Periodic, slow-paced writing on the markets and methods that shape the practice. Designed to be read, not skimmed.
Capital is returning to selective markets. The principals who will benefit are those who built underwriting muscle during the dry years.
The structural appeal of co-investment is real — but most programs underperform because they confuse access with edge.
Schedule discipline isn't operational hygiene. It's the single most underpriced source of investor return in real-asset programs.
There is a transferable playbook from venture-backed companies — but it has to be re-engineered for capital-heavy sectors.
Cheap money was an aberration, not a baseline. Operating discipline is no longer optional for principals seeking institutional capital.