Co-Investment & Alignment
We ask no one to take a risk we have not already taken
Alex Gismondi and his family office represent approximately half of all capital raised across Royal Oak transactions to date. That is not a gesture towards alignment. It is the model.
~50%
Of all capital raised to date
Committed by the principal and his family office across Royal Oak transactions — a stated, substantiable position, evidenced on request
Why It Matters
Alignment changes outcomes
Most funds management is built on other people’s money. The manager earns fees on capital committed; investors carry the outcome. Incentives are managed by disclosure — and disclosure is not the same as alignment.
Royal Oak is built the other way around. The principal’s own capital sits alongside investors’ — to date representing approximately half of all capital raised — so the questions that matter to you have already been asked by someone with a great deal to lose: is the entry price right, is the downside protected, is this the correct point in the cycle to buy — and, just as important, to sell.
Alignment does not guarantee a result. It guarantees the incentives behind every decision, in every market, are yours.
In Practice
Same entry. Same terms. Same exit.
What principal co-investment means for an invited investor, concretely.
Same entry
The principal subscribes into the same trust, through the same Information Memorandum, at the same unit price as invited investors.
Same terms
The principal holds the same class of units, on the same fee and distribution terms, as the investors he invites. Should the structure of a particular vehicle ever differ, it is set out plainly in its Information Memorandum.
Same exit
Capital is returned to the principal in the same way, at the same time, from the same realisation as other unitholders.
A True Joint Venture
Not a product you can buy — a table you are asked to join
Royal Oak does not run open, marketed funds. The differences are structural.
A GP commitment of one or two per cent, made because the market expects it.
A principal-and-family-office commitment of approximately half of all capital raised to date — made because the principal wants the investment.
Open funds marketed to whoever subscribes, sized to maximise funds under management.
A limited group of invited investors, sized to the transaction — a true joint venture, not a product.
Manager economics driven by fees on committed capital, earned whether or not the deal performs.
Outcomes shared through the same units you hold. If the investment does not perform, the principal shares that outcome at meaningful scale.