Our Approach
How we invest and support technology infrastructure companies
We take a different approach to owning software businesses. No fund cycles. No forced exits. Just long-term partnership with exceptional operators building durable companies.
Permanent Capital
Why "hold forever" matters
Traditional private equity funds must return capital within 5-7 years. This creates misaligned incentives: fund managers optimize for IRR, which often means selling great companies too early or over-leveraging to boost returns.
We structured GASJ as a permanent capital vehicle. We have no obligation to sell. This simple structural change cascades through every decision we make:
- Investment selection: We can own "boring" but durable businesses that compound at 15-20% annually.
- Operational decisions: We can invest in initiatives with 5+ year payoffs.
- Management alignment: Operators can focus on building, not preparing for a sale.
What We Do
- • Hold companies through multiple economic cycles
- • Reinvest profits into growth and R&D
- • Support multi-year strategic initiatives
- • Provide liquidity for founders when needed
- • Accept lower IRR for higher absolute returns
What We Don't Do
- • Sell because a fund is expiring
- • Over-leverage to boost short-term returns
- • Cut R&D to improve EBITDA for sale
- • Force exits to meet fund timelines
- • Optimize for IRR over long-term value
Investment Criteria
What we look for
Technical Differentiation
Novel technology that took years of R&D and cannot be replicated quickly by well-funded competitors.
High Switching Costs
Products that become deeply embedded in customer workflows, creating durable revenue streams.
Developer Adoption
Strong bottoms-up adoption signals: community engagement, organic advocacy, visible usage in the ecosystem.
Path to Enterprise
Products that solve problems enterprises will pay for, with sales motions that can scale.
Team Durability
Stable teams with long-term orientation, strong second-layer leadership, and alignment on patient value creation.
Unit Economics
Net retention >120%, gross margins >70%, capital efficient growth, and realistic path to profitability.
Governance Model
How we work with portfolio companies
We believe in supporting operators, not supplanting them. Our governance model reflects this.
Board Partnership
We take board seats but don't stack boards. We're partners in governance, not controllers. Management runs the company.
Optional Services
Our platform team offers services—security, recruiting, finance—but portfolio companies choose what they need. No mandates.
Transparent Reporting
We share information across the portfolio where helpful, but respect confidentiality. Monthly updates, quarterly reviews, no surprises.
Portfolio Support
How we help operators succeed
Our platform team provides hands-on support across key functional areas. These services are available to all portfolio companies.
Security & Compliance
- Security baseline assessment
- SOC 2 / HIPAA preparation
- Penetration testing coordination
- Incident response planning
Talent & Recruiting
- Executive search support
- Compensation benchmarking
- Interview process design
- Employer branding
Go-to-Market
- Sales process optimization
- Pricing strategy
- Enterprise readiness
- Partner channel development
Finance & Operations
- Financial planning & analysis
- M&A integration support
- Board governance
- Legal & corporate
Exit Philosophy
When we would sell
Permanent capital doesn't mean we never sell. We will exit a position when:
- The business fundamentally changes in ways we can't adapt to
- We've made a mistake in our investment thesis
- An acquirer can create more value than we can (rare, but possible)
- Management wants liquidity and we can't provide it internally
What we won't do is sell because a fund is expiring or because an investment banker shows us a flattering multiple.
Building something durable?
If you're a founder or operator building technology infrastructure and our approach resonates, we'd love to hear from you.