A focused thesis.A proven approach.A long-term partnership.

Technology is entering a new phase, reshaping how large organisations operate at their core. Over the past decade, we have seen the pace of technology-driven change steadily increase, now accelerating rapidly with AI. In an uncertain world, this new cycle will bring disruption, but also significant opportunity.

AI is extending what technology can do, shifting its role from supporting work to increasingly completing it. This is resulting in an unprecedented expansion of the value enterprise technology can deliver. With this greater opportunity though comes increased risk of execution which needs to be managed.

We believe this value increasingly concentrates in systems closest to decisions, processes, and outcomes. Systems that turn intelligence into action by managing data, executing critical workflows, and supporting areas such as capital allocation, payments, infrastructure, governance, and risk.

These systems are not optional. They are relied upon.

For twenty-five years, we've backed European enterprise technology companies through successive technology shifts. We believe the next generation of enterprise technology success will be built at the intersection of data, AI, and human expertise.

We focus on enterprise systems that sit at the heart of organisational workflows, underpinning critical processes, shaping decisions, and carrying real operational responsibility.

These systems operate in environments that are inherently complex, and demand precision, resilience, and trust:

• Customer relationships are long-term and deeply embedded
• Usage is sustained and non-discretionary
• Failure carries real operational, reputational, and financial consequences

We specialise in end markets characterised by regulation, scale, and operational complexity, where technology adoption is essential. These markets are often undergoing structural change, creating sustained demand for new technology solutions.

This is where we focus, and where we see the foundations for resilient, differentiated companies.

We partner with companies that demonstrate:

• Deep domain knowledge and experience
• Differentiated products solving complex, high-value problems
• Proven deployments in demanding enterprise environments
• A track-record of strong organic growth, driven by consistent new logo wins and account expansion
• A profitable business model with strong underlying economics
• Significant leadership team ownership
• European heritage with global ambition

Most importantly, we seek a trusted partnership with the founders, management team members, and other shareholders we work with.

Our exclusive focus on businesses with these shared characteristics has resulted in portfolio companies with clear commonalities. This is not accidental. It reflects a focused, repeatable investment model, that benefits teams through a highly relevant peer network.

The businesses we back start from strong, defensible positions. They have earned the trust of blue-chip customers, and they have become embedded in the systems these organisations rely on to operate.

This position of strength provides the foundation for future growth. As these trusted enterprise systems add new product functionality, they expand into adjacent workflows and budgets, increasing their role and value within their end customers.

Modern technology enables this expansion with leaner teams, faster product iteration, and structurally stronger economics.

Built on these resilient foundations, we see significant opportunity in this new technology cycle, and in supporting the companies shaping the next generation of enterprise technology.