Results
Figures since2019.
The arithmetic since 2019 is the plainest account of the group. The client portfolio under stewardship has grown from US$38 million at the end of the first year to US$842 million at 30 June 2026. The proprietary balance sheet has grown from US$72 million to US$610 million over the same period. Two founding offices, in Brisbane and Palm Beach, have become 36 cities. Three jurisdictions have become 28, and nineteen people have become 312.
- Client portfolio
- US$842m
- Balance sheet
- US$610m
- People
- 312
- As at
- 30 June 2026
The position
The pattern behind those numbers has not changed. Capital is originated in markets that are difficult to enter and unusually profitable once entered: pharmaceuticals, animal health and veterinary biologics, aquaculture and marine, agri-science and specialty materials. It is realised on a timetable set before the position is taken. The proceeds are then moved into information infrastructure, data analytics, financial systems, structured credit and quantitative markets, where the risk-adjusted return is judged to be stronger. Sixteen positions have been realised in full or in part since 2019, and 47 remain.
What the group has declined belongs in the record as well. There is no retail business in any jurisdiction, no public listing and no external capital raised to pay for expansion. Client money has never funded an office. The Ethical Technology Charter, adopted by the Board in 2023, has held: no client decision has been made by a model and no client data has been sold. The 61 family relationships and the counterparty network of more than 140 institutions across 52 countries are served by people who can be named.
Eight figures
As at 30 June 2026.
- Client portfolio under stewardship
- US$842 millionAt 30 June 2026, from US$754 million at the previous year end. The 2032 target is US$1.5 billion.
- Proprietary balance sheet
- US$610 millionThe group's own capital at risk beside client mandates, from US$571 million at the end of 2025.
- Committed but undrawn facilities
- US$215 millionStandby liquidity for the six divisions between realisations. Not available to fund an expansion phase.
- Jurisdictions of domicile or registration
- 28Three at the end of the first year. Each holds an operating entity with a named local officer.
- Offices and representative desks
- 36 citiesCounted at 30 June 2026. The Seoul desk opens in the second half of the year and is excluded.
- People
- 312Across eight regions and six divisions, from nineteen people at the end of the first year.
- Private-wealth family relationships
- 61Principals and families, most of whom sold businesses in the sectors the group originates in.
- Portfolio companies and positions
- 47Twenty-two of them life-science positions. Sixteen further positions have been realised since 2019.
Growth
Year by year.
| Year | Client portfolio | Balance sheet | Jurisdictions | Offices | People |
|---|---|---|---|---|---|
| 2019 | US$38m | US$72m | 3 | 2 | 19 |
| 2020 | US$96m | US$118m | 5 | 4 | 41 |
| 2021 | US$187m | US$204m | 9 | 9 | 88 |
| 2022 | US$312m | US$301m | 14 | 16 | 142 |
| 2023 | US$468m | US$402m | 19 | 24 | 201 |
| 2024 | US$611m | US$498m | 24 | 30 | 258 |
| 2025 | US$754m | US$571m | 27 | 34 | 296 |
| 2026 | US$842m | US$610m | 28 | 36 | 312 |