Three mandates.

Venture capital

Equity in founder-led companies at the early and growth stages, held for many years. Most of our assessment is of the founder: how they handle bad news, how they hire, and whether early customers would buy again.

Stage

Early and growth

Positions

Few, sized to allow follow-on investment

Reserves

Set aside at the first investment and disclosed to founders

Pricing

We don’t join rounds priced above our view of the business

Wealth & asset management

Portfolios of public and private investments held to each family’s investment policy. Objectives are set in the family’s terms: a real return above inflation, a decline it could live through, and distributions it can rely on.

Scope

Public and private markets, including private credit where suitable

Policy

Ranges agreed in writing before capital is invested

Trading

Authority to trade agreed in writing with each client

Benchmarks

Used to measure results after the fact

Tax

Considered across accounts, with the family’s own tax advisers

Family office

For families with more complicated affairs: one record of everything they own, with investment, philanthropic and succession work coordinated with the family’s own lawyers, accountants and bankers.

Reporting

Consolidated across all holdings and entities

Structures

Estate, trust and entity work, coordinated with the family’s own legal and tax advisers. Axion does not give legal or tax advice.

Governance

Statement of purpose, investment policy and governance charter

Succession

Planning for the cash an estate will need, and early involvement of the next generation