On the shape of the firm

We started Barlow in 2014 with the idea that a small firm holding a small number of businesses for a long time would, on balance, produce better outcomes than a large firm holding a large number of businesses for a short one. Twelve years in, we still believe this.

The firm has not grown much. We have six people. We have eight active companies. Our fund sizes have crept up but the count of investments per fund has not. We do not have a platform team, a content arm, or an in-house recruiter. We pay for the things we need.

This is not an argument against larger firms. They do work we cannot do. It is an argument for being honest about the shape of the firm you actually want to run.