Strategy

Our strategy is guiding by a few simple principles.

1. Think in decades — patience is our edge.

2. Think of travel as a complex adaptive system - constantly evolving and learning.

3. Focus on earned insights — only own businesses we understand and have developed a variant view to the market.

4. Act rarely, with conviction — concentrate on a handful of great ideas and invest heavily when the odds are clearly in our favour.

Our goal is to compound capital at rates meaningfully above the market over the long term, without taking unnecessary risk, utilising our earned insight framework.

Earned Insights, Long-Term Outperformance

Nishiyama Onsen Keiunkan, has been in business for 1,320 years old, started in 705 it has remained in the same family for 53 generations.

Travel & Transport is the ultimate complex adaptive system

The Travel & Transport Industry is a $10.9 trillion market — nearly 10% of global GDP — employing one in ten people worldwide. It spans hospitality, distribution platforms, airports, ports, rail, roads, and the emerging mobility technologies reshaping how people and goods move.

This system is vast, interconnected, and continuously evolving. Like any complex adaptive system, its resilience and growth come from feedback loops: demographic shifts, technology adoption, regulatory change, and the timeless human need to connect, trade, explore, and experience.

Travel provides the experiences — hotels, resorts, safari lodges, ski chalets, theme parks, short-term rentals, and the digital platforms (Booking, SiteMinder, Amadeus) that distribute them.

Transport provides the arteries — airports, ports, rail, toll roads, and new mobility vectors like eVTOLs, e-sailing, and hybrid marine engines.

Where others see fragmentation, we see the integrated system — one that continuously generates inefficiencies, bottlenecks, and therefore opportunities.

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:

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

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

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.

And 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.