A Portfolio Built on Conviction
Our investment portfolio reflects over two decades of disciplined capital allocation — a curated collection of positions selected for quality, resilience, and long-term return potential.
Portfolio Overview
Diversified. Deliberate. Durable.
We manage capital across three asset classes, with each allocation sized to reflect our conviction and the opportunity set available at any given time. Our portfolio is concentrated enough to be meaningful, diversified enough to be resilient.
£4.2B
Total AUM
47
Active Positions
18
Countries
11.2%
10-Year Net Return
Asset Allocation
How We Allocate Capital
45%
Direct investments in established businesses across Europe and North America, with a focus on operational improvement and sustainable growth.
35%
Actively managed bond portfolios across investment-grade and select high-yield credit, prioritising income and capital preservation.
20%
Infrastructure and real estate investments providing inflation-linked income and long-duration stability.
Selected Holdings
Representative Investments
The following represents a selection of current and recent investments. Past performance is not indicative of future results.
Private Equity
Meridian Healthcare Group
A leading provider of specialist healthcare services across the UK, acquired in 2019. We have supported the business through significant operational improvement and geographic expansion.
Real Assets
Nordic Infrastructure Partners
A portfolio of regulated utility and transport infrastructure assets across Sweden, Norway, and Denmark, providing long-duration, inflation-linked cash flows.
Fixed Income
European Investment Grade Bond Portfolio
A diversified portfolio of investment-grade corporate bonds across European issuers, actively managed for income and capital preservation.
Private Equity
Apex Business Services
A B2B services business operating across the DACH region and Benelux, acquired in 2021. The business has delivered strong organic growth under our ownership.
Investment Approach
Principles That Guide Every Decision
Quality First
We invest in businesses and assets with durable competitive advantages, strong management teams, and resilient cash flows. We do not compromise on quality for the sake of yield.
Concentrated Conviction
We maintain a focused portfolio of high-conviction positions. We would rather own fewer things we understand deeply than many things we understand superficially.
Cycle Awareness
We are mindful of where we are in the economic cycle and adjust our positioning accordingly — increasing caution when valuations are stretched, adding risk when opportunity presents itself.
Learn how we can put capital to work for you.
Our investment team is available to discuss our current portfolio positioning and how our strategies might fit your objectives.