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Operating Companies
Direct & control investmentsMajority and significant-minority positions in cash-generative businesses. Held for decades, governed alongside their leadership. Industries we know intimately, brands with durable trust.
Allocation is reviewed by the committee on a multi-year cadence, not quarterly. Specific holdings, sizes, and counterparties are not disclosed.
A representative posture across pillars. Bands move within ranges over market cycles; targets are set on a generational horizon.
Majority and significant-minority positions in cash-generative businesses. Held for decades, governed alongside their leadership. Industries we know intimately, brands with durable trust.
Concentrated positions in listed companies we follow closely, paired with high-grade fixed income and selective opportunistic credit. Patience priced into entry.
Stabilised real estate in select global cities, long-dated development partnerships, infrastructure, and strategic commodity exposure. The ballast of the balance sheet.
Lead and co-invest commitments alongside partners we have known for many cycles. Selectivity over volume.
A measured share of capital backs ideas whose success would change the trajectory of an industry, or of the world. Held for as long as the work demands.
Areas of conviction →An endowed share supports research, education, and cultural institutions on the same horizon we apply to every other commitment.
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