Sector 01
Technology
The productivity answer to a shrinking labor force. We back the layer that makes other industries measurably cheaper to run.
How we take it
Growth equity and control positions. Minority stakes where the operator is the asset.
The thesis
Why we hold this sector
Every developed economy in our coverage is losing working-age population while its obligations grow. There is no political solution to that arithmetic on a ten year view. There is an engineering one.
We look for the unglamorous layer: software and hardware that removes a fixed cost from an industry that cannot avoid paying it. Applied intelligence in operations, industrial software, energy systems, and the infrastructure underneath all three.
We are deliberately slow on anything whose economics depend on an audience growing forever. Attention is finite and, in our coverage, shrinking per capita.
Focus areas
What we actively look at
- Applied intelligence in industrial and back-office operations
- Vertical software for regulated and asset-heavy industries
- Energy systems, grid software, and storage economics
- Compute, network, and data infrastructure
The other sectors
Working on something in this sector?
We would rather hear the structural argument than see the projections. If the argument holds, the projections will follow.