Carefully selected long-term partnerships

We build long-term relationships with our external portfolio managers and are very careful in the selection of a team. In particular, we look for the following attributes in an external manager:

• a clear and well-defined strategy, used successfully over several cycles;
• a fundamental and bottom-up investment approach;
• an independent mind;
• a long-term investment horizon;
• a concentrated portfolio;
• limited assets under management; and
• a high level of co-investment by the manager to align interests.

Concentrated long-term investments in high quality companies

We make long-term investments in high quality companies that are managed by exceptional people. In particular, we look for the following attributes

• Durable competitive advantages
• Management that thinks and acts as owner-operators
• Excellent capital allocation track record
• Proven and understandable business models

Our portfolio is highly concentrated and our high-conviction investments decisions are based on rigorous fundamental research

Credit investments in quality companies with good downside protection

Our credit strategy employs a disciplined thorough research approach focused on high yield bonds and syndicated loans issued by high quality companies that offer good downside protection. Our aim is to capitalize on attractive risk/return credit opportunities primarily in Europe.

Long-term active investors in quality assets

Through our Real Asset platform we invest in high quality infrastructure and real estate assets. We look for assets that has a stable profile and substantial intrinsic value with a long term critical purpose in societies. Our primary focus are assets located in Europe and North America as well as certain regions in Asia. We look to deploy funds through external managers, co-invest with our partners or by investing direct.

Long-term partnerships with Private Equity and Venture Capital Fund Managers

We build long-term relationships with our external fund managers and occasionally co-invest with our partners. Our primary focus are fund managers that invest in North America and Europe