The returns of the next twenty years will come from physical capacity, not software alone.
Power, factories, machines and land, with intelligence layered on top. We own and back businesses at that intersection.
The office
Why we can wait
Physical capacity is slow. A fabrication line, a refinery, a rail connection or a farm takes years to build and longer to prove, and much of it now has to be rebuilt in the United States after decades of being built elsewhere. Work on that timescale needs owners who can wait.
We invest directly in operating companies and through a small number of outside managers. We are not a fund. We do not raise outside capital, we have no limited partners, and there is no fund life. Investments are held for as long as they continue to earn their place.
Sectors
Where we invest
Electrification, charging infrastructure, advanced air mobility, and the ground infrastructure beneath all of it.
Generation and grid infrastructure, oil and gas, and nuclear technologies from the fuel cycle through to advanced reactors.
Applied systems with established commercial demand, together with the compute and data assets on which they depend.
Dual-use hardware and software serving the United States and allied governments, their prime contractors and the wider industrial base.
American factories that employ American workers, and the tooling, automation and machine tools that keep them competitive.
Working farmland, controlled-environment production, and the equipment, inputs and logistics a modern farm depends on.
Approach
How we invest
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Direct investments
We acquire control positions and significant minority interests in operating companies. We prefer fewer, larger commitments.
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Fund commitments
We commit to a limited number of managers in sectors where specialist expertise adds value, and we tend to reinvest with managers we know well.
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Holding period
Our default holding period is indefinite. We underwrite on the basis of long-term ownership rather than a planned sale.
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Assets and operators
We favor hard assets, physical supply chains and operating teams with a demonstrated record in their sector.
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Process
There is no investment committee, so a decision does not wait on a calendar.
Contact
Inquiries
A short summary of the business, its financial performance and the role we would play is enough. We review every proposal we receive and respond to those that fall within our areas of focus.
Philadelphia, Pennsylvania