Programme Latitude: what the next seven years buy

The Board approved Programme Latitude in December 2025. It runs one phase a year from 2026 to 2032 and costs US$180 million in total. At the end of 2025 the group held 27 jurisdictions of domicile or registration, 34 offices and representative desks, 296 people and a client portfolio under stewardship of US$754 million. By the end of 2032 the programme is to deliver 40 jurisdictions, 50 offices, 480 people and a client portfolio of US$1.5 billion. Those four numbers are the whole of the target.

The sequence was decided by where proceeds arise rather than by where a map looks thin. The Caribbean opens the programme in 2026 with a treasury hub and a consolidation of seven entities. Asia-Pacific follows in 2027, Europe in 2028, the Gulf in 2029, Africa and the Indian Ocean in 2030, and Latin America in 2031. The seventh year adds no territory and is spent reviewing what the first six built and closing what did not work.

Funding comes entirely from realised proceeds. The programme raises no external capital, uses no client money, and does not draw on the US$215 million of committed but undrawn facilities held for the divisions between realisations. North America supplies the largest share at about US$68 million, then the Caribbean at US$34 million, Europe at US$30 million and Oceania at US$26 million, with the remaining US$22 million from the three other regions. A phase that cannot be paid for is deferred rather than financed.

A phase opens only when three confirmations are on the record. The Chief Financial Officer confirms the funding source. The Chief Risk Officer confirms that the phase sits inside the risk appetite set for the year. The General Counsel confirms the regulatory perimeter for each new jurisdiction. The Expansion Committee meets monthly and reports to the Board at every phase gate, and the Audit Committee reviews spending against plan once a year and reports separately.

The 2026 phase costs US$18 million and does two things. It puts the seven Caribbean entities on one treasury ledger held by a new treasury company in George Town, replacing seven morning cash positions with a single one. And it rebuilds the correspondent and counterparty network from New York around fewer and deeper relationships. The phase also opens a representative desk in Seoul in the second half of the year, the last opening before the Asia-Pacific build-out.

The programme does not change the eligibility standard applied to clients, does not create a retail business in any jurisdiction, and does not contemplate a public listing. Twelve initiatives run across the seven phases, four of them infrastructure that every region uses. Each has a named sponsor from the Board or the Executive Committee, a start year and a written set of deliverables. A programme that cannot be marked against deliverables is a statement of ambition, and the Board did not approve one of those.

Published 2026-01-20 by the Private Equity division. Research is prepared for eligible counterparties and does not constitute advice.