Private Investment Partnership
REFRACTOR
Mandate
Refractor is a private investment partnership running a concentrated, long-biased strategy in technology. One fund. One mandate. No product line.
We own a small number of businesses.
We understand them completely.
We hold them for a long time.
That is the entire strategy.
Few positions, deeply held
Diversification protects against ignorance. We would rather know a handful of businesses better than anyone else than own a hundred we barely follow. Position sizing follows conviction, not a model.
Long-biased by design
The portfolio is built to own compounding technology businesses over years. Short exposure exists, but it is an expression of a specific view — on a rate, a security, a thesis — never a standing hedge book.
Time is the edge
Most market participants are compensated on a horizon measured in quarters. Our advantage comes from underwriting outcomes that resolve over years and being structurally willing to wait for them.
Focus
Technology broadly, with genuine depth in the areas where our research compounds — and digital assets held inside the fund rather than beside it.
Artificial Intelligence
The Intelligence Layer
Model developers, the silicon they train on, and the software businesses whose economics are being rewritten by inference. We underwrite where durable margin accrues once the capability stops being scarce.
Fintech & Financials
The Capital Layer
Exchanges, brokerages, payment networks, banks, and asset managers. Balance sheets and take rates are knowable things — this is where our diligence compounds fastest.
Energy
The Power Layer
Generation, nuclear, storage, and grid. Compute is a claim on electricity. We follow the constraint upstream to the businesses that own it.
Infrastructure
The Physical Layer
Data centers, networking, cooling, industrial systems, and the unglamorous physical assets every software narrative eventually depends on.
Digital Assets
The Programmable Layer
Held inside the fund when the risk and reward justify it — alongside equities, under the same research standard and the same risk framework.
Not a separate vehicle. Not a mandate. A holding, when it earns the slot.
Method
How a position gets into the book — and what has to be true for it to stay there.
Underwrite the downside
Every position begins with what has to be true for it to be worth nothing. Sizing follows from that answer, not from an index weight.
Concentrate on conviction
When the work supports it, we size meaningfully. When it does not, we hold cash. There is no requirement to be invested.
Express views precisely
Occasionally the cleanest expression of a thesis is a short, an option, or a position in rates. We use the instrument the view actually calls for.
Access
Limited, deliberate, and by introduction. Open to accredited investors only.
By Introduction
The fund is closedto general subscription.
We work with a small number of long-term partners. If you are an accredited investor and our approach resonates, write to us — briefly, and tell us how you found us.
Request an introduction