Home / Insights
Research & insights
Notes from the investment team. We write about what we are underwriting, what we have declined, and occasionally what we got wrong.
Replacement cost is the only anchor that holds
Cap rates drift with sentiment. The cost of pouring concrete does not. Why we underwrite industrial assets against build cost rather than comparable transactions.
Read the noteIn private credit, the covenant is the product
Spread is what you are quoted. Documentation is what you actually own. A note on why we have walked away from deals over a single definition.
ReadEnergy intensity has quietly become a valuation input
Retrofit economics stopped being a compliance exercise the moment lenders began pricing EPC bands into margin. What that means for holding periods.
Read
Rebalancing is a risk control, not a return strategy
Letting winners run is how concentrated portfolios are built by accident. The mechanical case for quarterly bands.
ReadWhat we got wrong in the 2021 vintage
We underwrote exit cap rates that assumed a rate environment we had no basis to forecast. An account of the error and the process change that followed.
ReadLiquidity is a position, and it should be sized like one
Cash is usually treated as the residue of other decisions. Treating it as a deliberate allocation changed how our private book behaved under stress.
Read