What this office underwrites, and what it declines.

Gord Capital underwrites where technology redraws a market rather than where it improves one. The distinction is the whole mandate: an improvement competes on execution against incumbents who can copy it, and a redrawing changes what the category is, which incumbents cannot follow without abandoning their own business.

The office has a second test that is unusual, and it comes from being a holding company rather than a fund: it prefers to underwrite infrastructure its own companies will run on. A position that also becomes a dependency of the estate compounds twice — once as an investment and once as a cost the group no longer pays to someone else.

It declines anything requiring a forced exit to work, anything whose thesis depends on a regulatory outcome rather than surviving one, and anything where the group would be the only customer. The last is the hardest to hold to and the one most often regretted when it is not.