We own a concentrated portfolio of approximately 20 exceptional businesses that improve themselves every year. Our investment horizon is long-term (10+ years minimum). We accept short-term price volatility because we focus on per-unit cash earnings power compounding over decades.
Our Quality Bar: Every new investment must be good enough to displace one of our existing holdings. This is our effective cost of capital. We only invest when we've found something demonstrably better than what we already own.
What We Look For: Businesses with enduring competitive advantages, run by able and owner-oriented management, that can reinvest earnings at high rates of return for many years. We seek companies where the fundamental unit economics improve annually, regardless of market sentiment.
How We Differ: We balance current and future cash earnings when assessing valuation. We aim to pay a reasonable price for durable quality rather than overpaying for growth or underpaying for value traps.
GP Alignment: Partners co-invest alongside our investors, ensuring alignment of interests.
Our hybrid approach captures value across market structures, combining the discipline of public markets with the control of private equity.
Portfolio Construction: Concentrated portfolio of 15-20 positions across public markets (60% allocation) and private investments (40% allocation). Maximum initial position size of 20%. We let winners compound without arbitrary rebalancing or tax-triggered selling.
Public Markets: High-conviction positions in listed companies. Focus on quality compounders trading at reasonable valuations. Active engagement with management teams where appropriate.
Private Investments: Direct investments and co-investments in businesses requiring operational transformation. Target IRRs of 25%+ through active value creation. Typical hold period of 3-7 years.
Investment Criteria:
• ROIC >15% sustained for 5+ years
• Reinvestment runway of 10+ years at high returns
• Mission-critical to customers with structural switching costs
• Management we'd trust with our family's capital
• Trading at reasonable multiples for the quality delivered
Holding Period: Forever is our target horizon for public positions. We view selling as a failure unless fundamentals deteriorate or valuation becomes egregiously detached from cash earnings power. Private investments have defined exit horizons but we partner for long-term value creation.
Decision Process: All investments require unanimous Investment Committee approval. We pass on 95%+ of opportunities reviewed.
Our founding partners bring extensive experience across distressed investing, operational transformation, and value creation. Representative investments include:
These examples illustrate our approach to identifying quality businesses and creating value through operational improvements and strategic repositioning.
Emergence Partners is structured to align our interests with long-term value creation while providing institutional-grade governance and operations.
Fee Structure: 1.5% management fee with 17.5% performance fee above 6% hurdle rate.
Share Classes: Founder class (reduced fees for early investors) and Standard class available.
Investment Minimum: $0.5 million for qualified investors, $2.5+ million for institutional allocations.
Governance: Cayman Islands-regulated fund with institutional-grade infrastructure.
We partner with leading global institutions to ensure the highest standards of governance, operations, and investor protection.
Regulatory Oversight: Registered with the Cayman Islands Monetary Authority (CIMA #TBC).
Reporting & Transparency:
• Monthly performance estimates
• Quarterly audited statements
• Annual comprehensive report
• Full transparency on holdings and attribution
Investor Communications: Direct access to founding partners for all investors. Regular market commentary and investment insights shared through our secure investor portal.
Our multi-layered risk management approach is designed to preserve capital while capturing asymmetric upside opportunities.
Market Risk Management:
• Daily monitoring
• Stress testing across scenarios
• Correlation analysis
• Drawdown controls
Operational Risk:
• Segregated accounts
• Dual approval for all transactions
• Independent valuation by administrator
ESG Integration: ESG factors are systematically evaluated in every investment decision. We maintain a firm-wide exclusion policy for weapons, tobacco, and other harmful industries.
Ian Higgins, Managing Partner
Ian has twenty years of experience navigating crises and building platforms, with £500 million in capital raised across two housing businesses. As Head of Special Situations at Irish Bank Resolution Corporation (2012-2016), Ian managed a €3 billion portfolio across 15 countries, leading substantial asset recovery efforts during Ireland's banking crisis. Since 2016, Ian has built housing platforms, raising £350 million for a UK proptech platform and securing €250 million as CEO of Residential Reversions Ltd. Ian currently holds advisory roles and board representation at portfolio companies and is based in UAE.
BA Business Studies (Griffith College Dublin) | Postgraduate Diplomas in Corporate Finance and Insolvency Practice with Distinction (Chartered Accountants Ireland) | QFA | CBI and FCA Regulated
Paul Higgins, Managing Partner
Paul has fifteen years of experience across value investing, private equity, and mergers and acquisitions. Since 2020, he has completed transactions with enterprise values exceeding €60 million. Prior to 2020, he participated in transactions exceeding €500 million across the United States, Europe, Asia, and Latin America. Paul began his career as an analyst at Wallace Capital Management, a $1 billion value-oriented hedge fund, subsequently working at Ernst & Young Corporate Finance and Accenture Global M&A. He gained institutional experience at Waterland Private Equity (€9 billion AUM). From 2021-2023, he served as Advisor to Stripe for the 2023 edition of Poor Charlie's Almanack, working alongside Peter Kaufman (CEO, Glenair).
BA Economics (University College Dublin) | ACA Qualified (Chartered Accountants Ireland) | Columbia Executive Value Investing Programme
Lewis Kilroe, Chief Operating Officer
Lewis has fifteen years of experience building institutional fund operations. As former COO of a $2 billion alternative investment firm, he built and scaled infrastructure across investor relations, regulatory compliance, risk management, and technology platforms. At Emergence Partners, Lewis oversees investor relations and reporting, regulatory compliance with CIMA, service provider coordination, risk management frameworks, and technology infrastructure.
Adrian Beattie, Independent Chairman
Adrian has thirty years of financial services leadership, including senior executive roles at SS&C Technologies, where he specialized in global fund operations and institutional infrastructure. As Independent Chairman of the Investment Committee, Adrian challenges investment theses, ensures governance best practices, provides institutional perspective, and strengthens risk oversight.
Partnership
Ian and Paul co-managed family capital for over a decade using the public-private hybrid approach that forms the foundation of Emergence Partners. The partnership demonstrates commitment to operational involvement at portfolio companies to ehlp accelerate value for decades.
Our investment philosophy extends beyond portfolio management. We regularly share insights on markets, systems thinking, and value creation through multiple channels.
Exclusive market commentary and portfolio insights delivered directly to investors. Analysis of market dynamics, portfolio positioning, and emerging opportunities from our Investment Committee.
Long-form research on value creation, systems thinking, and market dynamics. Recent publications include "The Maintenance Premium," "Systems Value in Complex Markets," and "Cross-Border Arbitrage in Rising Rate Environments."
Read on Substack →We regularly contribute to and recommend leading investment and systems thinking podcasts. Our partners appear on platforms including Invest Like the Best, The Acquirers Podcast, and Value Investing with Legends, discussing emergent value, complex systems, and long-term investing.
Explore podcast appearances →Environmental, Social, and Governance factors are integral to our investment process and risk management framework.
ESG Integration:
• Systematic ESG evaluation in all investment decisions
• Proprietary ESG scoring methodology
• Active engagement on ESG improvements post-investment
• Regular monitoring and reporting of ESG metrics
Exclusion Policy:
We maintain firm-wide exclusions for:
• Weapons and defense contractors
• Tobacco products
• Gambling operations
• Predatory lending
• Environmentally destructive practices
Positive Screening:
We actively seek investments that contribute to:
• Sustainable business models
• Positive social impact
• Strong governance practices
• Environmental innovation
• Stakeholder capitalism
Reporting: Annual ESG report provided to all investors detailing portfolio-level ESG metrics and improvement initiatives.