Philosophy

We believe in the capacity for financial markets to provide households and institutions with improved access to investment opportunity, credit, and risk management across time and states of the world. The institutional architecture through which these functions are delivered—intermediaries, markets, platforms, or protocols—is not exogenous, but emerges from the interaction of incentives, information, regulation, and technology. However, systematic frictions—including information asymmetries, principal–agent conflicts, imperfect competition, incomplete markets, and persistent behavioral biases—can materially impair allocative efficiency and distort outcomes for both households and institutions.

Continued advances in computation, data infrastructure, and networks alter the feasible frontier of financial outcomes. In some settings, technology enables more efficient intermediation through superior screening, pricing, and risk management. In others, it supports direct market access and selective disintermediation, compressing layers of friction, cost, and opacity. What were once structural constraints to efficient outcomes are increasingly being reshaped by software, data, and novel financial service and market design.

We look to back teams with a bold vision to shape the evolution of financial services and markets. We partner with such leaders through patient capital, analytical engagement, and long-horizon partnership in support of building companies that improve efficiency, resilience, and access across the financial system.

Our Investment Focus:

We invest where technology and financial economics jointly enable structurally superior outcomes—through reduced costs, enhanced transparency, broader access to markets, and improved risk-adjusted returns. Our core areas of investment focus include:

Improving financial outcomes for households and institutions
Via more efficient implementation, reduced transaction and frictional costs, and materially improved price and risk transparency.

Expanding access to credit and capital markets
Through data-driven innovation in underwriting, distribution, and capital market intermediation.

Deploying advanced data, analytics, and financial-economic insight
To improve investment decision-making, risk pricing, and resource allocation.

Modernizing market and financial infrastructure
Including next-generation payment systems, custody, and cryptographic and blockchain-enabled platforms.

Advancing climate and sustainability solutions through markets
By supporting data-driven, incentive-aligned, and market-based approaches to environmental challenges.