Long-term capital partnerships in the cement sector.
We invest as an industrial partner — not a financial intermediary — in cement and building-materials projects in emerging markets. We bring patient capital, operating discipline, and governance experience to projects with strong fundamentals and committed local partners.
Our industrial investment activity is concentrated in cement, clinker, and adjacent building-materials projects in emerging markets. We are sector-focused by design: cement is capital-intensive, technically demanding, and rewards operators with industrial discipline. It is not a sector for tourists.
We invest as industrial investor and operating partner — not as passive capital. Our capital is paired with active engagement on governance, financial controls, banking relationships, and operational standards.
What we look for.
Sector & geography
Cement, clinker, or building-materials projects in emerging markets — with particular emphasis on Sub-Saharan Africa, with selective interest in Latin America and parts of Asia.
Local operating partner
Established local partner with demonstrated industrial capability and a track record of executing in their jurisdiction. We bring capital and discipline. We need partners who bring on-the-ground execution.
Path to commercial production
Clear path to commercial operation within 24–48 months. We work with greenfield, brownfield expansion, and turnaround situations — but with clarity on the timeline and milestones.
Documented offtake or addressable market
Defensible market thesis. We do not invest in capacity hoping demand appears. We invest where buyers, channels, and pricing economics are demonstrable.
Governance willingness
Counterparty willingness to operate under transparent governance — Big Four audit standards, formal board structure, and the documentation discipline we apply to our own operations.
We typically structure investments through SPV vehicles in jurisdictions appropriate to the project, with US-level governance overlay. Our involvement extends beyond capital: financial controls, banking relationships, technical advisory, and direct engagement on operational discipline.
We expect the same of our portfolio that we apply to ourselves: Big Four audit, formal board governance, structured reporting, and clear delineation between operating company and shareholder activity.
For local partners ready to operate under those standards, we are a patient, supportive, and operationally engaged co-investor.
Have a cement-sector or building-materials project?
If your project meets the criteria above and you're prepared to operate under institutional governance, we'd be glad to evaluate it.
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