The Follow-On Problem
Funds keep reserves to back their winners a second time. We rarely follow on, and the reasons come down to what a reserve is for.
One dealat a time.
We arrange each investment in its own SPV, so every co-investor sees the company they are backing and decides on it alone.
- Deal by deal
- SPV structured
- Seed to Series A
- Europe / Global
01What we do
We invest selectively on a deal-by-deal basis, with a focus on fundamentals.
We identify opportunities, underwrite them carefully, and assemble capital around the ones that pass through our filters. Each investment is a discrete decision, and while we operate across private markets, the instrument always stays secondary to the discipline.
- 01Stages
- Seed to Series A
- We stay flexible enough to follow conviction beyond them.
- 02Verticals
- Finance and technology
- We draw no artificial boundaries around them.
- 03Geography
- Europe as a base
- We treat the world as the market.
We work behind the scenes, so the companies we back can take the stage.
02Our philosophy
We look past trends to the underlying forces that create them.
We pass on more than we back, and we ask the uncomfortable questions before a deal closes, because the only conviction worth acting on is one we can defend.
03How we invest
We take a high-conviction approach to ensure each investment stands on its own merit.
Every deal sits within its own SPV, with no fund-level pressure distorting the decision. Co-investors participate in specific ideas rather than a pooled strategy, and because we take a small number of positions, we can take each of them seriously.
- 01SourceWe find a company we understand and underwrite it on its own terms.
- 02StructureEach investment sits in its own SPV, so no deal carries the weight of another.
- 03ExecuteCo-investors commit to the deals they choose, and we see each one through.
05Work with us
Co-investors
Already a co-investor?
Each deal reaches you in the portal on its own, and you decide on each one.