01
Private companies
Controlling and significant minority positions in established, cash generative businesses, usually founder led and usually in the United Kingdom.
Private capital, patiently deployed.
We invest our own balance sheet across private companies, property and secured credit. Independent and London based since 2007.
2007
Incorporated in England and Wales
06348403
Registered company number
London
Single office, privately owned
What we back
Four places we put our own money.
We hold a deliberately narrow set of positions. Each one is underwritten by the people who own the company, and each one is expected to be held for years rather than quarters.
02
Property
Freehold and long leasehold holdings in London and the South East, held for income and for the optionality that comes with owning the freehold.
03
Secured credit
Lending our own capital to businesses against real assets, on terms we write ourselves, where a bank will not move at the speed the situation needs.
04
Listed holdings
A concentrated book of listed positions, held as a store of liquidity and as a place to put capital while we wait for the right private opportunity.
No fund. No fundraising cycle. No exit clock.
Because the capital is our own, nothing forces our hand. There is no vintage year to deploy against, no limited partner expecting a return of capital on a fixed date, and no incentive to sell a good business simply because a fund is closing.
In practice that means we can say no for years, and it means the businesses we do back get an owner who is not counting down.
How we work
Three things we hold to.
Own the downside first
We size every position against what it costs us if we are wrong. Asset backing, covenant quality and the price we pay matter more to us than the upside case in a forecast.
Few decisions, made properly
The people who commit the capital are the people who do the work. There is no committee to persuade and no analyst layer between the question and the answer.
Answer quickly, either way
A fast no is worth more to a founder than a slow maybe. We tell you where we stand within two weeks of seeing the numbers, and we tell you why.
If you are looking for an owner rather than a fund, write to us.
Send us the business, the property or the situation. If it is not for us we will say so quickly, and we will tell you what we could not get comfortable with.