Approach

Underwritten for returns first.

The commercial case is the first gate. Everything else is a filter applied on top of it.

Principles

Four principles.

Return

Commercial performance first. Risk-adjusted returns from durable businesses and productive assets are the first gate, not the last.

Discipline

Capital is held at group level and every material commitment is approved centrally. The people who originate an opportunity do not sign it off.

Alignment

We invest alongside management teams, institutions and partners, with decision rights and incentives set out in writing before capital moves.

Endurance

Dedicated vehicles rather than a fixed-life fund, and operating capability that outlives the transaction.

Structure

Central capital discipline. Sector-led execution.

Capital enters at group level under a single standard, is deployed into the sector businesses that originate and deliver it, and is held in dedicated structures built for each asset. Accountability moves down with it; the standard does not.

Group

Capital is introduced and held at group level, which retains treasury control, capital allocation authority and investment approval.

Sector

Capital is deployed against approved activity into the sector businesses that originate and deliver it, each with its own management and specialist advisers.

Vehicle

And into the dedicated structures that hold the asset, alongside management teams and partners, where accountability finally lands.

Governance

Approval sits apart from origination.

Capital is introduced and held at group level, which retains treasury control and capital allocation authority wherever funds are operationally deployed. Investment approval runs through the Investment Committee and sits apart from origination. Sector businesses and project entities run their own operations and report into group under a single framework for capital allocation, risk oversight and reporting, with arrangements between group entities conducted on an arm’s length basis.

Central capital allocation

Treasury and capital allocation authority are retained at group level, wherever funds are operationally held.

Approval separated from origination

Material investment decisions are approved centrally, by people other than those who sourced them.

Investment Committee

Group directors sitting with non-executive advisers and the sector specialists relevant to the transaction under review.

Arm’s length internally

Services and assets shared between group entities are priced on commercial terms, with costs and revenues allocated transparently.

Partners

Alongside partners, in their own markets.

Capability matters more than capital. In each market we work with partners who bring what money cannot: local standing, sector networks, operating experience and regulatory judgement.

Structures are shaped around the opportunity. Nebula typically contributes long-term capital, a platform for scale and access to a cross-sector network; the partner contributes the capability required to execute well in its own market. In every case the priorities are aligned incentives, clear governance and rigorous diligence.

Direct co-investment Joint ventures Strategic alliances Project financing Operating partnerships

Built to hold what it owns.

Nebula Group Limited, 3 Hardman Square, Spinningfields, Manchester.

Contact