Four sectors chosen for secular growth, strategic relevance and complementary risk — a barbell of long-duration real assets and high-growth intangibles.
Artificial intelligence is the defining capital cycle of this decade. We invest across the stack: compute and data-centre infrastructure, enterprise software with embedded AI, automation platforms and vertical applications in finance, health and industry. Positions range from growth equity to structured financing of revenue-generating technology companies.
Demographics, chronic disease and biotechnology innovation make pharmaceuticals a structurally growing sector. We target specialty pharma, generics and CDMO manufacturing, licensing and royalty structures, and selective late-stage development opportunities — favouring cash-generative assets with regulatory moats. Our largest holding in the sector is Bosnalijek d.d. Sarajevo, where KBC is the largest single shareholder.
Electrification, defence and advanced manufacturing depend on a narrow set of critical raw materials — rare earth elements, lithium, cobalt, tungsten, gallium and platinum-group metals. Supply is concentrated; demand is policy-driven and secular. We invest in producers, processors, streaming and offtake structures positioned along these strategic supply chains.
Mining remains the foundation of the real economy. Our approach is jurisdiction-first: stable legal regimes, enforceable title and credible permitting. We participate across the asset life cycle — from advanced exploration to producing operations — using equity, royalties and senior-secured project credit.