Business model
Our thematic approach
We adopt a thematic approach to origination and portfolio construction, backing businesses that benefit from structural trends which can support long-term sustainable growth.
Key enablers of value
Permanent capital and long-term investment horizon
Our proprietary capital affords us a medium to long-term investment horizon. We aim to compound our proprietary capital value through conviction in our best investments.
Careful portfolio construction
We approach portfolio construction with great care, with a focus on resilience across market cycles and target sectors and regions where we have deep expertise, strong networks, and a proven track record.
Our strategy remains flexible, adapting to market shifts, regulatory changes, and broader societal and environmental trends. We screen investment opportunities against our Responsible Investment policy and embed an assessment of sustainability risks and opportunities across our investment and portfolio management processes. We have been signatories to the UN Principles of Responsible Investment since 2011.
Active asset management
We engage with portfolio companies’ management teams to manage risks and invest in initiatives that support long-term sustainable growth. We have majority or significant minority stakes in our core portfolio companies and are represented on their boards. We therefore have the influence to drive long-term, sustainable growth in our portfolio.
Thematic origination
Our Private Equity and Infrastructure teams invest in businesses supported by long-term structural growth trends.
Our strong values and institutional culture
We promote a strong culture of integrity among our employees and embed that culture in our policies and processes.
Our people
The recruitment, development and retention of a capable and diverse team is fundamental to our success.
Our brand and reputation
As an investment company with a history of 80 years, our brand strength and long-term approach underpin our reputation as a responsible investor and business.
Value creation
We manage our balance sheet conservatively. We maintain a tight grip on operating costs and cover these with fund management fees and portfolio income.
Who benefits
Shareholders
Our model is capable of delivering mid-teen returns to shareholders through the investment cycle.
Our people
Our people are our most important resource. We foster the professional development and wellbeing of our employees.
Portfolio companies
We work in close partnership with our portfolio companies to provide expertise and support, enabling them to grow sustainably and to contribute to the communities in which they operate.
