Investment Thesis
How we underwrite resilient growth and durable advantage across the technology-innovation stack.
Technology Innovation
Thematic Briefs
Short research memos on adoption curves, market structure, and cross-border execution.
Market structureExecution
Annual Letter
A partner update on strategy, portfolio themes, and lessons learned.
AnnualPartner update
Peregrine Signals
Data-driven observations and themes we’re watching.
December 2025
Positive signals from portfolio operators
- Revenue growth is stabilizing across technology infrastructure and industrial software.
- Margin expansion is driven by automation and supply-chain normalization.
- Management sentiment remains constructive on 12-month hiring and capex plans.
Source: internal portfolio survey.
Q4 2025
Efficiency and the next wave of compute demand
- Model efficiency shifts demand toward inference at scale and edge deployment.
- Power and cooling constraints remain gating factors for data-center buildouts.
- Second-order beneficiaries include test/measurement, packaging, and grid modernization.
For discussion with LPs: risks include regulatory friction, supply constraints, and cyclicality.