Private Equity
Direct positions and co-investments in private companies — from technology startups to established platforms — beside partners such as Astorg and Cobepa.
Private Investment & Consultancy
Salve Lucrum
A principal-led investment and consultancy firm, run by operators and technologists — investing across private equity, public equities, and real estate in the US and DACH, and advising a select few besides.
What we do
Public Equities
Research-driven, conviction-led positions in listed equities — weighted toward technology and durable compounding businesses.
Real Estate
Direct and co-invested property across the US and DACH — patient capital committed to real assets.
Philosophy · Ikigai
Invested where four things meet.
Our philosophy borrows from ikigai — the Japanese idea of a reason for being, found where four questions overlap. We look for that same overlap in every position we take and every mandate we accept.
- Conviction — what we genuinely believe in.
- Expertise — what we understand better than most.
- Demand — what the world will keep needing.
- Returns — what compounds at a sensible price.
“Every position we back is one we would hold ourselves.”
About
Built by operators.
Aligned by capital.
salve, lucrum — “welcome, profit.” The words are drawn from a mosaic set into the threshold of a Roman merchant’s house.
Salve Lucrum is a principal-led investment and consultancy firm, run by operators and technologists. We build and advise technology businesses — and invest behind the same expertise, across private equity, public equities, and real estate.
We read our name less as a celebration of gain than as a reminder — that prosperity is earned at the threshold, through discipline, judgement, and the long view. It is a standard we hold ourselves to before we hold it to anyone else.
We are deliberately small, and deliberately hands-on. That lets us hold concentrated positions, co-invest beside operators we trust, and stay close to every decision. Relationships, not transactions, are the point.
Salve Lucrum operates as Salve Lucrum LLC, a registered Florida limited liability company.
Investment Approach
Where our conviction goes.
Patient capital across private equity, venture, listed equities, and real assets — most of it technology-led.
Private Equity
We take direct positions and co-invest in private companies — often technology-led — beside established partners such as Astorg, Cobepa, and Gridiron Capital. Fewer bets, deeper diligence, longer horizons, and a bias toward operators we would back twice.
Public Equities
We take research-driven, long-term positions in listed equities, weighted toward technology and durable compounders. Concentration over diversification; conviction over consensus. We size to our confidence and hold through the noise — revisiting the thesis, not the ticker.
Venture & Startups
Beyond established companies, we also look to invest in startups and early-stage technology businesses — smaller cheques, the same discipline. We favour founder-led software and data companies where our operating experience counts for more than our capital.
$10M+
Assets under management
We invest over $10 million across private equity, public equities, and real estate in the US and DACH — principal capital and our partners’, side by side. Skin in the game isn’t a slogan here; it’s the filter. We back only what we would hold ourselves.
Criteria
What we look for.
Ikigai, made concrete — four tests we apply before any capital moves. Most opportunities fail at least one of them; that is rather the point.
Durable economics
Pricing power, recurring revenue, and returns on capital that hold up across a full cycle — not only in the good years.
Aligned operators
Management with meaningful ownership and something to lose. We back people who treat the balance sheet as their own — because it is.
Technology leverage
Businesses where software deepens the moat and compounds the margin — whether they sell technology or simply wield it better than their rivals.
A sensible price
Entry discipline over narrative. A fine business at a foolish price is still a foolish investment — we would rather wait.
Selected Holdings
Where the capital sits.
A representative view of our positions — private-equity stakes and co-investments, listed alternatives, and real estate across the US and DACH.
Corsearch
Corsearch
Brand risk & performance technology
Private Equity
Astorg
Astorg
European private equity partner
Private Equity
Cobepa
Cobepa
Independent investment company
Private Equity
Gridiron
Gridiron Capital
North American private equity
Private Equity
Investcorp
Investcorp
Global alternative investments
Listed · Alternatives
Real Estate
Direct & co-invested property, held for the long term
US & DACH
Holdings are illustrative and subject to change. Company names and logos are the property of their respective owners, shown for identification only; their inclusion does not imply any endorsement or partnership beyond the positions described.
Consultancy & Advisory
Counsel for consequential decisions.
Independent, sceptical, and close. We bring the same rigour to your decisions that we bring to our own investments.
Investment Strategy
Portfolio construction, position sizing, and a framework for saying no with confidence.
Deal Screening & Diligence
An independent, unsentimental read on the opportunities in front of you — before capital moves.
Market & Competitor Analysis
Clear-eyed research into markets, moats, and momentum — signal separated from story.
Operations & Growth
Practical support for founders scaling with discipline — the unglamorous work that compounds.
Where We Operate
A focused geography.
We concentrate where we have edge and relationships — the United States and the DACH region: Germany, Austria, and Switzerland. Across private equity, listed equities, and real estate. High-level by design; deep where it counts.
United States
DACH
Contact
Let’s talk.
For enquiries, introductions, or a considered second opinion. We reply to everything ourselves.
The Principals
