Notes from the group.
This page publishes irregularly. Posts here are written by the Director's office or, occasionally, by the operating teams beneath the group.
Notes from Luxembourg: NSPA Industry Day, April 2026
European institutional fuel procurement has restructured how it qualifies commercial suppliers. A note from NATO's Commercial Fuel Supply Industry Day in Luxembourg this April — and on what the conversations in Capellen suggest about the direction of European energy supply.
Read the note- NOTE FROM THE DIRECTORPublished 06 APR 2026
On patience in commodity intermediation.
Counterparty discipline, the long arc of relationship-led trading, and why the group conducts most of its energy mandates with quiet patience.
Read - SECTORPublished 18 NOV 2025
The quiet return of the family holding.
Why a generation of operators is rediscovering the private holding company as the right vehicle for multi-decade ownership — and what that means for capital that does not need to recycle.
Read - SECTORPublished 21 MAR 2025
Defensive technology is not the defense industry.
Distinguishing protective and humanitarian programmes from offensive systems, and why the group operates only in the former.
Read - NOTE FROM THE DIRECTORPublished 15 SEPT 2024
Why Quartz holds, rather than exits.
On the choice to build by ownership rather than by fund vehicle — and what that horizon asks of the operating teams beneath it.
Read - SECTOR — PHARMACEUTICALSPublished 24 FEB 2024
On Our Work at the Intersection of Acute and Chronic Cognitive Disease
A class of cognitive injury that medicine has treated as transient — and a class that medicine has treated as terminal — share more biology than either field assumed. A note on our work at that intersection.
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