Process

Our idea generation and sourcing engine is multi-pronged:

• Driven by our internal research and relationships, we proactively scour the globe for the most promising ideas and emerging opportunities;
• We systematically map and benchmark the highest performing public and private fund managers globally. We aim to access these by cultivating two-way relationships with these managers over many years;
• We regularly receive inbound opportunities from our networks, including company founders, external managers and advisors.

We have purposely set ourselves a high bar and therefore we consider only the most promising opportunities.

For the opportunities that pass our initial screen, we conduct detailed analysis and diligence to ensure we have a clear understanding of the investment case and potential risks.

The type and level of diligence depends on our familiarity with the business, industry or manager and the complexity of the investment. 

This may involve weeks or months of work on a single idea. In some circumstances, we might track and build up our familiarity with a company, fund or industry for years before we actually invest.

Each investment opportunity is written up and presented to our Investment Committee. 

We construct the portfolio after giving careful consideration to how each investment will affect the risk-adjusted returns of the overall portfolio.

When determining position sizing, we consider:

• The potential upside;
• The probability of permanent capital loss; and
• Our conviction.

We focus on striking a balance between concentration and diversification. We aim to have appropriate level of diversification across sectors, geographies, stage and vintages.

If we don’t understand the risks or if we feel the valuation does not allow for a sufficient margin of safety, we will not make an investment.