We invest across the full stack — digital commerce to physical connectivity.
Four core verticals, one integrated thesis. Each is large enough to stand alone; together, they compound. We're an operator-led platform deploying capital where our execution edge actually matters.
Ecommerce
We invest in digital-native brands with real unit economics and unrealized scale. Our operating team runs the five levers that matter — acquisition, conversion, logistics, international expansion, and exit positioning — so our portfolio companies compound faster than they could on their own.
What we invest in
- Acquisition of ecommerce brands — majority and control stakes in 7- and 8-figure digital brands with durable demand.
- Scaling operations — paid acquisition, conversion optimization, logistics, fulfillment, and margin engineering.
- International expansion — crossing brands into LATAM, EU, and select APAC markets where our operating infrastructure already sits.
- Call center & backend optimization — international CX operations that compress cost and improve retention at the same time.
- Exit strategies — strategic sales, aggregator roll-ups, and secondaries timed against category multiples.
- Underserved niches — categories the aggregators missed and the strategics are too big to touch.
- Data-driven commerce — merchandising, pricing, and cohort analysis as operating primitives, not afterthoughts.
Why it matters
Global ecommerce is projected to cross $6.88 trillion in 2026 — 21.1% of all retail and climbing. But the mid-market is structurally broken. Thousands of profitable 8-figure brands are undercapitalized, operator- starved, and stuck below the scale where strategic buyers engage. That spread is the opportunity.
How we win
Our founders have built and sold digital brands at 8-figure scale. We don't buy what we don't know how to run. Post-close, we drop in operators, not observers.
Strategic advantage
Our telecom and IoT investments give us visibility into consumer behavior other ecommerce investors don't have. Our call center infrastructure is already built. Our capital discipline is institutional. The combination is rare.
Telecom
We invest across the telecom stack where big carriers can't profitably serve — niche MVNOs, targeted cellular plans, IoT connectivity, and wholesale monetization layers. The US MVNO market alone is ~$46.8B in 2026 and growing fast. Fragmentation is our friend.
What we invest in
- MVNO investments — Light, Full, and service-operator MVNO structures across consumer and enterprise segments.
- Niche cellular plans — targeted by demographic, geography, use case, or price point. The specific markets incumbents abandon.
- Network operator relationships — direct wholesale agreements, resale frameworks, and strategic host-network partnerships.
- SIM & eSIM ecosystems — provisioning, device-side activation, and the switching fabric that makes niche plans viable.
- IoT connectivity platforms — M2M SIMs for fleets, devices, and industrial infrastructure. The fastest-growing MVNO segment.
- Wholesale telecom infrastructure — aggregation, enablement, and MVNE-layer businesses that sit underneath brand operators.
- Carrier partnerships — strategic alliances with tier-one and regional MNOs for capacity, distribution, and colocation.
- Telecom monetization layers — data, roaming, fintech tie-ins, and value-added services that sit on top of connectivity.
Why it matters
The global MVNO market is ~$79–103B in 2026 depending on methodology, growing at roughly 7% compound annually through 2035 — with IoT- specific connections as the fastest-growing segment. eSIM, network function virtualization, and wholesale liberalization have dismantled the traditional carrier lock-in and opened the market to operators who can serve narrower demographics profitably.
How we win
We've built telecom operator relationships and MVNO businesses firsthand. We know the wholesale math, the regulatory requirements, and the operational friction points — which lets us underwrite telecom deals that look opaque to most PE firms.
Strategic advantage
Our tower portfolio gives us physical-layer relationships with the same carriers we partner with on the wholesale side. Vertical integration isn't a buzzword for us — it's how we price.
Data Centers
AI has rewritten the capital stack for data centers. Hyperscaler capex crossed $600B in 2025 and US DC power demand is projected to more than double by 2030. We invest in the land, power, and build-out to meet that demand — positioned ahead of the curve, not chasing it.
What we invest in
- AI-driven capacity — facilities engineered for high-density GPU compute, liquid cooling, and heat reuse at hyperscale-adjacent specs.
- Capital deployment at scale — DC build-out is capital-intensive and lead-time-sensitive; our capital structure is designed for it.
- Power plays — interconnection queue positions, substation-adjacent land, co-located generation, and power purchase agreements.
- Land plays — geographies where power, fiber, and permitting align, in advance of hyperscaler site scouts.
- Hyperscale vs. distributed — a portfolio approach: large-campus investments alongside smaller edge-compute deployments close to demand.
- Expansion strategy — phased build that matches cash yield against capex velocity.
Why it matters
Goldman Sachs projects DC power demand rising 165% by 2030. Morgan Stanley estimates a 49GW US supply shortfall by 2028. Interconnection queues in PJM are measured in years. Every one of those constraints is an edge for investors who secured position early.
How we win
Site control, power optionality, and permit fluency. Our team knows how to move DC projects through municipal approval, grid interconnection, and utility negotiation. That's where DC investments live or die.
Strategic advantage
Our Houston footprint gives us direct line-of-sight into Texas energy markets and ERCOT interconnection. Our Miami footprint opens LATAM capacity. Our LA footprint connects us to the hyperscaler buy-side. Geography is strategy.
Towers
Tower assets are among the highest-quality yield infrastructure in the market. Long-duration carrier leases, built-in escalators, renewal rates above 98%, and compounding colocation economics. We acquire and develop.
What we invest in
- Acquisition of tower assets — single-site, portfolio, and bolt-on acquisitions from carriers, operators, and private holders.
- Ground-up development — greenfield monopole and lattice builds in markets with verified carrier demand.
- Carrier colocation economics — second- and third-tenant revenue on existing sites is nearly pure margin.
- Long-term yield infrastructure — carrier leases run 10–15 years with fixed annual escalators in the 3% range and 98%+ renewal.
- Portfolio aggregation — consolidating sub-scale portfolios into institutional-quality holdings.
- Strategic land control — long-term ground leases and owned sites to lock in operating economics.
Why it matters
Wireless demand is not slowing. 5G densification, fixed wireless access, and IoT proliferation all drive incremental site requirements. Every new technology layer on top of existing networks increases tenant count per site — and that's the engine of tower economics.
How we win
Permitting is the choke point for tower development. Our execution team has deep experience moving sites through zoning, environmental review, and carrier acceptance. We close projects others stall on.
Strategic advantage
Our tower portfolio doubles as the physical anchor for our telecom vertical. Colocation relationships on our towers become MVNO partnership conversations at the operator level.
IoT & Digital Bridges
IoT and digital bridges are the connective tissue between our verticals — the layer where telecom infrastructure, compute infrastructure, and commerce data become one operating system.
What we invest in
- IoT connectivity platforms — managed connectivity for fleets, industrial sensors, remote assets, and enterprise deployments.
- Smart infrastructure systems — instrumentation, telemetry, and remote monitoring for the physical assets we already operate.
- Digital bridges — software and data layers that make our telecom, tower, and data center portfolios addressable and combinable.
- Edge compute partnerships — pushing compute to the tower site, closer to end users and IoT devices.
Why it matters
IoT-specific cellular connections are the fastest-growing MVNO subscriber segment. Every industrial sensor, smart meter, fleet vehicle, and connected device needs wholesale wireless service — usually on 10-year contracts. It's annuity revenue layered on top of infrastructure we already own.
How we win
We own the assets that carry the traffic. Our investment in IoT connectivity is a way of monetizing our existing tower and telecom positions at higher margins — and creating a data moat other investors can't replicate.
Bring us an opportunity.
Operating a company in one of our verticals, sitting on an asset that fits our thesis, or building a platform that extends our stack? We move fast on aligned deals.