Protecting capital first, then compounding it patiently across a well-diversified base.
How we invest
Public markets, private markets, and businesses we know well
We invest across public and private markets, and we hold selected positions in real assets and in entrepreneurial businesses tied to the way the economy is structurally changing.
Every opportunity must demonstrate credible economics, capable leadership, appropriate governance and a realistic understanding of risk. Where those are absent, we do not invest, however compelling the theme.
Themes that draw our attention
Three areas where structural change is already under way
Resource Efficiency and Energy Systems
Food and Agriculture
Sustainable Infrastructure & the Built Environment
We do not regard sustainability as a substitute for investment discipline.
A theme is a place to look, not a reason to commit. The economics have to hold up on their own terms before anything else about an opportunity matters.
How we work
Four principles that govern every commitment
We can look past short market cycles and back strategies that need time and steady ownership to work.
Our office favours a limited number of well-understood relationships rather than investment activity for its own sake.
Where it makes sense, we stay close to our managers and partners, pressing for open reporting and a steady hand on the capital.
Our decisions reflect the goals and risk appetite of the families we serve, considered over a span of years.