Proprietary family capital deployed across five structural themes — without leverage, without benchmarks, without the exit pressure that institutional structures create.
The investment framework begins with a single question: what would have to go wrong, and how badly, for this position to constitute a permanent loss of capital? Everything else — entry timing, sizing, structure, exit optionality — is downstream of that question.
This orientation produces a portfolio that tends to be concentrated, patient, and structurally hedged against macro regime changes rather than against short-term market volatility. The firm does not trade around positions. It does not use leverage at the portfolio level. It does not employ derivatives to manufacture synthetic exposure. What it does — consistently — is build genuine conviction before committing capital, and hold that capital through conditions that would force a more leveraged or more institutional vehicle to exit prematurely.
Growth-stage businesses in energy infrastructure, financial services, technology platforms, and tech-enabled industrials, where Amanah's operational background creates genuine analytical advantage. The emphasis is on businesses with pricing power, operating leverage, and management teams that have navigated at least one significant market disruption.
Prime real estate in the UK, France, Switzerland, and UAE, positioned adjacent to existing family infrastructure holdings or within corridors where the firm has established operational relationships. Long-duration stores of value in jurisdictions with stable property rights and deep institutional markets — not speculative development positions.
Strategic stakes in logistics hubs, port infrastructure, and energy transition corridors across the Middle East, approached as an extension of operational expertise rather than a financial asset class. Positions are evaluated against the operational cash flow they generate, not against infrastructure index benchmarks.
Opportunistic and structural trades in oil, LNG, metals, and agri-commodities, executed with a physical-market orientation that distinguishes between price exposure and supply-chain positioning. This mandate draws directly on a decade-plus of principal trading experience at Trafigura and Mercuria.
Venture capital, special situations, and distressed assets, with a strong preference for asymmetric setups where the downside is capped by structural features — collateral, covenant packages, embedded optionality — rather than optimistic scenario analysis.
In May 2025, Amanah Capital formalised its public equities investment program, deploying USD 270 million into a concentrated book of 20 positions across sectors identified as structurally aligned with the prevailing macro and geopolitical regime. The deployment was executed without leverage, without derivatives, and without short positions — a clean long book built on structural conviction rather than hedged speculation.
By December 2025, the platform had generated a gross return of 152 percent, growing the deployed capital to USD 682.7 million. The Q1 2026 13F filing documented the portfolio at USD 908 million, reflecting further appreciation of 32.9 percent in the quarter.
The October 2025 rotation — approximately USD 350 million repositioned into semiconductor infrastructure, AI-linked capital expenditure, healthcare, and precision industrials — reflected a deliberate regime-aligned shift rather than tactical trading. The firm does not present these figures as a model for repeatable performance.
The 2025 return was generated in a specific macro configuration — elevated nominal rates, a significant AI infrastructure spending cycle, and a geopolitical environment that compressed risk premia for certain asset classes while expanding them for others. What the platform has demonstrated is the discipline to concentrate capital into high-conviction positions and hold through volatility without the forced exit pressure that leverage or investor redemption rights create.
Past performance data is presented for informational purposes only and does not constitute a representation of future results. The public equities platform operates solely with proprietary principal capital. This information is not an offer or solicitation to invest.
Alongside its principal investment activities, Amanah Holdings Trust maintains a portfolio of more than 38 LP positions across venture capital, private equity, credit, hedge fund, and real asset strategies — built continuously since 2002. This is not a diversified fund-of-funds programme. It is a concentrated, conviction-driven set of relationships with managers the family identified and backed before they became institutionally obvious.
The orientation has been consistent across two decades: identify managers with structural edge — informational, operational, or analytical — before the institutional LP community arrives, commit meaningful capital on the terms available at that stage, and hold through the full development arc of the strategy. The family has been an early backer of managers who subsequently grew to operate at multi-billion scale across credit, venture, and quantitative strategies. In several cases, initial seed commitments made in the mid-2000s through mid-2010s have compounded into positions representing a multiple of the original deployment at current NAV.
The LP portfolio serves a function beyond financial return. It produces a real-time intelligence network across strategies, geographies, and market structures that directly informs Amanah's principal investment decisions and advisory mandates. A family that has been on the same cap table as a manager for fifteen years understands their decision-making, their risk limits, and their blind spots in a way that no amount of due diligence questionnaire can replicate.
"These relationships are not just investments — they are extensions of a philosophy: back people early, and stay long."
AmCap UK is a co-investment vehicle structured for qualified purchasers, established to allow a select group of aligned principals to participate alongside the family in specific investment opportunities meeting the firm's structural criteria. The vehicle raised USD 570 million. It is fully subscribed and not currently open to new investors.
AmCap UK is not a fund in the conventional sense. It does not carry a fixed investment mandate, a diversification requirement, or a fee structure designed around asset-based management fees. It is a co-investment structure built on alignment: investors commit to specific opportunities alongside the family, on the same terms, at the same price, with the same exit horizon.
Inquiries regarding future co-investment opportunities may be directed to the investor relations contact below.
Amanah engages with a narrow set of counterparties. Please direct inquiries to the appropriate channel.