Capital that is allocated for the decade ahead, not the next reporting period.

We underwrite businesses on the earnings they produce in ordinary conditions, not on their best year. Capital structures are sized so that a downturn is an operating inconvenience rather than a solvency event, and undrawn capacity is treated as a use of capital in its own right.

Returns are generated by owning good businesses and reinvesting inside them at durable rates, rather than by financial engineering or repeated transactions. Every intermediate sale leaks value through fees, taxes and disruption, so we avoid them.

• Reinvestment inside existing holdings, where the return is understood
• New platforms that clear a mid-cycle underwriting bar
• Balance sheet strength and undrawn capacity
• Reserves held deliberately when nothing clears the bar

Investors receive periodic reporting covering portfolio performance, capital deployed, operating developments inside each holding and the outlook for the sectors we are exposed to. We report on the same basis we underwrite, so results are always comparable with what we told you we expected.

For investor relations, allocation questions or reporting requests, write to hello@lmh.company.