We invest in funds managed by leading managers in North America and Asia. We seek to partner with some of the world’s most talented managers in long and profitable relationships. We focus on regions that are the engines of well-proven global growth, namely North America and Asia. Our relationships tend to span multiple fund vintages and we often take advisory board positions to influence fund development.

The qualities we focus on are:

• Successful track record
• Stable team
• Expertise in driving value through cycles
• Alignment of interest

12.5% p.a. total return target

We seek diversified fund holdings in private companies that provide long-term and consistent returns in geographic markets that counterbalance our quoted equity and UK-centric private capital investments.

North America fund investments – 63% of pool NAV as at 31 March 2025

• Buy-out, lower mid market. Focus on small to medium sized, often owner managed, established businesses.
• Usually first institutional investment and will support their professionalisation and growth, both organically and through M&A activity.

Asia fund investments – 37% of pool NAV as at 31 March 2025

• Focus on buy-out, venture and growth investments in non-cyclical, new economy sectors such as healthcare and technology which are well placed to benefit from wider demographic trends.
• Investing into businesses in the early years of significant growth, having successfully developed their business model. Whilst focused on local markets, a number, particularly those with a healthcare focus, also invest into the US.