The thesis
A short statement of why the opportunity exists and why it is mispriced or misunderstood.
Underwrite
Build the thesis and understand the downside.
Underwriting turns research into a thesis: what we expect to happen, why, and what it would take to be wrong.
The downside
How the investment could lose money, how much, and whether that loss is acceptable.
If the downside cannot be understood, the investment is not made.
Let's talk.
We welcome conversations with founders, investors, operators, and counterparties working on interesting opportunities.