Investment Focus

Artificial intelligence

AI is becoming a general-purpose capability rather than a product category. We invest across the stack as it moves from experimental to essential.

• Agentic workflows — autonomous systems executing complex end-to-end tasks.
• Enterprise AI operations — deploying, monitoring and scaling models in production.
• Multimodal models across text, images, audio and video.
• Specialised inference — domain-optimised models with measurable ROI.
• Data infrastructure and vertical AI platforms.
• AI safety and alignment infrastructure.

Blockchain and trust infrastructure

Verifiable state, settlement finality and programmable assets make open global systems possible. We back the rails rather than the speculation.

• Real-world asset tokenisation — bringing off-chain assets on-chain.
• Institutional infrastructure — compliance, custody and trading plumbing.
• Decentralised identity and verifiable credentials.
• Layer-2 scaling, zero-knowledge proofs and privacy, cross-chain interoperability.

Financial infrastructure and fintech

The plumbing of finance is being rewritten in software. We look for products that institutions can actually adopt.

• Retirement and savings infrastructure.
• SMB finance and the digital CFO stack.
• Payments and treasury, embedded finance.
• Credit and risk analytics, regulatory technology.
• Digital asset trading infrastructure.

Opportunistic

A minority of our activity sits outside the three core themes, where an exceptional team meets a real catalyst: climate and energy technology, maritime and logistics, quantum applications, space and defence technology, health and bio-tech, and property technology.

How we pick within a theme

• Founding-team quality — extreme ownership, earned insight and build velocity over pedigree.
• Market and timing — a large or expanding market with a specific catalyst.
• Defensible advantage — data, distribution, workflow lock-in or technical performance.
• Capital efficiency — milestone-based resourcing and honest unit economics.
• Risk screen — regulatory footing, concentration and technical feasibility assessed up front.

The full framework is on how we invest, and the themes we have already backed are on portfolio.