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Four rules we do not bend
They keep a small, young group focused while it builds a larger one.
Principles
The rules behind every decision
Each rule is something we can test a proposal against.
Follow real demand
We fund activity that already has customers. A confirmed order is worth more to us than a forecast.
- Confirmed orders and repeat sales count more than projections
- Contracts, invoices and sales history are our starting point
- We would rather fund a smaller sure thing than a larger maybe
Stay asset-light
We prefer structures that need less fixed capital and bring it back sooner, so each pula works more than once.
- Leases, partnerships and shared services before fixed assets
- Short cycles that return capital quickly
- Each pula should work more than once
Partner with the people who run it
Skilled operators lead each business and decide close to the customer. We supply capital, systems and support.
- Decisions sit with the people closest to the customer
- Operators carry real authority and real accountability
- We bring capital, systems and support, not micromanagement
Govern closely
Clear authority limits, matters reserved to the board, and regular review of every business we fund.
- Authority limits written down and followed
- Matters of size and risk reserved to the board
- Every business we fund reviewed against cashflow, regularly
What we look for
A good case, in six lines
What makes a proposal easy for us to say yes to.
- Customers who already pay
- A leader who is accountable for the number
- Margins that cover the cost of capital
- Short, self-liquidating cycles
- A route to repayment we can describe on one page
- Openness to reporting and review
What we avoid
What we say no to
Saying no early keeps our attention on what works.
- Businesses with no customers and no route to them
- Structures that tie up capital for years
- Funding that depends on a forecast rather than an order
- Heavy exposure to one customer or one sector
- Anything we could not explain to the board in a page
Governance
How a decision is governed
Proposal
A business or unit sets out the demand, the funding and the route to repayment.
Investment committee
Reviews every proposal and decides what we fund, and on what terms.
Board
Holds matters of size and risk, and holds management to account.
Monitoring
Regular review of every business we fund against cashflow and agreed targets.
Have a case to put to us?
Tell us about the demand, the funding you need and how it repays.