01
Mandate
Family capital only. We accept no outside investors and manage no third-party funds. The mandate is generational and cannot be revised by a simple majority of the family.
We staff for judgement rather than activity, and we avoid press, panels, and league tables. Day-to-day decisions are made by a small, permanent committee, supported by operating teams recruited around each commitment.
We do not name our principals, our partners, or our holdings.
Family capital only. We accept no outside investors and manage no third-party funds. The mandate is generational and cannot be revised by a simple majority of the family.
Investment decisions are taken by the committee. Significant commitments require unanimity; ordinary allocations, a clear majority. The minutes are not external.
The office reports to the family on a long cadence, and to its auditor and regulators as required. It does not report to anyone else.
“We staff for judgement, not activity. The most consequential decision in any year is usually the one we declined to make.”