[{"data":1,"prerenderedAt":132},["ShallowReactive",2],{"insight-\u002Finsights\u002Fq1-2026-patience-as-a-portfolio-decision":3},{"id":4,"title":5,"body":6,"cover":121,"description":122,"extension":123,"meta":124,"navigation":125,"path":126,"read":127,"seo":128,"stem":129,"tag":130,"__hash__":131},"insights\u002Finsights\u002Fq1-2026-patience-as-a-portfolio-decision.md","Q1 2026: Patience as a portfolio decision",{"type":7,"value":8,"toc":110},"minimark",[9,14,18,21,25,32,38,44,48,51,54,57,61,64,86,90,93,96,100,103],[10,11,13],"h2",{"id":12},"to-our-families","To our families,",[15,16,17],"p",{},"The first quarter of 2026 was a study in restraint. Markets are giving us no shortage of activity to mistake for opportunity. Our task — as always — is to distinguish between the two.",[15,19,20],{},"This letter is shorter than usual, because the portfolio's activity was. We made two new commitments, returned capital from one realisation, and let everything else compound.",[10,22,24],{"id":23},"where-capital-moved","Where capital moved",[15,26,27,31],{},[28,29,30],"strong",{},"One new mid-market private equity commitment."," A North American business services platform with predictable subscription revenue, founder-led management, and a thesis we have followed across four prior cycles. We anchored the round at the price we wrote a year ago. The market caught up to us.",[15,33,34,37],{},[28,35,36],{},"One private credit add-on to an existing flagship."," A senior-secured unitranche position in a healthcare services consolidator. Floating rate, three-year amortisation, manageable leverage.",[15,39,40,43],{},[28,41,42],{},"One realisation."," A 2018-vintage infrastructure asset we co-invested in alongside a regulated utility partner. Held for seven years. Distributed at 1.9× cost. We will not chase the next one at a price that requires the next seven years to look like the last.",[10,45,47],{"id":46},"what-we-held-and-why-we-held-it","What we held — and why we held it",[15,49,50],{},"The dominant question this quarter was whether to rotate. We did not.",[15,52,53],{},"Our private equity book was up. Our credit book was up. Our infrastructure book performed exactly as it should — quietly, contractually, with inflation linkage. The temptation in a steady book is to mark progress by changing it. We resist that.",[15,55,56],{},"A portfolio is judged over decades. The interesting decisions are not what you add. They are what you refuse to add.",[10,58,60],{"id":59},"what-we-are-watching","What we are watching",[15,62,63],{},"Three themes we are tracking but not yet trading.",[65,66,67,74,80],"ol",{},[68,69,70,73],"li",{},[28,71,72],{},"Re-shoring industrial real estate."," Activity is real. Pricing is starting to detach from rents. We are inside on diligence on two assets but have not committed.",[68,75,76,79],{},[28,77,78],{},"Secondary market dislocation in venture capital."," LPs are exiting at meaningful discounts to NAV for funds we know well. The opportunity is real. The diligence burden is heavy.",[68,81,82,85],{},[28,83,84],{},"Sterling-denominated infrastructure debt."," A widening of swap spreads is creating attractive entry points for sterling-funded families. We will write more on this in the spring.",[10,87,89],{"id":88},"a-note-on-language","A note on language",[15,91,92],{},"You will not find a chart in this letter promising what the next year will return. We do not know. Neither does anyone else. What we know is what we hold, how it is structured, and what it would take for the thesis to break.",[15,94,95],{},"That is the conversation we have with you, and it is the conversation we have with ourselves.",[10,97,99],{"id":98},"thank-you","Thank you",[15,101,102],{},"Our work is the privilege of stewarding capital that took generations to build. We do not take the assignment lightly. We are grateful for your patience and for the trust that makes patient capital possible.",[15,104,105,106],{},"— ",[107,108,109],"em",{},"The Investment Committee",{"title":111,"searchDepth":112,"depth":112,"links":113},"",3,[114,116,117,118,119,120],{"id":12,"depth":115,"text":13},2,{"id":23,"depth":115,"text":24},{"id":46,"depth":115,"text":47},{"id":59,"depth":115,"text":60},{"id":88,"depth":115,"text":89},{"id":98,"depth":115,"text":99},"https:\u002F\u002Fimages.unsplash.com\u002Fphoto-1551836022-d5d88e9218df?auto=format&fit=crop&w=1600&q=80","Our quarterly letter to clients — what we did, what we held, and what we chose not to chase.","md",{},true,"\u002Finsights\u002Fq1-2026-patience-as-a-portfolio-decision","Letter · 12 pp",{"title":5,"description":122},"insights\u002Fq1-2026-patience-as-a-portfolio-decision","Quarterly Letter","yWvL7MvROfcAKOK3-UAY05oowGrSn_myZw6bAfjiJyw",1781888005644]