What we invest in.
Three kinds of holding, each sized differently. Most of the capital goes to established private companies, invested directly with their owners. Smaller amounts go to early-stage ventures and to co-investments alongside leads we know.
Private companies
The largest part of the portfolio. We buy minority stakes directly from owners who intend to keep running their business, and can add capital later if the business grows into it.
Terms
- Stake
- Minority
- Held
- Directly
- Control
- Stays with the owners
- Board seat
- By agreement
- Follow-on capital
- Where earned
- Sale date
- None planned
Private holdings are illiquid and can lose their whole value. Nothing here is an offer of securities or investment advice.
Early-stage ventures
A small share of the capital goes to younger companies, from seed to early growth, in the same five sectors. Positions are kept small because many early-stage companies fail; those that do well can be held as long as they keep growing.
We back founders where a principal can be useful, and say no quickly elsewhere.
| Share of portfolio | Small |
|---|---|
| Stage | Seed to early growth |
| Stake | Minority |
| Sectors | The same five |
| Follow-on | Where earned |
Early-stage holdings are illiquid and can lose their whole value.
Co-investments
Some capital goes into deals led by family offices, operators or sponsors we have backed before. We invest on the lead’s terms, do our own diligence, and stay as long as the lead does.
Asterion charges no fees or carried interest to anyone who co-invests with it.
How we take part
- Lead
- Someone we have backed before
- Terms
- Same as the lead
- Diligence
- Our own
- Fees to us
- None
A co-investment carries the risks of the underlying business, including loss of the whole investment.
After we invest
Little changes day to day. The owners run the company; we receive the information agreed in the term sheet and attend the board where a seat was agreed. On our side, the value of each holding is reviewed quarterly and the whole portfolio once a year.
- Day to day
- Run by the owners
- Information
- As agreed in the term sheet
- Board
- A seat or observer, by agreement
- Our valuations
- Reviewed quarterly
- Custody, audit, counsel
- Independent of the firm
- Legal and tax advice
- Not given by Asterion