Portfolio · 08 active

The full index of holdings, oldest first.

We add to this list slowly. Most of the businesses below have been in the portfolio for five years or longer, and we expect to hold them for a decade or more. New companies appear at the bottom as we make them.

  1. 01
    Halden

    Halden replaces the patchwork of spreadsheets and emails that private credit managers use to administer loans, distributions, and investor reporting. Used by sixteen funds in the United States and Europe.

    Financial infrastructureSince 2019
  2. 02
    Okra

    Okra is the system of record for independent oncology practices: scheduling, infusion, intake, prior authorization, and revenue. Now used in 240 clinics across thirty-one states.

    HealthcareSince 2020
  3. 03
    Meridian

    Meridian is the dispatch and yard-management layer for inland container terminals along the Mississippi and the Great Lakes. The product replaces hand-written manifests and two-way radio dispatch.

    LogisticsSince 2021
  4. 04
    Linde

    Linde produces specialty flocculants and corrosion inhibitors for municipal and industrial water systems. The company operates two plants in Ohio and one in Saxony-Anhalt.

    IndustrialSince 2017
  5. 05
    Pell

    Pell underwrites the long tail of small commercial lines—coffee shops, contractors, fleets of three or four vehicles—using submission data that human underwriters historically ignored.

    InsuranceSince 2022
  6. 06
    Tessera

    Tessera produces lens assemblies and beam-shaping optics for industrial, defense, and laboratory customers from a single facility in Rochester, New York. Founded by two former employees of a hundred-year-old optical house.

    ManufacturingSince 2018
  7. 07
    Ostmark

    Ostmark operates a production bakery in Pittsburgh and supplies bread, viennoiserie, and pastry to roughly two hundred restaurants, hotels, and grocers in western Pennsylvania.

    ConsumerSince 2016
  8. 08
    Kestrel

    Kestrel flies fixed-wing and rotorcraft surveys for transmission utilities and short-line railroads, with a software product that turns raw imagery into route condition reports.

    Industrial servicesSince 2020