While the vast majority of our portfolio is in private travel companies, we also selectively invest in publicly traded businesses in markets where we have no direct footprint. These positions allow us to participate in carefully curated, under‑the‑radar opportunities—often in market leaders, overlooked travel verticals, or companies under‑recognized by the broader investment community—kept entirely distinct from our private market activities.

Public holdings represent a small minority of our overall investments and are pursued opportunistically, when we see a compelling alignment with our global travel thesis. This approach gives us exposure to high‑potential segments and geographies while maintaining the focus, discretion, and founder‑first engagement that define our core work in the private markets.