Income before a story
We look for assets that already earn, or that have a route to earning we can see from here. Growth on a spreadsheet with nothing underneath it is somebody else's trade.
Investments
Where Nexa puts its own capital
Alongside the systems we build, we invest in real estate, operating businesses, and funds. This is what we look for and how we work once we are in.
The book today
Three asset classes
Property, operating companies, and fund positions.
Our approach
How we decide
We are an operating company that invests, so the test is always the same. Do we understand what actually makes this thing work?
Sectors we can read
Healthcare, education, agriculture, and business operations. We work in these every week, so we can usually tell a hard year apart from a broken model. Property is the exception, and we hold it as ballast rather than upside.
Useful after the money lands
Most of what we own ends up with the same automation and reporting we build for clients. It is the cheapest way we know to move an operator's margin.
What we hold, and how we hold it
The book is small and deliberately unexciting. This is the shape of it.
We are not a passive cheque
Where we take a stake, our engineers end up inside the business at some point. Records, reporting, forecasting: the same work we do for clients, pointed at something we part-own.
- One named person from Nexa on every holding
- Quarterly numbers, in the format the operator already keeps
- Automation and analytics at cost for companies in the book
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Asset classes
Property, operating companies, and fund positions.
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Sectors we invest in
Healthcare, education, agriculture, and business operations.
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Weeks to an answer
A yes or a no from first look, with the reasoning either way.
Allocation
How the book is split
Indicative target weighting across the portfolio. It leans towards assets that pay their own way, so the riskier positions never have to be sold in a hurry.
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Real estate
Income-producing property, and land with a development path we can fund. The slow part of the book, and the reason the rest of it can take risk.
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Operating businesses
Majority and minority stakes in companies with revenue already on the books, mostly in the sectors we work in day to day.
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Funds
Positions with managers who reach markets and asset classes we have no business trying to cover ourselves.
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Early ventures
Small cheques into founders building in healthcare, education, and agriculture. Usually people we have already worked with.
Three ways we come in
Whichever route applies, you get the same thing from us. A quick read, plain terms, and a straight answer when it is not a fit.
Real estate
Property and land
Residential and commercial property, and land with a development path we can fund and see through to the end.
- Income today, or a credible route to it
- We fund the works as well as the purchase
- Held for years rather than flipped
Operating businesses
Buy in, or buy out
Stakes in companies that already trade, from a minority position beside the founders to a full purchase where an owner is stepping back.
- Revenue on the books before we look
- Founders can stay in or hand over
- Systems work included rather than billed
Funds and ventures
Back a manager
Fund positions and small venture cheques, for markets where somebody else has the coverage and the record to prove it.
- Managers with a track record we can check
- Early cheques into founders we know
- No board seat unless you want one