Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2025 |
|---|
| 8.0% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2025 |
|---|
| 8.0% |
RD Capital Partners delivered 8% enterprise value growth in 2025, reaching $650 million, driven by acquisitions of Monarch Healthcare and DJL Petfoods. The firm is deliberately transitioning from RDCP 1.0 to RDCP 2.0, moving away from leverage-dependent growth toward permanent capital investing. This pivot emphasizes owning wonderful businesses at fair prices with strong managers, allowing time and compounding to drive returns. Key 2025 lessons reinforced the importance of liquidity as the greatest business asset, control as a real value driver, and the superiority of boring, recurring revenue businesses over project-based models. RDCP now operates 10 platform companies across healthcare, industrials, and consumer sectors, employing 2,000 staff and generating £160 million in revenue. The healthcare platform, anchored by RDCP Care's 20 nursing homes, exemplifies the firm's focus on essential, asset-backed businesses. Looking ahead, RDCP prioritizes deleveraging existing portfolio companies, building substantial cash balances, and strengthening operational efficiency through the new Catalyst Team, with acquisitions playing a secondary role as the firm builds toward debt-free permanent capital investing.
RDCP is transitioning from an opportunistic, leverage-dependent growth model to a permanent-capital enterprise focused on owning high-quality businesses with durable economics, strong management teams, and long-term compounding potential.
RDCP expects steady progress in 2026 with focus on improving efficiencies across existing portfolio including integration and cost synergies, with acquisitions playing a secondary role. The firm does not expect to materially expand its US footprint in the immediate term, maintaining focus on strengthening UK platforms through 2026-2027, with more meaningful US capital allocation expected from 2027-2028 onwards.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 29 2025 | 2025 Q4 | - | Compounding, Control, liquidity, Permanentcapital, Resilience | - | RD Capital Partners focuses on permanent capital, long-term ownership, and compounding through control, liquidity, and operational discipline. The letter highlights a strategic shift toward deleveraging, recurring cash flows, and durable businesses capable of withstanding stress. Permanence remains attractive as patient capital exploits mispricing and builds value over decades. |
| Dec 26 2024 | 2024 Q4 | - | - | - | |
| Dec 30 2023 | 2023 Q4 | - | - | - | |
| Dec 27 2022 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
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| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
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| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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