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Mandate

One standard. Every sector.

Choose an industry. The questions change, because the setting changes. The tests do not. Nothing here is a portfolio, a product, or an invitation to invest.

Sector

Technology

Software and systems, when the economics are real.

What we look for

  • Retention we can audit, not a cohort slide we are asked to trust.
  • A product a customer would miss.
  • Spending that does not need the next round in order to look sane.

Questions we ask

  1. 01Is this a tool, or a feature of someone else’s tool?
  2. 02What does gross margin look like after the truth-telling?
  3. 03Who owns the relationship, and the data?

How we might structure it

A significant minority in a private company. Listed equity when the multiple and the business have parted company.

We would rather decline

Revenue that is mostly ambition, and capital that only funds the next story.

The structures named above are ways the firm is willing to think. They are not securities on offer. We do not publish holdings or a track record on this website.

Have a situation that does not fit a box?

That is the point of the mandate. Send the facts, not a sector label.

Enquire