The mandate
Tenth Square Investment is where investors partner with the group in the primary market: capital that goes into a business itself rather than to a seller on the exchange. These are the opportunities our valuation and research desks have already done the work on: companies raising capital directly, before or alongside a listing.
We are not a fund. We do not pool your money, manage it for you, or hold it. Each investor invests in their own name and makes their own decision. What we bring is the work, the valuation, the forensics and the industry read, and our own capital into the same opportunities, on the same terms.
We will not bring you anything we have not valued ourselves, and would not own ourselves.
What we look for
- A business we can value. If we cannot model how it earns, we pass. There is no shame in the too-hard pile.
- Accounts we believe. Every candidate goes through the same earnings-quality screens as our published research. Flattered numbers end the conversation.
- Promoters we can read. Track record, related-party behaviour, and what they have done with minority shareholders before.
- A price with a margin of safety. The entry price has to be wrong in our favour by enough that we can be somewhat wrong and still do well.
- Time to be patient. Primary-market positions are illiquid until they are not. Capital that may be needed next year does not belong here.
How it works
Register your interest
Tell us who you are, the scale you invest at, and what you are looking for. No commitment, and nothing to sign.
We talk
A conversation about your horizon, your risk appetite, and whether this kind of investing suits you at all. Sometimes the honest answer is that it does not.
You see the work
When an opportunity fits, you get the whole file: the valuation with its assumptions, the research, the risks we know about, and the price we think is right.
You decide, independently
You invest in your own name, on your own judgment, or you decline. We would rather you say no than say yes for the wrong reason.
We are in it with you
The group commits its own capital to the same opportunities. Our incentive is yours: be right about the business, and be patient.