Our investment approach
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The life-cycle thesis
Most alternative investments have a finite life-cycle. Our focus is primarily on the growth phase of the life cycle:
- Start-up risks less problematic than in the past due to strong support industry.
- Limited wealth creation makes the fund manager hungry for success.
- Virtually no capacity constraints.
- ‘Stay rich’ mentality gradually taking over.
- Strong asset growth driven by the institutionalization of the business.
- Other priorities in life start to have an impact on performance.
- Capacity constraints hurt performance.
- Lack of scalability drives many managers into areas they don’t understand.