Perspective

Notes on permanent capital, long-term ownership, and the discipline of a firm built to hold rather than to flip — the firm’s thinking, in its own words.

Why Kiffor Does Not Have a Fund
A note on permanent capital, and the discipline of never having to sell.

What Proprietary Capital Changes About a Deal
When the money is the firm’s own, every incentive in the room is rearranged.

The Case for Holding Instead of Flipping
Most of the value lost in private markets is lost at the exit. The simplest way to avoid it is not to exit.

What “Durable Cash Flow” Actually Means to Us
Every firm says it likes cash flow. Far fewer can say what makes it last.

Why We Operate Companies Instead of Just Owning Them
Ownership is a line on a cap table. Operating is what makes a business better for having been bought.

The Discipline of Doing Nothing
The hardest thing for an investor to do is also the most undervalued: nothing.

Selective by Necessity
“By introduction only” is not a velvet rope. It is what permanence requires.