Concentration over collection.
We do not seek to build a portfolio simply by accumulating companies. We prefer a smaller number of investments where we understand the technological shift, the market opportunity and the reason a company may develop a lasting position.
Where we spend our time.
- 01
Artificial Intelligence & Compute
The models, data centres and computing systems underpinning the intelligence economy. We look at the layers that other software comes to depend on.
- 02
Autonomy & National Security
Software and autonomous systems that operate in complex physical environments, including defense and allied government applications.
- 03
Neurotechnology & Health
Technologies connecting biological and computational systems, including interfaces between people and machines.
- 04
Infrastructure & Physical Systems
Technology changing how the physical world is mapped, built and moved through, above ground and below it.
Four things we test every investment against.
- 01
Consequential Markets
Businesses addressing large technological, economic or physical problems.
- 02
Defensible Capability
Technology, infrastructure or operating systems that may become increasingly difficult to replicate.
- 03
Long Duration
Opportunities where meaningful value creation may occur over many years.
- 04
Selectivity
A willingness to pass on opportunities that do not fit the firm's investment thesis.
Six investments, held with patience.
Our current portfolio spans neurotechnology, autonomous defense systems, artificial-intelligence compute and the infrastructure of the physical world.