Approach
We invest where we can see the supply chain, then we make the business bigger, better and simpler.
The underwriting lens decides what we buy. The Pexcell cycle decides what we do once we own it.
Five standards
| Standard | What it means | How you can check it |
|---|---|---|
| Performance | Returns are measured net, reported quarterly and audited. | Track record verified by a third party; available in the investor data room. |
| Project | Every investment carries a 100-day plan and monthly KPIs. | Board papers and KPI packs shared with co-investors. |
| Product | We back businesses whose products matter: medicines, industrial inputs, commodities, compute and connectivity. | Sector cases on the Platform page; named cases for qualified investors. |
| Partnership | Co-investors underwrite alongside us, deal by deal, on identical terms. | Co-investment term sheet available on request. |
| Pursuit | We go where excellence is scarce and valuable, and we say where we will not go. | The jurisdiction framework below. |
How we create value
The Pexcell cycle: invest, grow, sharpen, simplify, scale, realise.
We come in to get the most excellence out of every dollar invested. Growth comes first because cost cutting has a floor and growth does not; efficiency comes second, and never at the expense of what drives revenue. A simpler business is easier to scale, and a scaled platform is what buyers pay for.
We share what we grow. Management incentives are tied to revenue growth and margin together, so a bigger pie is never bought with a thinner one.
| Move | What we do | What we measure |
|---|---|---|
| 1 · Invest | Diligence on the ground, structure for the downside, our own capital first, co-investors on identical terms. | Entry price, security, downside case |
| 2 · Grow the top line | A commercial diagnostic before and after closing; cross-sell and upsell across existing accounts; disciplined new-customer targeting; prices, discounts and contract terms reset to value; territories, quotas and CRM set to potential; a weekly commercial war room for the first 100 days. | Revenue growth, share of wallet, win rate, price realised |
| 3 · Sharpen the bottom line | Purchasing and supplier terms, cost to serve by customer, working capital, price leakage and overheads. | Gross margin, EBITDA margin, cash conversion |
| 4 · Simplify | One strategy on one page; fewer products, markets and legal entities that dilute focus; clear decision rights; one KPI dashboard from shop floor to board. | Complexity removed, reporting cycle time |
| 5 · Scale up | Use the improved business as a platform for add-on acquisitions in the same sector and corridor, integrated with one playbook, and cross-sell across the platform. | Add-ons completed, synergies delivered |
| 6 · Fund and realise | Co-investment vehicles and Pexcell Credit fund the add-ons. At least two exit routes are written at entry: a strategic buyer, a larger sponsor, a listing, or a long-dated hold in a single-asset vehicle. | Cash returned, net IRR, multiple |
Built to last
Weekly, not quarterly
One commercial review a week on pipeline, prices and key accounts. It is the single most useful meeting a growing business can hold.
Run it without us
Every method we introduce has an owner inside the business and must run the following year without outside help.
Pay for the behaviour you want
Incentives keep the core plan and add a growth component: new accounts and opportunities, not only last year's profit.
Measure what matters
A short list on one page: growth, price realised, margin at the moment of decision, time spent selling, churn in top accounts, forecast accuracy.
The cycle applies to mining too. The top line is metal sold and the price received: grade, recovery, throughput, by-product credits and offtake terms, where our commodity trading experience helps. The bottom line is cost per ounce or pound; scale comes from adjacent deposits feeding one processing plant; the exit is usually to a producer or a streaming company.
Jurisdiction framework
Where we deploy, and on what terms.
Every market we consider is scored on rule of law and arbitration, state participation terms, repatriation of capital, physical security, and ESG and sanctions screening. The score sets a ceiling on exposure per country. We publish the framework so partners can hold us to it.
Mining exposure in Burkina Faso is Capped; Eritrea is on Watch following the September 2026 US sanctions delisting. Country scores are reviewed every six months.
Responsible investment
We apply the IFC Performance Standards and a published exclusion list to every investment. We do not finance weapons, tobacco, gambling, or any activity involving forced or child labour, and we do not lend to related companies except under a disclosed, arms-length policy approved by an independent member of our Investment Committee.