Eight sectors, one common thread.

A grid queue and a first-of-a-kind build can outlast an entire fund before the asset produces a megawatt. We want revenue contracted far enough out to underwrite, and economics with a floor that survives a change of government.

• What we look for
• Contracted or regulated revenue
• A credible grid or offtake route
• Security-of-supply relevance

Infrastructure rewards owners, not traders. The return comes from utilisation, from the difficulty of building a second one next door, and from value accruing quietly in land and permissions.

• What we look for
• Hard-to-replicate position
• Utilisation upside under new ownership
• Long-dated tenancy or usage

Process knowledge is the most under-priced asset in British industry. It lives in a line, a team and a set of tolerances that took years to settle – and it does not travel well. Which is exactly why we want it.

• What we look for
• Qualified into customer supply chains
• Advantage in process, not marketing
• Deferred capex with a clear payback

World-class engineering talent, and a thin pool of capital willing to fund it through certification. Uncrewed systems sit in the gap between a research grant and a procurement cycle. We back the whole stack – including the unglamorous ground segment, where the recurring revenue lives.

• What we look for
• A route through certification
• Recurring revenue, not one-off programmes
• Dual civil and defence relevance

We are sceptical of anything that loses its edge when the model underneath it upgrades. The interesting layer is beneath: compute, power, land, hard-won data, and systems welded so far into a regulated workflow that replacing them is a project, not a decision.

• What we look for
• Proprietary or hard-won data
• Embedded in a regulated workflow
• Power and land secured, not assumed

Science, talent, trials and markets sit across borders. We want platforms with a repeatable path from biological insight to validated asset – not businesses that stop at selling a tool. Clinical execution is something you partner for, not something a balance sheet substitutes.

• What we look for
• A repeatable path to validated assets
• Clinical and regulatory partners in place
• IP stewardship with a UK anchor

Planning is the real variable, so we price it rather than assume it away. Structural demand, a genuine local relationship, a team that has finished something comparable. Regeneration only counts if it still stands up commercially in year ten.

• What we look for
• Structural, not speculative, demand
• A delivery team with a finished comparable
• Consenting risk priced, not ignored

The least glamorous line, and the most useful. It funds our own delivery, bridges timing gaps and keeps us at the table when a project moves faster than an institution can. Selected venture positions give early sight of what matters to the industrial platforms later.

• What we look for
• Funds group delivery, not just returns
• Discipline in credit and structuring
• Early sight of relevant technology