Formation

Deciding which verticals the group enters, and forming the arms that build in them.

Formation is the decision to open a line of business, and the machinery that follows it. The group forms operating groups, not companies — company formation belongs to the Ventures arm inside each vertical, close to the deal flow. A vertical earns a Ventures arm when it has deal flow of its own, and a Capital arm when it has a balance sheet. Neither is granted at the start; both are earned, and the gate is published so it can be checked.


Properties under formation


The whole estate →