Since 2017 the office has run a private capital programme for families who want direct exposure alongside their fund commitments. It is deliberately unhurried: a handful of opportunities reviewed each year, a fraction pursued, and participation decided family by family.
The work
Opportunities reach us through the families themselves, their networks and the managers we already know. The office does the work once, on the same terms for everyone, and each family then decides against its own policy and liquidity. No family is ever expected to participate, and none pays for work on deals it declines.
The discipline
Cash-generative companies with aligned owners, in sectors where somebody around the table has operated. We have no sector mandate to fill and no pressure to deploy, which makes walking away cheap.
Private commitments are sized against each family's liquidity ladder, so capital calls never force the sale of something else. Illiquidity is a price worth paying only when it never has to be paid at the wrong moment.
Partners of the firm invest their own money in the programme on the same terms as the families. We take no placement fees and no carried interest; the office is paid by its families, full stop.
