Four completed private equity and pre-IPO positions, each with a dated entry, a dated exit, and a clear realised return.
Four completed transactions shown below, each with a clearly identifiable thesis, a dated entry, and a dated exit.
Each bar is a completed transaction, sized by its realised percentage return from entry to exit. Hold periods vary from months (around listings) to years (long secondary positions).
Each card documents a thesis, a dated entry and exit, and the realised outcome.
Pre-IPO position ahead of the September 2023 NASDAQ listing. Thesis: semiconductor-IP leverage to the accelerating AI compute cycle. Exited on post-lock-up rerating.
Secondary round at a discount to the last private mark, with an IPO catalyst already on the horizon. Exited into post-listing strength as margins validated the thesis.
Allocation in Rivian's pre-IPO round in mid-2021. Thesis: the commercial-EV order book (Amazon) would re-rate the equity into listing. Exited via post-IPO lock-up expiry discipline.
Secondary-market position at a discount to the most recent primary mark during the 2022 valuation reset. Exited into the 2024 tender offer as the fintech cohort re-rated.
The same four-stage process sits behind every position on this page.
Via relationships with late-stage funds, operators, and direct secondaries — never public marketing.
Written IC memo with thesis, risks, comparable exits and an explicit downside underwriting.
Pricing, share class and transfer terms negotiated alongside counsel. Allocations sized against the mandate.
Lock-up strategy, trade-sale participation, or secondary exit — decided position by position.
Past performance is not indicative of future results. Entry and exit pricing reflects executed transactions on the dates noted.
Short enquiry, no obligation. Our team reviews every submission and arranges a private conversation before anything moves forward.
