From 19 to 21 November, part of the Kylla team took part in an intensive board-level training programme organised by The Board Mastery, featuring a full-day Boardroom Simulation Exercise created by INSEAD Immersive Learning. Using virtual reality to navigate a complex M&A transaction, the experience offered rare, hands-on insight into boardroom decision-making under uncertainty. Below, we share our experience and the key takeaways for Kylla’s corporate transaction and venture capital practice.
In November, we participated in an intensive three-day training programme for current and aspiring non-executive board members, organised by The Board Mastery, held at a beautiful castle in Oegstgeest, The Netherlands.
The programme brought together experienced board members and senior professionals to deepen their understanding of governance, decision-making, and boardroom dynamics. One of the clear highlights of the training was a full-day board simulation session, created by INSEAD Immersive Learning and delivered by a team of experts from The Board Mastery, that guided boards through a complex M&A transaction using virtual reality.
During the immersive learning session, participants worked with VR headsets and were repeatedly briefed on the evolving state of a live M&A transaction. Based on these briefings, we were required to advise the board on strategic, financial, and governance-related decisions.
The virtual reality scenarios were alternated with in-person board meetings, where participants were divided into smaller groups to discuss the issues at hand, reflect on differing viewpoints, and agree on recommendations.
What made the experience particularly unique was the opportunity, later in the day, to virtually attend the board meetings of the counterparty. This provided rare insight into how the other side of the transaction assessed risks, opportunities, and negotiation dynamics, offering perspectives that are typically inaccessible in real-life transactions.
Maria Lekae, Managing Partner of The Board Mastery, commented on the importance of this approach:
“Boards are increasingly required to make complex decisions under uncertainty, particularly in M&A and investment situations. Immersive learning allows board members to experience these dynamics first-hand, strengthening judgement, strategic awareness, and the quality of boardroom dialogue in a way that traditional teaching methods simply cannot replicate.”
The immersive nature of the programme closely mirrored the complexity, time pressure, and ambiguity that characterise real M&A processes, while creating a safe environment to explore decisions and their consequences.
Key takeaways for Kylla’s Corporate Transaction practice
The immersive learning experience confirmed that the quality of M&A and venture capital transaction outcomes is determined as much by judgement, perspective, and boardroom dynamics as by financial modelling and legal structuring. By placing participants inside a live, evolving transaction, the experience made clear how boards and investment committees make decisions under uncertainty, how narratives influence outcomes, and how incomplete information shapes strategic choices. Gaining visibility into both sides of the transaction provided a rare understanding of counterparty thinking, reinforcing the idea that effective deal-making requires anticipating not only positions but also motivations, constraints, and internal governance processes. The experience further underlined the critical role of the advisor as a translator of complexity, helping boards prioritise what truly matters, frame strategic options, and maintain clarity under pressure. Compared with traditional case studies, immersive learning accelerates strategic insight and sharpens decision-making, offering a powerful lens through which Kylla continues to evolve its approach to guiding its portfolio companies through complex corporate transactions and venture capital investments.
Jay Begum, London-based Investment Manager at Kylla Corporate Transactions, reflected on the relevance of the experience for her day-to-day work:
“I am regularly asked to join the boards of companies for which I have raised investment capital as well as portfolio companies in which Kylla has co-invested, often as a non-executive board member, to help guide them through their growth phase in business startup. While experience is the primary way to develop these skills, there are very few opportunities to practise board-level decision-making in a realistic setting.
This immersive learning session organised by The Board Mastery was a unique experience that closely mirrored real-life boardroom dynamics and contributed meaningfully to sharpening judgement, perspective, and advisory effectiveness.”
See below a video impression
By: Jay Begum
Investment Manager
Kylla Corporate Transactions
