Occasional essays from our partners and analysts on the markets, structures, and ideas we are spending the most time on. Written for principals, not for distribution.
Refinancing walls, frozen development pipelines, and a generation of vendors with no patience for restructuring are converging.
Read essay →The compounding economics of artificial intelligence are not optional for long-duration capital.
Read essay →Battery storage, transmission, and grid-edge infrastructure are entering a build-out cycle that will define the next ten years.
Read essay →What four cycles of London residential development have taught us about underwriting development risk in markets that punish impatience.
Read essay →Concentration is not the opposite of diversification — it is the consequence of conviction. A note on the portfolios we are willing to hold.
Read essay →Three fact patterns we are seeing repeatedly across European credit, and the structures we are using to underwrite them.
Read essay →Generation has caught up. Storage is catching up. Transmission has not. Where we are deploying behind the bottleneck.
Read essay →Why we believe the inference economy will look more like utilities than like software — and how that reshapes investment frameworks.
Read essay →A summary of the year, the mistakes we made, the positions we are most proud of, and the standard we hold ourselves to.
Read essay →Essays are made available to clients of the firm and selected counterparties. Public summaries appear here.
We send a small number of essays to a small number of principals each year. If you would like to be included, please be in touch.
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