Elsewhere in the Portfolio
Other work in the portfolio
Two further positions that illustrate how the office allocates capital across asset classes.
A minority stake in a Melbourne family-owned manufacturer, taken in 2024. Operational control remains with the founding family.
Due diligence ran for eighteen months. It covered the durability of the customer base, the quality of the accounting, dependence on key individuals, and whether the owners' objectives match those of the office.
The office asked what would happen to the business if the founder stepped away, in the first meeting.
No debt was introduced into the business. The partnership is open-ended, with no scheduled exit. Exit terms are set out in the partnership agreement: valuation method, notice periods and the office's rights.
The capital funded an additional site, new equipment and additional staff.
The position is reviewed annually. The operating family retains control of the business.
Two further positions that illustrate how the office allocates capital across asset classes.
Questions asked about this position.
A direct partnership sets the horizon, governance and reporting, rather than accepting a fund's exit timetable.
The operating family deals with the owner of the capital rather than with an intermediary.
The most recent ran for eighteen months. The work covered durability of the customer base, quality of the accounting, dependence on key individuals, and whether the owners' objectives match those of the office.
Diligence covers matters not set out in the information memorandum.
The partnership agreement sets out how that is handled in advance: valuation method, notice periods and the office's rights.
Exit terms are agreed at the start of the partnership.
Positions are reviewed annually against the thesis recorded at purchase.
If you are considering a long-term partner for a family business, write to the office with a short description of the business and what you are looking for.
This position is one of six that illustrate the way the office allocates capital.
