Discretion
Confidentiality is the default setting of every conversation. We do not announce, leak, or signal. Founders set the pace at which their situation becomes known.
Values & Principles
How we behave, before how we invest.
The technical structure of a transaction matters. The behaviour around it matters more.
These six principles describe how we conduct ourselves in conversations, in diligence, and across the long life of an investment.
Six Principles
A short list, held seriously.
Patience
Family office capital does not need to be deployed by a deadline. We are willing to wait years for the right partnership, and to hold businesses for decades once we partner.
Alignment
We invest our own capital. Our incentives are not driven by fund cycles or carried-interest waterfalls. The interests of the business and the founder come first.
Respect
Founders have built something we have not. We approach every conversation aware of that imbalance, and we behave accordingly - in language, in process, and in terms.
Long-term thinking
We make decisions on a ten- to twenty-year horizon. Short-term optimisation rarely produces the kind of business worth owning, and we are not interested in trading companies.
Founder primacy
The founder's reputation, team, customers, and family are protected at every stage. A partnership only proceeds if both sides are confident those things will be honoured.
A Standing Commitment
If we cannot honour these principles in a specific transaction, we decline. There is no version of this firm in which they are negotiable.
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