Most of our portfolio is made up of companies in which we are the leading shareholder. Alongside these companies, we have investments in two areas:
- Financial: This is a concentrated equity portfolio of minority stakes in companies chosen based on fundamental research.
- Seeds: These are investments in early-stage companies, through which we back talented founders, continuing our history of entrepreneurship and innovation.
Across all of our companies and investments, we apply some common criteria:
Understanding – We invest only when we understand
- We learn from practitioners who bring deep knowledge
- We form our own opinions and are aware of what we don’t know
People – We back talent and look for cultural alignment
- We believe people are what makes the difference
- We know that behaviours are as important as skills or knowledge
Value – We decide based on value
- We will assess intrinsic and potential value to invest when the price is right