Investment StrategyApr 15, 2026
Permanent Capital and the Case Against Flipping Operating Companies
Private equity buys to sell. Operating capital buys to hold. The two produce different businesses.
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Perspectives on long-duration ownership.
Articles, frameworks, and observations on holding-company strategy and multi-entity portfolio management, published as written and approved.
Subject areas
What we write about.
Topic 01
Holding-company strategy
How parent-level governance shapes operating outcomes across a multi-entity portfolio.
Topic 02
Operator playbooks
Lessons from operators inside the portfolio on building durable businesses.
Topic 03
Cross-border discipline
Operating and governing across the United States and Canada under a single standard.
Latest letters & notes
Recent perspectives from the Office of the Group.
Investment Strategy
Investment StrategyApr 19, 2026
Why Fragmented Services Markets Reward Operational Discipline
In markets where the average operator is small and undercapitalized, discipline is a structural advantage.
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Cross-Border DisciplineApr 26, 2026
Cross-Border Discipline: One Operating Playbook, Two Jurisdictions
The United States and Canada are run as a single operating footprint. Local execution, local hiring, local regulatory posture, all inside one set of group-level standards.
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GovernanceApr 23, 2026
Operating Partners vs Portfolio Companies: A Structural Difference
The difference between an operating partner and a portfolio CEO is not seniority. It is incentive structure.
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Speak with our team
Direct lines to the holding company.
For corporate inquiries, portfolio questions, board introductions, or media requests, contact our office. We respond to qualified inquiries within two business days.