Notes from the firm.

The cost of a deadline

Every fund carries a date, and every date carries a cost. The cost is rarely visible in the returns table, because it is paid by the business: the sale that happened two years early, the expansion that was not funded because the fund was in harvest mode, the management team that spent its best year preparing for an exit rather than running the company.

Operators make better owners

Technology is easy to admire and hard to own. The economics of a software or infrastructure business are visible in a spreadsheet; whether they survive contact with customers, regulators and competitors is visible only from the inside.

Healthcare rewards the long view

Demand for healthcare is structural, long-dated and, across Asia in particular, still catching up with income. Few sectors offer that combination. Few sectors also punish impatience so reliably: regulatory timelines are long, evidence takes years to build, and reputations in healthcare are earned slowly and lost quickly.