Innovation & Growth

This is the portfolio's forward-looking allocation — eight positions in companies and funds pursuing structural shifts in energy, healthcare, technology, and services that we believe will define the next 10 to 20 years. These are not diversification plays. They are high-conviction, long-duration bets made with the expectation that patient capital and early entry will be rewarded disproportionately when the underlying thesis plays out.

The energy transition positions are the most dramatic illustration of this philosophy. We hold stakes in two advanced nuclear companies at a time when most institutional investors still treated nuclear as uninvestable — and one of them achieved reactor criticality in mid-2026, a milestone that marks the transition from development to commercial reality. Alongside nuclear, we have exposure to clean geothermal energy through a company that recently attracted a major strategic investor from the conventional energy sector. In digital health, we hold an early position in a company whose AI-powered cardiac imaging platform is beginning to reach the clinical scale needed for mainstream adoption. These are not lottery tickets — they are carefully selected positions in technologies with validated science, real revenue or commercial progress, and a credible path to large markets.

The remaining positions in this bucket reflect the same philosophy applied to growth equity and venture: a fund investing in growth-stage B2B companies in healthcare and tech-enabled services, a venture fund that has already produced a realized exit at a meaningful multiple, a private equity co-investment vehicle with decades of track record, and a direct consumer brand position in the functional wellness category. The common thread is asymmetry — the potential upside meaningfully exceeds the capital at risk in each case, and we have the time horizon to let these positions develop.