Insights

Notes from the investment team

Commentary on valuation, fund structure and primary market mechanics. Written for investors and partners, not as investment advice.

Fund Structure25 September 20262 min read

What a Category III AIF is actually permitted to do

The category is not a quality rating. It is a description of which instruments a fund may hold and how it is taxed, and both change what you should expect from it.

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Valuation2 min

Read the cap table before you read the pitch deck

A headline valuation describes the company. The capital structure underneath it describes what your shares are worth, and the two can differ by a great deal.

16 September 2026

Primary Markets2 min

Lock-ins, and the liquidity you are actually buying

A position you cannot sell on the day it is worth most has a different value from one you can. Most pre-IPO allocations carry a lock-in, and the date matters as much as the price.

3 September 2026

Confidential material is shared directly.

Portfolio reports, the Private Placement Memorandum and current strategy notes are not published here. Contact the investment team and we will share them with you.

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