Nine sectors.

Demand is rising structurally: energy security, industrial heat, hydrogen, data centres and defence all pulling at once. The constraint is not appetite but the cost and friction of building. We price first-of-a-kind, consenting and grid risk explicitly, and treat the delivered cost of industrial power as the number that decides whether much else gets built.

Infrastructure rewards owners, not traders. The return comes from utilisation, from the difficulty of building a second one next door, and from value accruing quietly in land and permissions. The common mistake is to price it as an asset when what you are buying is a business.

Process knowledge is an under-priced asset. It lives in a line, a team and a set of tolerances that took years to settle, and it does not travel well – which is exactly why we want it. The same logic reaches qualification, packaging and the fabrication capability an economy either holds or imports.

The centre of gravity is the stratosphere. High-altitude platforms sit between aviation and space and do the work of both: persistent observation and communications, recoverable and re-taskable, without the cost or the launch window of an orbital asset. We back the whole stack – airframe, payload, operations and the ground segment where the recurring revenue lives – and we read sovereign capability as part of the return.

AI is moving from experiment into deployment, and the limits of the dominant models are becoming visible as the stakes rise. We are sceptical of anything that loses its edge the week the model beneath it upgrades. The durable layer sits below and beside that one: power, land and compute; data that was hard to assemble; and systems welded so far into a regulated workflow that replacing them is a project rather than a decision.

The valuable position in health is not the tool but the layer underneath: data that is owned rather than licensed, relationships that work at national scale, and delivery infrastructure that keeps producing more of both. Hold that, and the routes to revenue run in parallel rather than in sequence.

Planning is the real variable, so we price it rather than assume it away. Structural demand, a local relationship that holds, and a team that has finished something comparable. Regeneration counts only if it still stands up commercially in year ten.

The least glamorous line and the most useful. It funds the group’s own delivery, bridges the gap between commitment and drawdown, and keeps us at the table when a project moves faster than an institution can. Selected venture positions buy early sight of what the industrial platforms will need.

International programmes rarely fail for lack of ambition. They stall between mandate and delivery – where governments, capital, local operators and specialist suppliers have to stay aligned across years rather than months. Nebula works with public and private partners to manage and accelerate nationally significant programmes in healthcare, infrastructure, energy, education and industrial capacity. Cross-border only works when value flows both ways: stronger local capability in the host market, and lasting jobs, exports, intellectual property or operating value at home.