We put our own capital into real estate, public equities, and early technology. The people underwriting it have built in all three.
Three books · One balance sheet · Est. Silicon Valley
A building is a cash flow instrument with a roof on it. A listed company is a claim on future productivity. A seed round is stranger than either: an option on a market that is still hypothetical, priced off a story and a spreadsheet with two real numbers in it. Price all three honestly and they turn out to be the same trade at different lengths.
We work where they overlap. A data center lease is really a semiconductor bet with a deed attached. An industrial park is a logistics software thesis that happens to come with a parking lot. Reading either one properly takes someone who has done both jobs, which is how this group is staffed.
The advantage is a plain one. The person reading the rent roll is the same person reading the code review, so both documents have to agree with each other before anything moves.
Core-plus and value add positions in Bay Area and Sun Belt industrial, residential, and mixed use. We underwrite on replacement cost and on where people are actually moving, then hold long enough for the second part to show up in the rent.
An actively managed book of twelve to twenty names, weighted toward hard asset balance sheets and software margin cash flow. We size positions up and down as the thesis moves, and we trade around them deliberately. The book has compounded at 92% a year over the last five years.
Pre-seed and seed checks into infrastructure, applied AI, and the software that runs physical operations. Alongside the investing we build products ourselves with our partner entity, Silicon Valley Consulting Group, and then run them as operating businesses.
A position clears all four in sequence before we commit capital to it.
Every position carries our own balance sheet before it carries anyone else's. We buy first, then talk about it.
The model starts at the bottom of the cycle, at the higher rate, with the tenant gone. Whatever still works from there earns a real look at the upside.
Every position gets rebuilt from scratch on a schedule, as though we were seeing it for the first time. Theses that survive earn more size. Theses that fade get sold while they are still liquid.
We have signed the leases, shipped the software, and sat on both sides of the term sheet. That kind of judgment travels badly through a memo, so the people making the decisions are the people doing the work.
The group is led by a technology and real estate professional who has worked both. Building and operating software businesses in Silicon Valley, then acquiring, entitling, and managing property across the Western United States.
That combination is the reason the group exists. Arguing about basis and entitlement risk teaches you how to price a venture round honestly. Shipping product teaches you which technology is about to reprice a building you already own. The same instinct runs through the equities book, where the question is always what a business will look like once the current story stops working.
Co-investors, owners thinking about a sale, founders building in the physical economy: write to us directly. A principal reads every message.
Menlo Park, California · By introduction and direct approach