Our mission is to maximize long-term compounded returns to our investors net of taxes.
We are highly aligned with our investors: We as principals are investing more than $20 million—a majority of our investable net worth—in our flagship fund. We take no fees, only an expense reimbursement, so our reward comes only when our investors profit.

We are independent, opportunistic, and focused on avoiding permanent losses. We prefer investments we can hold indefinitely, ideally for decades. We look particularly for economic moats, excellent and aligned management teams, strong company cultures that drive sustained value creation, and favorable long-term fundamentals lifting the industry and—for real estate—the market and sub-market.

We are particularly attuned to the impact of technology, including on old economy businesses like real estate. While it is often very difficult to predict the future of technological development, we seek investments protected against foreseeable risks and possessing strongly asymmetric upside with respect to such change.
We are offering two open-ended evergreen funds: the Steward Fund encompasses the full range of our investment strategy, and the Steward InvestRes Fund focuses on residential real estate.


  • Achieved top quartile real estate investment returns over the past decade (average 2.06x net equity multiple and 21.4% net IRR) and manage assets valued at more than $1 billion.
  • Built an operating company with 400+ employees.
  • Visited 85 countries and had 1000+ meetings to understand business challenges and opportunities.
  • Launched a technology company with 50+ employees.


  • A concentrated portfolio that lets us thoroughly understand each business.
  • Limited downside through factors such as a price that gives us a margin of safety, strong business moats, conservative leverage, and favorable economic trends.
  • Strong asymmetric upside potential such as exposure to positive black swan events or power law outcomes (especially important when technology plays a big role).
  • Rejection of volatility as the measure of risk, and recognition that the best returns may be in volatile assets while those that appear less volatile may be very risky.
  • Tax-efficiency: bias toward low portfolio turnover and other strategies to reduce or defer taxes.
  • Independence: we are skeptical of trends and popular opinion but we are not necessarily contrarian.
  • Opportunism: we are open to anything that offers attractive returns and limited risk.