A small body of work, published when we have something to say. Filter by topic, or read all.
Spreads have repriced, transaction volume is recovering, and the bid-ask gap that defined 2024 has narrowed meaningfully.
Long-hold capital is a marketing line in most of private equity. We define what alignment, governance, and operating support look like in practice.
Diversification is a useful default and a poor strategy. We discuss the place of concentration in a portfolio designed for compounding.
How we underwrite an exit twenty years out — and why we always model wider than entry. A discipline that has cost us deals and saved us more.
Long-hold returns require giving up something. We discuss what permanent capital costs in optionality, and why we still think the trade is the right one.
A note on the conviction threshold at Kopyan Holding — and the deals we passed on in our first year. What we declined says more about us than what we bought.
We publish a small number of pieces each year. If you would like to receive them, we will be in touch when there is something to say.
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