The research programme.
Build Capital studies a market before it builds in one. This page describes how that work is done, what it covers, and what has to happen before any of it is published.
What the programme is
Research is the work that comes before a strategy. Each area the firm intends to operate in is studied as a market first: how it is structured, who operates in it, what customers actually buy, how the economics work, what it takes to operate there, and how the established firms distribute and disclose. The same question set runs on every area, so the areas can be compared rather than argued about.
Every subject is studied twice. One pass asks what a market looks like when it works. A second pass asks what it looks like when it fails, and turns the answer into a list of things the firm intends not to do. A market that has only been examined on its good days has not been examined.
A source that was never opened is recorded as a lead, not as a fact.
How a finding is held
Every claim carries the source it came from and how that source was reached. A publication read directly is not treated as equivalent to a search summary nobody opened, and the weaker retrieval is written down as weak, so a later pass can close it instead of quoting it onward.
Where two credible sources disagree, both readings are recorded, together with the primary source that would settle the question and the person who owns the answer. The two are not averaged, and neither is carried forward until the question is closed.
Where nothing supports a subject at all, the gap is written down as a gap. An honest gap is more useful than a plausible sentence, because it is the only version of the two that can be checked.
Attributed
A statement about a named company is attributed to a named source on the same line as the statement.
Tiered
How a source was reached is part of the claim, and it travels with the claim rather than being dropped in the summary.
Contested where it is contested
Disagreements are held open under the name of the source that would close them, rather than resolved by preference.
The five areas
The programme is organised into five areas. They follow the areas the firm is built to allocate across, rather than a publishing calendar.
Markets
The conditions the other four areas sit inside, and what they imply for the order in which the firm builds.
Private Markets
Asset management, private funds, alternative investments and fund management as a business rather than as a product.
Credit
Private lending and specialty finance, including insurance premium finance, surety and bond finance, and business-purpose lending.
Real Estate
Real estate, development, acquisitions, private real estate vehicles and infrastructure-related investments.
Digital Economy
Digital assets, software, media and interactive markets, which are the areas Liquid Link is built to work in.
What publishing would mean
No report is published. The work that exists is internal and unapproved: it has not been through a human read, and where it touches a legal question it has not been through counsel. Publishing it as a public view of a market would attribute it to the firm as a view the firm holds, and it has not earned that yet.
A piece will publish when it has cleared that review, and not before. Until then each area page says what the area covers and says plainly that it carries nothing else. The insights section is where a cleared piece would appear, and the home page sets out what the firm is built to do.