Investing Where Technology, Capital and Infrastructure Converge

Artificial intelligence is not a single investment theme—it is a structural transformation of the global economy. We invest across the full AI stack: the semiconductor companies designing the chips that power AI training and inference, the cloud infrastructure providers scaling AI workloads, the software platforms deploying AI at enterprise scale, and the physical infrastructure—power, cooling, data centres, networking—that the AI economy cannot function without.

We focus heavily on the picks-and-shovels layer of AI: the companies whose products and services are indispensable to AI development regardless of which AI models ultimately win.

Semiconductors are the foundation of the modern economy. Every major technology trend—AI, cloud computing, autonomous vehicles, robotics, advanced communications—runs on chips. We invest in the companies designing, manufacturing and supplying the most advanced semiconductors in the world, with particular focus on AI accelerators, advanced logic, high-bandwidth memory and the equipment and materials required to manufacture them.

The semiconductor supply chain is one of the most strategically important and capital-intensive industries on earth. We believe it will remain a source of significant investment opportunity for years to come.

The AI economy has an enormous and rapidly growing appetite for electricity. Data centres, AI training clusters and the broader digital infrastructure buildout are driving a structural increase in power demand that existing grids and generation capacity are not equipped to meet.

We invest in the companies positioned to solve this energy challenge: nuclear energy developers and operators, uranium producers and royalty companies, grid infrastructure providers and the broader energy transition ecosystem. We believe nuclear power—both existing fleet operators and next-generation reactor developers—represents one of the most compelling long-term investment opportunities in the market today.

The commercialisation of space is accelerating. Launch costs have collapsed, satellite constellations are scaling rapidly, and the applications—broadband connectivity, earth observation, navigation, communications—are expanding across defence, enterprise and consumer markets.

We invest in the companies building and operating the infrastructure of the space economy, with particular focus on satellite communications, launch services and the defence and intelligence applications that are driving significant government and private capital into the sector.

Robotics and automation are moving from industrial applications into a far broader range of industries—logistics, healthcare, agriculture, construction, defence and consumer applications. Advances in AI are dramatically accelerating the capability and deployment of autonomous systems.

We invest in the companies developing the hardware, software and enabling technologies for the next generation of robotics and autonomous systems, with a focus on companies whose technology is already generating revenue and scaling into large addressable markets.