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Why we built Tingis Capital

The whole company fits in one sentence: a home for a good business that does not come with an expiry date.

Yassine Lahlou · November 12, 2024 · 5 min

When people ask what Tingis Capital is, the honest answer starts with what it is not. It is not a fund. There is no pool of other people's money with a date attached to it, and no clock counting down to a moment when we are contractually required to sell what we own.

I spent years on the other side of that clock. I built companies, and I sat across the table from the people who wanted to buy them. Almost every one of those conversations carried the same quiet tension. The buyer was already thinking about the sale. The business was a position, not a place.

The thing we kept missing

What I wanted, and could never quite find, was a home for a good company that did not come with an expiry date. A place where the answer to "how long will you hold this" was simply "for as long as it deserves to exist."

That sentence is the whole company. Tingis buys profitable, founder led businesses and keeps them. We build new ones from our own balance sheet. When something works, we are not looking for the exit. We are looking for the next decade.

Why permanence changes behaviour

Permanence is not a marketing word for us. It changes what you do on a Tuesday. If you never plan to sell, you stop optimising for the story you will tell a future buyer and start optimising for the business itself. You invest in things that pay off in year seven. You keep the team that built the thing. You let a good business be a little less legible if that is what makes it durable.

It also changes who trusts you. A founder handing over the work of twenty years can tell the difference between a buyer who wants to own the company and one who wants to flip it. We are unapologetically the former.

Named for a gateway

Tingis is the old name for Tangier, the city where the Mediterranean meets the Atlantic and Europe faces Africa. It has been a meeting point for three thousand years. We took the name because it describes how we see the work: a place where operators, capital and continents come together, and where things are built to last rather than passed along.

We are early. The portfolio is small, and deliberately so. But the conviction underneath it is not new and it is not complicated. Good companies deserve owners who intend to keep them. We built Tingis to be that owner.

Yassine Lahlou
Founding Partner, Tingis Capital
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