Alternative Investments, Future Power Capital

What we mean by "alternative"

Alongside our work in venture, private equity, and real estate, we hold a smaller set of positions that don't sit comfortably in any single category. These might be structured co-investments alongside a portfolio company, a specialty asset with unusual characteristics, or a position that combines elements of debt and equity. We group these under "alternative investments", not because they're exotic, but because they're genuinely different in shape from the rest of the portfolio.

Why we hold them

Public markets are efficient, but they're also crowded, and much of the interesting opportunity set sits outside them. Holding a portion of the portfolio in alternative form gives us three things: diversification away from listed-market cycles, access to opportunities that arise through relationships rather than public deal flow, and the ability to be patient. These positions don't need daily liquidity, so we can hold them through periods where a public market price would be noisy or misleading.

Kinds of situations this covers

Structured co-investments

Additional capital placed alongside a private equity or venture position, often with different terms, timing, or seniority than the original stake.

Specialty assets

Assets that don't cleanly fit our real estate or private equity criteria: for example, an asset with an unusual use case, ownership structure, or income profile.

Hybrid instruments

Positions that blend features of debt and equity, or that carry rights and obligations that don't map onto a conventional share or bond.

How we evaluate a candidate position

Consideration	What we look at
Structural clarity	Whether the rights, obligations, and ownership of the position are clearly documented and understood.
Fit alongside existing holdings	Whether the position complements our venture, private equity, and real estate activity, rather than duplicating it.
Time horizon	Whether the position suits patient capital that isn't seeking a near-term exit or a liquid market.
Counterparty quality	The track record and standing of the other parties involved in the position.
Concentration	How the position sits relative to the rest of the portfolio, so no single alternative holding dominates.

How this differs from our other activities

Venture & private equity

Direct equity stakes in companies, taken with a clear thesis about growth or value creation over time.

Real estate

Property held as a distinct asset class, valued and managed on its own terms.

Alternative investments

Everything else that doesn't fit the categories above: smaller in scale, more varied in form, and considered case by case.

Frequently asked

Is this a fund open to outside investors?

No. These positions sit within our own holdings. We don't operate this as a pooled fund or offer it as a product to external investors.

How liquid are these positions?

Generally not very liquid, and that's by design. We treat alternative investments as patient capital that can sit through periods without an active market, rather than positions we expect to exit quickly.

How does this differ from private equity?

Private equity involves direct equity stakes in operating companies with a defined growth thesis. Alternative investments are more varied in structure: they might be a co-investment, a specialty asset, or a hybrid instrument that doesn't take the form of a straightforward equity stake.

Do you disclose specific holdings?

This page describes our general approach rather than any specific position. We don't use it to disclose individual holdings, deals, or counterparties.