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.
- 01Financial infrastructureSince 2019Halden
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.
- 02HealthcareSince 2020Okra
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.
- 03LogisticsSince 2021Meridian
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.
- 04IndustrialSince 2017Linde
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.
- 05InsuranceSince 2022Pell
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.
- 06ManufacturingSince 2018Tessera
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.
- 07ConsumerSince 2016Ostmark
Ostmark operates a production bakery in Pittsburgh and supplies bread, viennoiserie, and pastry to roughly two hundred restaurants, hotels, and grocers in western Pennsylvania.
- 08Industrial servicesSince 2020Kestrel
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.