Independent
Our views are formed by our own research, not by consensus.
Agreement with the market is not a reason to invest, and disagreement is not a reason to avoid one. The work decides.
Conviction over convention.
Our approach is simple to state and hard to practise: do the work, think independently, and commit capital only where the opportunity justifies it.
Our approach
We are not tied to an asset class, a structure or a holding period. That freedom is only useful with discipline, so every decision follows the same process.
Asymmetric
We look for opportunities where the potential reward is out of proportion to the risk taken.
That usually means understanding a situation better than the price suggests, or being able to wait longer than others can.
Disciplined
Risk is managed with discipline. Preserving capital comes before growing it.
Before we ask how much an investment could make, we ask how it could fail and what that would cost.
Patient
We stay flexible across asset classes and structures, and we take a long-term view.
Flexibility lets us go where the opportunity is. Patience lets us hold it long enough for the thesis to play out.
Research
Understand the market, company, asset, protocol, or opportunity.
Underwrite
Build the thesis and understand the downside.
Conviction
Determine whether the opportunity warrants capital.
Deploy
Invest through the appropriate structure or strategy.
Manage
Continuously evaluate thesis, risk, and opportunity.
Let's talk.
We welcome conversations with founders, investors, operators, and counterparties working on interesting opportunities.