Proven revenue growth
Demonstrated demand, not projected demand.
Approach
We have decades of unique relationships to access opportunities not generally available to most investors.
AccessOpportunities go to the investors already in the room with the relationships and experience that matters.The companies worth owning in this cycle are not raising from whoever calls. Three decades of relationships with companies, venture firms and brokers are what put us in the room.
SelectionWe are experienced value investors with a disciplined investment style.Access on its own is only deal flow. The discipline to choose among what we see is what turns that access into returns.
What we look for
Disciplined entry valuation
Valuations supported by the business underneath them.
Active secondary trading
Real price discovery, and the ability to exit.
A path to liquidity
A visible route to an IPO or a sale, not an indefinite hold.
What that access looks like
The opportunity
Value is created before the IPO
Companies stay private for longer, and create more of their value before they ever list. The gains that once accrued in public markets now accrue inside private companies, before most investors can participate.
The secondary market is growing
Volume has roughly doubled in two years, increasing from around $150bn to around $300bn. Price discovery is real and so are the routes to exit. Private no longer means illiquid.
Own the next generation of blue-chip companies.
The goal is a portfolio of the businesses becoming category leaders while still private, held directly, capturing the value as it's being created.