Our approach

Selective by design

We take on a small number of mandates, and only those we would be comfortable putting in front of our own network.

01Judged against the right peersA seed company is compared with strong seed companies, not with mature businesses. Early-stage opportunities are not overlooked for being early, and later-stage ones are held to a higher bar.

02Proof kept separate from potentialFor every opportunity we show investors how much of the case is verified today, through contracts, data, independent reports and our own vetting, and how much still rests on forecasts. Every projection is labelled as the company’s own.

03Candid on price and termsA good business can still be priced ahead of its evidence. When it is, we say so, and we suggest terms such as milestone-linked tranches that bring price and proof together.

How we assess

What we look at before we take anything on

The same framework for every opportunity, calibrated to its stage, sector and transaction type. Each one also passes our onboarding review, where financials and terms are examined under a non-disclosure agreement.

The peopleLeadership, board and sponsor: track record, alignment and the ability to deliver what is promised.

The business or assetProduct or asset strength, IP and competitive position, alongside the market, its tailwinds and how durable demand is.

The numbers and the priceStage-appropriate financials, and whether the entry valuation is supported by comparable transactions and real traction.

The downside and structureContracts, assets, runway and capital structure, plus governance, investor rights and dilution.

The route to value and exitIdentifiable milestones from entry to value, and credible strategic, sponsor, infrastructure or public-market exits.

Our standards

What we will never do

Name a live mandate publicly
Introduce an opportunity we have not assessed
Present a company’s forecasts as facts
Lend, or imply that we do
Hide that we may be paid by the companies we introduce