Where we invest.

We invest in services businesses across regulated industries. Each of the areas below shares the qualities we look for: long-tenured client relationships, regulatory complexity that rewards specialization, and operating economics that compound with disciplined investment.

01

Financial Services

Services businesses across the financial services value chain. We focus on companies that administer insurance and benefits programs, operate as regulated financial intermediaries, and perform specialized work for carriers, employers, and government programs. Long-tenured client relationships and regulatory complexity reward specialization.

  • Third-party administrators (TPAs)
  • Fiscal intermediary services for Medicare, Medicaid, and government programs
  • Specialty claims platforms
  • Managing general agents and underwriters
  • Insurance broker services
02

Life Sciences Services

Services platforms that support pharma, biotech, and medical device companies through development, regulatory approval, and commercialization. We invest in companies that hold technical and regulatory depth and that build long-term partnerships with their clients.

  • Contract research organizations (CROs)
  • Pharmacovigilance and safety services
  • Regulatory consulting and submissions
  • Clinical operations and data services
03

Real Estate Services

Specialty services platforms supporting institutional real estate owners, operators, and investors. The category covers a wide range of work, from transactional services to ongoing operations to the specialized administration that institutional real estate requires at scale.

  • Property management and operations
  • Title and settlement services
  • Appraisal and valuation services
  • Specialty real estate administration