Primary Investments
Secondary Investments
Co-Investments
Primary Investments - Private Company Participation
Our primary investment strategy is built around direct participation in high-quality private companies that we believe are on credible trajectories toward a public market listing. We identify businesses that combine strong fundamental characteristics with identifiable near-term liquidity catalysts — entering at disciplined, valuation-sensitive terms rather than chasing secondary market momentum.
This approach allows us to capture meaningful value in the period between late-stage private financing and public market debut — a window in which we believe risk-adjusted returns have historically been among the most compelling in the broader equity spectrum.
What We Look For
We seek private companies that have moved beyond the early phases of capital consumption and entered a period of demonstrable operational maturity. Target businesses typically exhibit consistent a good promoter, revenue growth, improving unit economics, and a management team with a proven capacity to scale. Sector and geographic exposure are evaluated on a case-by-case basis, with a preference for businesses operating in large, structurally growing markets where competitive positioning is durable.
A credible IPO pathway is a prerequisite — not merely an aspiration. We conduct our own assessment of listing readiness, independent of sponsor or management commentary, examining factors including governance structure, audit quality, public market comparables, and existing investor appetite.
Business quality
Profitable or near-profitable revenue model, defensible market position, and strong underlying unit economics that validate scalability.
IPO visibility
Credible, near-term path to a public listing — assessed independently through market conditions, governance readiness, and comparable transaction analysis.
Valuation discipline
Entry pricing anchored to fundamental value, not secondary market sentiment. We seek a meaningful margin of safety relative to anticipated listing valuations.
Management alignment
Leadership teams with meaningful equity ownership, a clear public markets strategy, and a track record of execution against stated milestones.
How we invest
Our investment process is disciplined, structured, and founded on rigorous proprietary analysis.
Every
opportunity is evaluated through a consistent framework that prioritises capital preservation as much as
return generation.
Opportunity sourcing
Deals are sourced through our network of private equity sponsors, investment banks, and direct relationships with late-stage company management teams. We maintain an active pipeline of pre-IPO opportunities, with a particular focus on companies in the 12–24 month window ahead of an anticipated listing.
Fundamental due diligence
Each opportunity undergoes a thorough bottom-up analysis covering financial performance, competitive landscape, regulatory environment, and management track record. We evaluate valuation models, stress-test assumptions, and identify key risks before proceeding to investment committee.
Valuation & entry discipline
We establish an internal view of intrinsic value and a target entry price range. Investments are made only where the negotiated entry terms reflect a meaningful discount to our assessed fair value, providing a buffer against execution risk and market volatility around the time of listing.
Portfolio monitoring
Post-investment, we maintain active engagement with company management and track performance against the milestones that underpinned our original thesis. We monitor regulatory filings, industry data, and public market comparable movements on an ongoing basis, and update our internal valuation as new information becomes available.
Exit & realisation
The primary exit route is a public market listing event. We manage post-IPO lock-up considerations carefully, with a structured approach to realisation that balances the desire to capture listing day gains against the opportunity to benefit from continued public market re-rating. Secondary sale to strategic buyers or other financial investors is considered where it presents superior value.
Risk Considerations
Pre-IPO investing carries distinct risks that differ materially from both public equity and traditional
private equity.
We manage these through structural protections, disciplined entry pricing, and
portfolio construction — not through optimistic assumptions.
Liquidity risk
Private company stakes are inherently illiquid. We size positions in line with anticipated holding periods and structure investments with protective terms where possible, including information rights and anti-dilution provisions.
IPO timing risk
Public market windows can open and close. We account for IPO delay scenarios in our base case modelling and prefer companies with multiple exit pathways, including strategic M&A, to reduce dependence on a single listing event.
Valuation risk
Late-stage private valuations can be elevated relative to public market peers. Our entry discipline and margin-of-safety framework are specifically designed to mitigate the risk of overpaying relative to ultimate listing price
Execution risk
Companies at the pre-IPO stage may still face meaningful operational, regulatory, or competitive challenges. Management quality, capital sufficiency, and business model resilience are core inputs to our investment decisions.
Advanced IPO readiness
Companies with active listing preparation, appointed advisers, or a board-approved public markets mandate — not merely aspirational IPO commentary from management.
Motivated seller dynamics
Transactions where seller liquidity needs create a genuine pricing opportunity — early investors, former employees, or shareholders with defined exit obligations seeking an orderly exit ahead of listing.
Independent structuring
Every transaction is independently negotiated, legally separated from other holdings, and fully documented with clear title transfer — ensuring investor protection and transactional integrity at every stage.
Valuation anchoring
Entry pricing benchmarked against the most recent primary round valuation, public market comparables, and our own internal assessment — ensuring we do not overpay for pre-IPO liquidity access.
Secondary Investments — Unlisted Market Transactions
Our secondary investment strategy centres on the structured acquisition of shares directly from existing shareholders in private companies that have not yet reached a public market listing. This approach creates a dual purpose: providing meaningful liquidity to sellers — whether founders, early employees, or initial investors seeking an exit — while generating quality, time-defined exposure for our investors in businesses with credible near-term IPO visibility.
Unlike primary capital raises, secondary transactions do not dilute existing shareholders and carry no proceeds obligation to the company. Each transaction is independently structured, legally ring-fenced, and comprehensively documented — ensuring full transparency and clarity of ownership from the outset.
What We Look For
We target secondary transactions in late-stage private companies where an imminent path to public markets is clearly identifiable. Our focus is on businesses of demonstrable quality — those with established revenues, maturing unit economics, and a governance infrastructure consistent with the demands of a listed entity. We look for situations where a motivated seller creates an opportunity to acquire high-calibre assets at terms that reflect the private market context rather than anticipated post-IPO pricing.
The shorter holding period inherent in secondary transactions — typically 10 to 12 months — demands a higher degree of IPO certainty at the point of entry. We therefore apply a more concentrated filter at origination, prioritising companies where listing preparations are already underway or where a formal mandate with advisers has been established.
Transaction Structure
Secondary transactions in unlisted companies require a higher degree of structural precision than equivalent public market trades. Shares must be transferred in compliance with the company's articles of association, any existing shareholder agreements, and applicable securities regulations. We manage each element of this process in-house, supported by specialist legal counsel, to ensure that every transaction is clean, compliant, and enforceable.
Legal Separation
Each deal is ring-fenced as a standalone transaction with its own documentation, title chain, and legal representation. Full documentation
Full documentation
Share transfer agreements, shareholder consent confirmations, and regulatory filings are completed prior to capital deployment.
Company Consent
Where required by the company's constitutional documents, board or shareholder approval for the transfer is obtained before closing.
How we invest
Our secondary investment process is intensive by design. The compressed holding period and the absence of company-directed due diligence materials — common in primary rounds — means we must conduct a higher proportion of independent analysis. We treat every secondary opportunity as if we were originating a primary investment, applying equivalent rigour to financial assessment, competitive positioning, and IPO readiness evaluation.
Seller identification & origination
Secondary opportunities are identified through our network of early-stage investors, investment banks, secondary brokers, and direct outreach to shareholders in target companies. We maintain an active pipeline of potential sellers in businesses that meet our quality and IPO-readiness criteria.
Independent due diligence
We conduct proprietary bottom-up analysis of the target business, drawing on publicly available financial disclosures, industry data, comparable company analysis, and direct engagement with management where possible. Our assessment covers financial performance, growth trajectory, regulatory standing, and the credibility of the stated IPO timeline.
Legal & structural review
Prior to any commitment, we conduct a thorough review of the company's share structure, articles of association, existing shareholder rights, and any transfer restrictions. This ensures that the proposed transaction is legally executable and that our eventual ownership position carries the protections we require.
Pricing & negotiation
We establish an internal valuation range and negotiate directly with the seller on price and terms. Our objective is to agree on an entry point that reflects a meaningful discount to our assessed fair value — acknowledging the illiquidity premium that secondary transactions command, while ensuring an attractive return profile relative to the anticipated listing price.
Closing & documentation
Transactions are closed only once all legal documentation is executed, any required company consents have been obtained, and the share transfer has been formally registered. Capital is deployed on a delivery-versus-payment basis wherever possible, with each transaction recorded and ring-fenced as a standalone holding.
Monitoring & exit
Given the compressed holding period, post-acquisition monitoring is focused primarily on IPO timeline tracking, market conditions, and the company's ongoing operational performance. Exit is primarily realised at the public listing event, with lock-up management and post-IPO realisation strategy determined on a deal-by-deal basis in line with prevailing market conditions.
How we think about risk
Secondary transactions in unlisted companies carry a distinct risk profile. The combination of illiquidity, structural complexity, and IPO dependency requires careful management at every stage. We address these risks through rigorous entry criteria, conservative pricing, and robust legal structuring — rather than through assumptions of a benign outcome.
Transfer risk
Share transfers in private companies can be subject to pre-emption rights, board consent requirements, or lock-up restrictions. We conduct full legal due diligence prior to commitment and do not proceed where transfer validity is in question.
IPO delay or withdrawal
Market conditions, regulatory developments, or company-specific factors can delay or prevent a planned listing. We apply IPO scenario analysis to each investment and seek sellers with genuine, near-term listing conviction, while sizing positions to withstand extended holding periods where necessary.
Information asymmetry
Secondary buyers may have access to less information than primary investors who participated in formal fundraising rounds. We address this through proprietary research, direct management engagement, and a conservative approach to assumptions that cannot be independently verified.
Valuation & pricing risk
Private company valuations in secondary markets can be elevated by seller expectations anchored to prior round pricing. Our independent valuation process and disciplined negotiating stance are specifically designed to avoid overpaying relative to public market comparables and anticipated listing price.
Co-Investments — Private Market Participation
A direct co-investment is an equity stake in a private company made alongside us or a lead sponsor — providing investors with direct, deal-level exposure to carefully selected private market opportunities outside of a traditional fund structure. Rather than investing through a commingled vehicle where capital is pooled and deployed across a broad mandate, co-investors participate in specific, individually assessed transactions with full visibility into the underlying company and terms.
Our co-investment programme is selective by design. We commit capital only where we hold a high degree of conviction in the business, the sponsor's domain expertise, and the risk-adjusted return profile of the specific transaction. Every opportunity is evaluated on its own merits — not as part of an allocation strategy.
What We Look For
We target co-investment opportunities in private companies where we can invest directly alongside a lead sponsor with established expertise in the relevant sector. The lead sponsor's involvement provides a layer of due diligence, operational insight, and governance oversight that complements our own independent analysis — creating a dual-layer assessment framework that we believe significantly enhances the quality of the investment process.
A credible IPO pathway is a prerequisite — not merely an aspiration. We conduct our own assessment of listing readiness, independent of sponsor or management commentary, examining factors including governance structure, audit quality, public market comparables, and existing investor appetite.
Target companies are typically at a stage of operational maturity that supports an identifiable liquidity event within 12 to 24 months. We look for businesses with strong fundamentals, credible management teams, and a clear strategic rationale for the transaction — whether that is a growth capital injection, a partial secondary, or a structured pre-IPO round.
Sponsor alignment
Lead sponsors invest meaningfully alongside us in every transaction. Genuine economic alignment between the sponsor, the company, and our investors is a prerequisite — not a preference.
Business quality
We target companies with defensible market positions, proven revenue models, and management teams with a clear and credible path to a liquidity event within the target holding period.
Enhanced transparency
Co-investors receive direct deal-level reporting and full documentation of the underlying transaction — a materially higher level of disclosure than is available through a traditional fund structure.
Fee efficiency
Co-invested capital is deployed without an additional layer of management fees or carried interest. Investors benefit from the full economics of the transaction, net of deal-level costs only.
Investor Benefits
Co-investments offer a fundamentally different value proposition to traditional fund participation. By investing directly into a single company alongside a lead sponsor, investors gain a degree of control, visibility, and cost efficiency that is structurally unavailable through pooled vehicles. This makes co-investment particularly well-suited to investors who wish to build targeted, high-conviction exposure to private markets — without accepting the fee drag, portfolio opacity, or diversification constraints of a conventional fund.
What co-investors receive in every transaction
Direct Ownership
An equity stake in the underlying company — not a unit in a fund that holds the company.
Full Documentation
Transaction-specific legal agreements, shareholder rights documentation, and investment summaries provided prior to commitment.
Ongoing Reporting
Regular company-level updates, valuation assessments, and milestone tracking for the duration of the holding period.
How we invest
Our co-investment process combines the rigour of our own independent analysis with the due diligence and sector expertise of the lead sponsor. We do not treat sponsor involvement as a substitute for proprietary assessment — every transaction is evaluated on a standalone basis through our internal investment framework before any commitment is made.
Opportunity Origination
Co-investment opportunities are sourced through established relationships with lead sponsors and Alternative Investment Funds.
Independent Due Diligence
A full proprietary assessment of the target company is conducted covering financial performance, competitive dynamics, and risks.
Terms & Structuring Review
Review of co-investment terms including valuation, share class, and governance provisions.
Execution & Closing
Execution of co-investment documentation with legal advisers and capital deployment.
Monitoring & Realisation
Ongoing oversight of the company with exit targeted through IPO or strategic liquidity events.
Risk Considerations
Co-investments carry the risks inherent in any private market transaction, compounded by the concentrated single-company nature of each position. We manage these risks through rigorous selection, robust structuring, and active oversight.
Concentration Risk
Position sizing is managed carefully to ensure balanced portfolio allocation across different sectors and vintage years.
Sponsor Dependency
We partner with lead sponsors who have strong, verifiable track records, significant sector expertise, and interests closely aligned with our investors.
Liquidity & Exit Risk
Private company investments are inherently illiquid. Exit typically occurs through IPO or strategic transactions within our anticipated holding window.
Valuation Risk
Conservative valuation frameworks are applied, focusing on long-term fundamental value to avoid overpaying relative to potential public market pricing.