The question
Given the thesis and the downside, does this deserve capital, and how much?
Conviction
Determine whether the opportunity warrants capital.
Conviction is the decision point. It is earned by the work, not by the idea.
The answer can be no
Most opportunities we study do not pass this step. Saying no is part of the process, not a failure of it.
Let's talk.
We welcome conversations with founders, investors, operators, and counterparties working on interesting opportunities.