Approach

The same sequence, every time.

The same sequence is applied to every opportunity, in the same order, whatever its size. The value of a written process is that it is hard to skip a step quietly.

  1. Origination

    We work from relationships rather than intermediated processes — operators, advisers, lenders and counterparties who are close enough to the asset to answer questions about it. Broadly marketed opportunities are not excluded, but they start with less information asymmetry in our favour and are priced accordingly.

  2. Screening

    A short, deliberately unsentimental pass. What is the asset, who controls it, what contracts govern its revenue, what is the realistic exit, and what would have to be true for this to fail? Most opportunities end here, and ending here quickly is the point of the stage.

  3. Diligence

    Technical, commercial, legal and counterparty review in parallel, with the reserve, production or throughput assumptions tested independently of the seller's model. We look hardest at the assumptions that carry the most value, because that is where optimism concentrates.

  4. Structuring

    Price is one term among many. We negotiate security, seniority, governance and information rights alongside it, and we build the downside case into the documents rather than into a footnote in the memo.

  5. Stewardship

    After closing the work changes but does not stop: reporting cadence, covenant monitoring, counterparty exposure and a periodic, honest reappraisal of whether the original thesis still holds. An investment that no longer makes sense should be exited on its merits, not defended for having been ours.