An internal journal, written for founders and the people who think in decades. Some of it is about how we invest. Some of it is about why we built the firm at all.
The whole company fits in one sentence: a home for a good business that does not come with an expiry date.
The private equity model is built around one assumption that quietly distorts everything downstream: that you will sell.
The metal that electrification runs on is facing a demand curve that steepens while its supply curve lags by a decade. That gap is a lesson, not just a trade.
One of the oldest advertising media is also one of the few that cannot be skipped, blocked or unbundled. It is a fragmented industry of scarce real assets, and it is consolidating.
What makes a company a fit for a permanent owner is mostly boring, and the boring part is the point.
Everyone on our team has operated. When we sit across from a founder, we are not translating their world into a model. We have lived in it.
Selling the company you built is not a transaction. It is closer to arranging the future of something you love.
Most acquirers only buy. We buy and we build, and the two are less separate than they look.
The most interesting frontier in technology is the slow, deep work of bringing good software to the industries the last wave skipped.
The case for holding forever is not sentimental. It is arithmetic, and every sale is a reset that destroys it.
A fund is named for its vintage. We named ourselves for a city that has outlasted every empire that ever held it.
We reply to every founder we hear from within two business days. The first conversation runs sixty minutes and is entirely off the record.