Real Estate, Future Power Capital

Why real estate belongs in the mix

Growth capital does what its name suggests: it compounds, but it's also lumpy and illiquid on a timescale that can run for years. Real estate does something different: well-let commercial property produces income in a way that venture and private equity positions generally don't, and it tends to move on its own cycle rather than in lockstep with earlier-stage equity. Holding both types of asset together is a deliberate choice, not an accident of what happened to come across our desk.

We don't run a property fund and we don't raise capital from the public to buy buildings. Real estate is one part of how the firm deploys its own capital, sized and paced to fit alongside the rest of what we hold.

What we look at

Income-producing commercial

Offices, industrial and logistics space, or retail units let to tenants with a demonstrable trading history and a lease structure we can underwrite with confidence.

Repositioning & redevelopment

Assets that are under-let, under-managed, or in need of physical work, where a clear plan can unlock value that the current use hasn't captured.

Mixed-use

Buildings that combine commercial and residential elements, where the different income streams and exit routes can be underwritten separately and then brought together.

Types of situation and what we look for in each

Situation	What draws us in	What we check first
Stable let commercial	Predictable income, a tenant base with staying power	Lease length, covenant strength, rent versus market
Repositioning / redevelopment	A gap between current use and best use	Planning status, cost to execute, realistic timeline
Mixed-use assets	Diversified income across uses	How each element performs on its own, management complexity
Off-market direct approaches	A motivated seller and a clear story	Legal title, structural condition, why it hasn't sold already

This is a description of the kinds of situations we find interesting, not a list of assets we currently hold or a solicitation for any specific transaction.

How we evaluate an opportunity

✓ Location and the underlying demand for that use in that market, not just the current headline rent.

✓ Tenant quality and lease structure, where the asset is already let.

✓ Structural condition and the realistic cost of any work the building needs.

✓ Redevelopment or repositioning potential, and whether the plan to realise it is genuinely achievable.

✓ Clear legal title and a straightforward path to closing, with no unresolved third-party interests.

Holding period

We think of real estate as a long-term holding, not a trade. Once we've underwritten a building's income and its physical and legal position, we're generally comfortable owning it for years rather than looking for a quick flip, and that patience is part of what makes property a useful counterweight to the shorter, more event-driven timelines of our growth investments.

Frequently asked

Do you buy residential property?

Our focus is commercial, mixed-use, and redevelopment opportunities rather than single residential units or buy-to-let. Residential elements within a larger mixed-use asset can form part of a wider opportunity.

Do you only buy in the UK?

The UK is where most of our attention sits today, but we'll look at opportunities elsewhere if the fundamentals, the legal clarity, and the practicalities of managing the asset stack up.

Do you take on redevelopment projects?

Yes, where the plan is credible and the numbers work. We look closely at planning status, construction cost, and timeline before committing, since redevelopment carries more execution risk than a straightforward income-producing asset.

Is this a property fund I can invest in?

No. Real estate is one part of how we deploy our own capital alongside our other holdings; it isn't a fund or product offered to outside investors.