North America.

Origination and deployment run at close to equal weight here, which is unusual in the network. Eleven positions have their operating businesses in the region: veterinary and pharmaceutical companies covered from Palm Beach, data and technology businesses covered from Toronto and New York. Proceeds from those exits rarely stay. They are booked into Cayman or British Virgin Islands vehicles and reallocated wherever the four tests point, most often into information infrastructure.

Miami covers Latin American counterparties and the Spanish-language side of the private client business. New York carries capital markets and quantitative-markets coverage from Water Street Chambers. Toronto is the centre for data and technology investment and for the information-governance work that supports it. The Wilmington desk administers the Delaware companies, 14 of them at the last count, through which most North American positions are held.

Thirteen of the 61 family relationships are covered from the region, most of them founders who sold an operating business to a strategic buyer and kept the proceeds under a single mandate. North America has no phase of its own in Programme Latitude. It funds the programme instead: realised proceeds from the region paid for the Gulf and African builds, and the Expansion Committee treats its offices as the reference case for what an office costs.