Concentration
Conviction over diversification, within tightly defined limits.
— Strategy
A written approach.
The mandate, the risk posture, and the process — as we practise them.
— Mandate
A defined universe.
The mandate describes a deliberately narrow universe: regulated jurisdictions, tangible-asset categories, and structurally diligenced opportunities. The breadth of the market is rarely the right answer; the discipline of the mandate is.
Within that universe, every position is held to the same posture of diligence. The work is patient and written. Where the work cannot be written, the position is not taken.
Outside the mandate, no exception is granted by enthusiasm, urgency, or market rumour. The boundary is the investment.
— Risk
How we think about risk.
Liquidity
Match the liquidity of the asset to the liquidity of the capital.
Correlation
Build the book against an explicit map of dependencies.
— Process
From sourcing to monitoring.
Sourcing
Relationships precede transactions. Opportunities arrive through aligned principals, not intermediaries.
Diligence
A written research file against a defined mandate. The work is the investment, not its prelude.
Committee
A debated, recorded decision. Conviction is tested before it is sized.
Allocation
Sizing follows conviction, not optics. Concentration is preferred to comfort.
Monitoring
Active stewardship of every position. Drift from thesis is the signal to revisit, not to wait.
Reporting
Structured monthly transparency, free of jargon. Investors see the same view of the book that we do.