We own a concentrated portfolio of exceptional businesses across public and private markets. Resilient compounders whose quality, adaptability, and reinvestment runways create value over decades.

We deploy capital only when the expected return materially exceeds our required rate of return and that of any existing holding it would displace. Every opportunity is evaluated through a proprietary expected return framework assessing the operating cash flow yield at the prevailing price, the quality and sustainability of growth, and the conservatism embedded in the current market valuation.

We target businesses with durable and widening competitive advantages, high returns on tangible capital, and management teams whose capital allocation decisions compound per-share value over a decade or longer. We assess competitive position through a structured evaluation of moat strength and trajectory, and management quality through the discipline with which capital is allocated among reinvestment, acquisitions, share repurchases, dividends, and balance sheet management.

We distinguish between organic growth and growth dependent on the returns generated by incrementally deployed capital. We balance current and future cash earnings when assessing valuation, seeking a reasonable price for durable quality rather than overpaying for growth or underpaying for value traps.

Our structural advantage is duration — a capital structure permitting holding periods of ten to fifteen years or longer, capturing compound growth that time-constrained vehicles must forfeit. Partners co-invest alongside our investors, ensuring alignment of interests.

The Fund pursues a concentrated investment strategy across public and private markets, with allocations driven by share class risk and liquidity profiles.

Public Securities: The Fund invests in publicly-traded securities globally, targeting businesses with the quality and expected return characteristics described above. We employ a patient, low-turnover approach with intended holding periods exceeding five years.

Private Investments: The Fund pursues private investments across the capital structure, including minority, significant minority, and controlling positions. We seek businesses where we can contribute active operational value through board representation, capital structure optimisation, or strategic advisory. Investments may include established cash-generative businesses as well as businesses at earlier stages of development where we have conviction in the trajectory of future cash flows. Private opportunities are evaluated using the same expected return framework applied to public securities. Sourcing derives from proprietary relationships developed through our principals' combined thirty years of transaction experience.

Geographic Focus: The Fund may invest globally. The Investment Advisor specialises in the United States, Europe, and the Gulf Cooperation Council region.

Decision Process: All investments require unanimous Investment Committee approval.

Our multi-layered risk management approach is designed to preserve capital while capturing asymmetric upside opportunities.

Market Risk Management: We employ daily monitoring, stress testing across macroeconomic and idiosyncratic scenarios, correlation analysis, and active drawdown controls to manage portfolio-level exposure.

Concentration Discipline: Portfolio construction is governed by position-sizing limits, sector concentration constraints, and geographic diversification requirements to mitigate undue risk concentration.

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, 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.

Our investment philosophy extends beyond portfolio management. We regularly share insights on markets, systems thinking, and value creation through multiple channels.

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.