FOCUS

Four areas, held for the long term.

Allocation is deliberate and unhurried. The office does not run to a mandate or a benchmark, and is content to hold cash when nothing meets its standard.

Private markets

Direct investments in private companies and participation in a small number of funds. The office favours businesses it understands and owners it expects to work with for a long time.

Public equities

Concentrated positions in listed companies, held through cycles. Turnover is low by design.

Real assets

Land, property and infrastructure, owned outright or in partnership. Valued for durability and income rather than resale.

Philanthropy

Long-standing commitments made privately. The office does not accept proposals.