Torsten Asmus/iStock through Getty Photographs
Expensive Co-Investor
As we shut our fifth yr managing the fund, we returned +30.78% in 2025 and +15.39% annualised since inception (benchmark return: 2025: +8.68% and +10.06% annualised since inception)1. The fourth quarter was risky, leading to a destructive quarterly return1 – our first since 2022 – serving as a reminder
