How we look at private markets.
The private side exists because the most interesting opportunities the wider ecosystem surfaces are not listed, not intermediated well, and not available to the general public.
The public platform, the advisory practice and the intelligence products generate a view of private companies that a purely financial intermediary does not have.
We underwrite the operating business — unit economics, customer concentration, working capital, owner dependence — before we underwrite a structure.
Terms, governance, information rights and exit mechanics are part of the thesis, not paperwork at the end of it.
A small number of positions that have been properly worked, rather than a diversified list nobody can defend line by line.
Private positions are illiquid. We say so at the start, size accordingly, and expect a matching horizon from participants.
Every position has a written thesis with an explicit downside case and the conditions that would prove it wrong.