Start with the People
Promoters and management teams matter. Capability, integrity, experience and alignment can be as important as the underlying asset.
06Lenses
We move through each lens before an opportunity earns commitment
Investment Philosophy
Look Deeper. Think Longer.
Strong investment decisions rarely come from a single number. They come from understanding the complete picture: the people, the asset, the economics, the downside and the path to realisation.
- Curiosity before conviction
- Analysis before commitment
- A long-term view of value
Six Lenses
Six Lenses Before Conviction
Understand the Asset
We want to know what creates value, why it exists today, and what could change that value tomorrow.
Test the Economics
Revenue assumptions, costs, capital requirements, cash flows, valuation and sensitivity to changing conditions all matter.
Challenge the Downside
A compelling upside is not enough. We ask what can go wrong, how severe it could be, and what mitigants may exist.
Think About the End
An investment needs a credible path toward realisation. Exit thinking begins before capital is committed.
Value Alignment
The strongest opportunities are those where the interests of sponsors, management, investors and other stakeholders can be aligned.
The Process
A Disciplined Path from Sourcing to Realisation
A disciplined process does not guarantee an outcome. It helps ensure the important questions are asked before capital is committed.
- 01
Sourcing
Opportunities may come through entrepreneurs, developers, advisors, networks, affiliates and relationships.
- 02
Initial Screening
Does it fit the strategy, are the fundamentals understandable, and does it merit deeper work?
- 03
Understanding
Market, demand profile, operating model, project status, competition, regulation and financial assumptions.
- 04
Due Diligence
Commercial, financial, legal and technical diligence, with specialists engaged where required.
- 05
Valuation
We assess the proposed valuation and the relationship between price, risk, expected value and realisation.
- 06
Structuring
The appropriate structure, commercial terms, protections, governance and alignment considerations.
- 07
Investment Decision
The opportunity moves through the applicable governance and investment-decision framework.
- 08
Documentation & Execution
Definitive documentation is completed and capital is deployed per the agreed structure.
- 09
Monitoring
Portfolio investments are reviewed through the investment period across business, project and risk developments.
- 10
Realisation
Potential exit or realisation routes are evaluated as the investment matures.
Understand the Downside Before Pursuing the Upside
Alternative investments involve risk. The Fund documents identify a range of risks that may affect investments and outcomes. No assurance or guarantee should be implied about returns or achievement of the investment objective.
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01
Market & economic risk
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02
Real-estate & project-execution risk
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03
Financial & cash-flow risk
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04
Liquidity & exit risk
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05
Concentration risk
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06
Valuation risk
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07
Regulatory & legal risk
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08
Foreign-exchange risk, where applicable
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09
Leverage-related risk, where applicable
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10
Governance, reputation & ESG considerations
