Cleopatra Capital exists to own and operate a small number of businesses for a long time. The four principles below describe how we choose what to build, how we capitalise it, and how we measure whether the work has been done well.
Capital is the easy part. The harder, more valuable work is running the business after the money is in: hiring the right operators, setting the incentives, choosing what to measure, and being present when decisions get difficult. We treat each division as a company we are accountable for, not a position we are exposed to.
Generalists are easily replaced. Each of our businesses is built around a single, specific operating problem and the customer who feels it most acutely. That focus shapes who we hire, what we build, and what we politely decline. We would rather be the obvious choice in a narrow category than a credible option in a wide one.
The UK economy moves through cycles, and so do the categories we serve. We capitalise our businesses to absorb the slow years, not to flatter the good ones. That means conservative leverage, deliberate growth, and a preference for revenue we can rely on over revenue that looks impressive in a deck.
Most of what we admire in business was built by people who intended to keep it. We hold our businesses indefinitely and design them to be handed to the next operator in better shape than we found them. Optionality on a sale is a consequence of building well — not the reason for doing it.
None of this is novel. It is, however, increasingly uncommon — and that is the opportunity we are working against.
Commercial electric vehicle finance for UK fleet operators.
Third-party logistics for beauty, cosmetics, health and supplements brands.