Our investment process is built around the way good decisions are actually made: in person, over time, and with the willingness to walk away. We measure conviction in months and years, not weeks. If our process feels slower than a fund's, it is.
We invest in operators, partners and stewards before we invest in assets. We need to understand who is sitting across the table, what they have built before, and how they behave when things become difficult. Track record matters; character matters more.
Real estate in cities we know. Founders building in domains where we can be useful. Institutions whose mission we can articulate without notes. We avoid what we cannot explain plainly to our own family.
We are not in a hurry, but we are not endless either. We look for structures that align incentives, protect downside, and give every party at the table room to be patient together. Good deals survive bad years.
Most of our investments begin with a single conversation, often introduced by someone who knows both sides well. The first meeting is informal and exploratory. We want to understand what you are building, what you need, and whether we are the right partner for it.
We sign a non-disclosure agreement before any sensitive information is exchanged, and we are clear from the outset about what would, and would not, move us forward.
Where there is mutual interest, we move into a series of deeper conversations over several weeks. We take the time to understand the asset, the team and the context. We share our own thinking openly, including the parts that are not flattering.
By the end of this stage, both sides know whether the substance is there. If it is, we set out indicative terms in writing.
Where we proceed, our diligence is rigorous but proportionate. We focus on what actually matters: the quality of the asset, the integrity of the team, the durability of the thesis. We do not waste anyone's time on theatre.
We raise our concerns as they emerge, not at the end. Diligence typically runs four to eight weeks, depending on complexity, and is led by a principal throughout.
When we commit, we commit clearly. Terms are discussed openly before they are documented. We aim to close within a few weeks of a final term sheet, not several months.
A handshake from us means the same thing as a signature. We have never reopened a closed term sheet, and we do not intend to start.
The closing is the beginning, not the end. We stay close, work alongside the team, and treat every investment as something we expect to hold for a very long time. The way we behave in year five matters more to us than the way we look in week one.
Where it is useful, we open our network: operators, advisers, co-investors and customers we have known for decades. Where it is not, we step back and let the work speak for itself.