Investment strategy 01

Alternative Investments

Access to opportunities beyond traditional public markets.

We assess private companies, infrastructure, real assets and specialist strategies where access, complexity, structuring or active ownership may create a differentiated investment proposition.

Private markets
Real assets
Thematic opportunities

Investment perspective

How we assess the opportunity.

Alternative investments can broaden the sources of return within a portfolio, but they also introduce additional complexity, illiquidity and manager-selection risk. Our work begins with the underlying business or asset, not the alternative label attached to it.

We evaluate direct investments, co-investments, funds and structured exposures against the same fundamental questions: how value is created, what can impair it, how governance works and how capital may ultimately be returned.

Sector priorities can include infrastructure, data centres, energy transition, logistics, healthcare, technology, maritime assets and selected real estate, subject to mandate and opportunity.

Capabilities

A detailed investment toolkit.

Direct investments

Negotiated equity, credit and hybrid investments in companies, projects and real assets.

Fund investments

Primary and secondary commitments assessed through strategy, team, attribution, terms and portfolio construction.

Co-investments

Transaction-specific participation alongside experienced sponsors and specialist managers.

Infrastructure and real assets

Essential and contracted assets assessed for demand, regulation, inflation sensitivity and capital intensity.

Thematic strategies

Selective exposure to long-duration change in digitalisation, energy, health, logistics and industrial technology.

Secondaries

Interests in existing funds or portfolios where visibility, pricing and duration may differ from primary commitments.

Underwriting priorities

Questions before capital is committed.

Durability and visibility of cash flows

Entry valuation and downside protection

Governance and alignment

Capital intensity and funding requirements

Liquidity and credible exit routes

Manager quality and realised attribution

Portfolio considerations

Potential portfolio role

Potential diversification and access to return drivers not fully represented in listed equity and bond markets.

Liquidity

Typically limited. Capital may be committed for several years and transfer rights can be restricted.

Principal risks

Loss of capital, valuation uncertainty, leverage, concentration, manager selection, operational execution and illiquidity.

Related strategies

Private Equity

Growth, minority and control investments in companies from proven scale-up through mature market leadership.

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Private Credit and Structured Investments

Flexible senior, junior, asset-backed and hybrid capital designed around cash flows and collateral.

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Special Situations

Capital for dislocation, complexity, transition and time-sensitive corporate or asset-level needs.

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Discuss how this strategy may fit a broader investment mandate.

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For informational purposes only. This material does not constitute an offer, solicitation, recommendation or commitment to provide investment services or capital. Availability, vehicle structure and investor eligibility vary by mandate and jurisdiction. Investments involve risk, including possible loss of capital. Private investments may be illiquid and valuation may be uncertain. Past performance is not a reliable indicator of future results.