Strategy

Travel & Transport is the ultimate complex adaptive system

Travel and transport is a $10.9 trillion market, close to 10 percent of global GDP and employing one in ten people worldwide. It spans hospitality, distribution platforms, mobility providers, and the infrastructure that supports them. Hotels, resorts, lodges, and rentals are tied together by the digital systems that connect supply with demand.

The sector works as a complex system rather than a set of silos. Changing demographics, wealth creation, technology, and regulation all act as feedback loops that shape how people and goods move. Underneath it lies a constant driver: the human desire to connect, trade, and explore.

Mobility covers the modes of transport — aviation, shipping, rail, and roads — now being reshaped by electrification, autonomy, and emerging air mobility. Infrastructure anchors the system with airports, ports, rail lines, toll roads, and logistics hubs. Taken together, this network forms a circulatory system of the global economy: capital intensive, politically sensitive, indispensable, and on the edge of reinvention.

Secular Tailwinds

Travel & Transport is being reshaped by deep structural forces that transcend cycles. These are not passing trends, but permanent drivers of investment demand:

Rising global middle class — Unlocking new flows of business and leisure travel across emerging and developed markets.

Digitisation — Booking platforms, distribution systems, artificial intelligence and smart infrastructure are rewiring how travel is experienced and how transport is managed.

Global e-commerce — Driving sustained capital needs in ports, private airports, logistics corridors, and rail networks.

Electrification — Creating new forms of mobility (eVTOLs, hybrid marine, EV fleets) and reshaping the infrastructure backbone of the future.

Four Pillars

Our focus spans four interconnected areas.

Hospitality anchors the system — hotels, resorts, lodges, ski chalets, theme parks, and listed hospitality REITs, where experiential demand meets brand and yield.

Travel platforms form the digital backbone, from traditional tour operators and global OTAs and aggregators to distribution systems and vertical SaaS with scalable, recurring-revenue models.

E-mobility represents the frontier, with opportunities in eVTOLs, e-sailing, hybrid marine engines, and the enabling infrastructure that will shape the next era of mobility.

Transport infrastructure provides the arteries — airports, ports, rail, and toll roads — durable, regulated assets that underpin global flows of people and goods.

Why Komorebi

We bring a rare investor–operator perspective: a decade building and scaling hospitality and travel businesses, and a prior decade as a project finance lawyer structuring multi-billion-dollar deals in emerging and frontier markets.

This experience informs a rigorous top-down and bottom-up process, allowing us to spot market shifts early, identify resilient business models, and act on mispriced or overlooked opportunities with conviction.

Learn more about Komorebi

Insights on trends, themes, competitors, and key players—plus monthly deep dives into overlooked companies at the edge of travel, mobility and infrastructure.

Explore Travel Capital

Insights on trends, themes, competitors, and key players—plus monthly deep dives into overlooked companies at the edge of travel, mobility and infrastructure.