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Method

How we allocate our own capital.

Bucardo Zúñiga allocates its own capital. It does not raise, manage or intermediate third-party funds. Because capital is finite, every decision is a comparison. This page explains what we compare, and in what order.

The doctrine

Understand Allocate Govern Renew.

  1. 1

    Understand.

    Know the business well enough to judge its risks: its regulation, counterparties, technology and economics.

  2. 2

    Allocate.

    Decide where an additional unit of capital does most, including the option of not using it.

  3. 3

    Govern.

    Give each company autonomy with clear objectives, controls and accountability.

  4. 4

    Renew.

    Review what we own on present evidence, and correct course when the evidence changes.

Five criteria, in order

Order matters: each criterion is considered only once the previous one is met.

  1. 1. Defend.

    First comes each company's continuity: its solvency, compliance, licences and critical infrastructure. No other use of capital takes precedence.

  2. 2. Deepen.

    Reinvest in existing companies when their opportunities are better than the alternatives. That a company can grow is not enough; it has to be the best use available.

  3. 3. Extend.

    Fund adjacent capabilities only where there is verifiable competence. An adjacency without real competence is a bet, not an extension.

  4. 4. Hold liquidity.

    Not investing is an allocation decision. Keeping capital available preserves the ability to act when a better use appears, at a cost we accept knowingly.

  5. 5. Reallocate.

    Capital can return to the holding company when a company offers no attractive uses. An owner who never reallocates lets inertia decide.

Beyond developing what we already own, we can acquire or incubate companies. It makes sense only when our experience contributes something beyond financing. That decision competes with the same alternatives, including not investing. This is not a call for proposals: it is a capacity we hold as owners.

What we do not do

  • We do not allocate capital to what we could not judge.
  • We do not finance traffic whose origin cannot be explained, or relationships with counterparties designated on applicable sanctions lists.
  • We do not confuse growth with value creation.
  • We do not publish our companies' figures.

This text describes general principles of conduct. It is not an offer, invitation or solicitation to buy or sell securities or interests in any investment vehicle, in any jurisdiction, and it creates no obligations towards third parties.