Letter
Q1 2026
Why patience is the most underpriced strategy in alternatives.
Capital that can wait commands terms that capital in a hurry cannot. A note on duration as an edge.
Insights
Notes from the underwriting desk.
Quarterly letters and occasional research. Written by the people deploying the capital — not by a marketing team.
Market Note
Feb 2026
The basis case for multifamily in supply-constrained metros.
Replacement cost has moved faster than rents. We outline the markets where the math still works.
Research
Jan 2026
Founder-led companies: the persistent alpha of operator-aligned equity.
Why control transitions remain among the most attractive entry points in lower middle-market private equity.
Letter
Q4 2025
Annual letter: building portfolios that do not require prediction.
Our year-end reflection on positioning, allocation, and what we are underwriting next.
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