Private Investments and Concentrated Public Market Holdings
Across private and public markets, we invest directly in businesses and financial instruments where we see strong fundamentals, attractive long-term return potential and a structure that provides an appropriate balance between risk and opportunity.
Private Equity
We invest directly in profitable, cash-generative businesses operating in growing international markets. We generally prefer majority ownership or full control and provide portfolio companies with stable capital, strategic support and the freedom to pursue long-term plans.
- Focus: real estate and infrastructure, technology, life sciences and healthcare, and industrial businesses
- Ownership: preferably majority or 100%
- Profile: established market position, defensible competitive advantage, sustainable margins and strong management
- Investment horizon: long-term, without a predetermined exit date
- Geography: global, with a primary focus on Europe and North America
Public Equity
In public markets, we build substantial, concentrated positions in liquid, large-cap companies where we identify attractive long-term value. Our analysis focuses on the underlying business model, balance sheet, competitive position and realistic drivers of future cash flow rather than short-term market narratives.
- Focus: real estate and infrastructure, US and Asian technology companies, and other sectors offering attractive opportunities
- Target companies: liquid, established market leaders
- Approach: a limited number of meaningful, high-conviction positions
- Holding period: generally medium to long term
- Timing: willing to invest countercyclically when market pricing diverges from fundamentals
Structured and Hybrid Capital
We also invest through preferred shares, mezzanine capital and other hybrid instruments that combine elements of equity and debt. Depending on the opportunity, our investments may include preferred returns, conversion rights, equity participation or other individually agreed terms. We focus on situations where the structure provides appropriate downside protection while allowing us to participate in the long-term success of the business or asset.
Liquid Investments
We maintain a portfolio of liquid investments, including bonds, money market funds, cash and comparable short-term instruments. These assets support prudent liquidity management, preserve financial flexibility and allow us to deploy capital quickly when investment opportunities arise.