conversation entirely. We closed the round three months later.”

Co-Founder

B2B SaaS company, Berlin

The Team

Alexandre Covello

Founder & Managing Partner

Alexandre Covello founded Davray and leads its advisory practice. He has spent two decades in private markets — as a capital allocator, an advisor, and a builder — and has backed or advised more than two hundred companies across venture and private equity.

He is supported by a network of senior advisors and practitioners across Europe, drawn from the operational, legal, and financial disciplines that venture capital demands.

200⁺

Companies backed or advised across venture and private equity

25⁺

Years of experience in private markets

Global

Clients across Europe, the US, and Emerging Markets

Succeed with Davray

Davray works
by introduction.

If you are working through a governance, liquidity, or firm strategy matter and would like to explore whether Davray can assist, write to us.

Where venture capital operatorscome for advice.

Venture capital is at an inflection point. The old playbook no longer works.

A strategic advisory firm built for the venture capital ecosystem.

Alexandre Covello

Davray worksby introduction.

Where venture capital operators
come for advice.

Davray works
by introduction.