Investing with
our own capital.

The remit

We assess businesses, assets and early-stage projects. Research considers how technology, demand and operating conditions affect the investment case.

Investment considerations

• Demand. Who uses the product, and what problem does it solve?
• Economics. What infrastructure and resources are needed to deliver it at scale?
• Risk. Which assumptions could invalidate the investment case?

Public material

Our public studies examine fund strategies, portfolio disclosures and market data. They set out the research question, identify the source material and explain how the analysis is constructed.