Insights
How we see the market, in our own words.
Occasional writing from the investment team. We publish when we have something to say rather than to a schedule, and we write for the founders, owners and counterparties we work with rather than for a general audience.
- Markets
- Credit
- Governance
- Private Markets
Latest
Reading the Hong Kong IPO pipeline in the second half of 2026
Listing volumes have recovered, but the quality of the pipeline is uneven. How we think about pre-IPO positions when the window is open and valuations are moving.
Read the article- Credit7 min read
Underwriting the downside in Asian private credit
Private credit in Asia rewards lenders who start from what can go wrong. A note on collateral, jurisdiction and the discipline of being the sole lender.
- Governance6 min read
Governance before listing: the board conversation founders should have early
The most common cause of a delayed or disappointing listing is not the business. It is the governance work left until the sponsor has been appointed.
- Private Markets6 min read
How we think about structure in pre-IPO rounds
Preference stacks, ratchets and redemption rights protect investors on paper. In practice they often damage the listing. Our view on the terms that matter.
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If you are a founder, owner or borrower looking for an aligned investor with a long horizon, we would like to hear from you.