Xenith Capital
Compounding capital through cycles with discipline and curiosity
Xenith Capital is an independent investment firm based in Canada. We invest across public equities, control-oriented private equity, and venture capital, guided by a time-tested research process and rigorous risk management.
- Independent, partner-owned governance with aligned incentives
- Bottom-up research and cross-cycle pattern recognition
- Risk-first culture: liquidity, drawdown, and scenario controls
- Stewardship mindset: compounding after-fee, after-tax wealth
Our Investment Pillars
Three interconnected strategies, one research engine.
Concentrated, benchmark-agnostic equity portfolios
Long-biased, research-led investing in durable compounders and cyclical mispricings.
Private EquityControl investments in resilient, cash-generative businesses
Operational value creation, disciplined underwriting, and downside structuring.
Venture CapitalFounder-aligned capital for inflection-stage companies
Applied research focused on real-world adoption, unit economics, and governance.
How We Manage Risk
Process, not prediction, drives resilience.
- Position sizing by conviction, liquidity, and error-cost
- Scenario analysis across macro and micro stressors
- Explicit drawdown tolerances and re-underwriting triggers
- Pre-mortems and post-mortems embedded in cadence
- Counterparty diversification and treasury controls
- Independent compliance and valuation oversight
- Data, model, and thesis versioning with audit trails
- LP-first communication framework during volatility
Selected Research Themes
Where we are spending time today.
Software distribution unbundling
Verticalized platforms and APIs reshaping enterprise procurement and gross margins.
Energy transition cash cycles
Capital intensity, policy risk, and learning curves across storage and grid software.
Applied AI economics
Productivity capture vs. pass-through, data moats, and inference cost curves.
Our Philosophy
How we think about compounding across cycles.
We believe compounding is the outcome of repeatable behaviors: intellectual honesty, measured risk-taking, and disciplined capital allocation. Our process emphasizes primary research—customers, suppliers, and operators—over narratives. We translate insight into action via explicit decision rules that prevent overreaction to noise.
Cycles are inevitable. Rather than attempt to forecast them precisely, we design portfolios resilient to a range of outcomes. We continuously re-underwrite our positions with scenario analysis, tracking leading indicators that would cause us to add, trim, or exit. This enables us to stay patient when warranted and decisive when the facts change.
Our cross-strategy vantage point creates a feedback loop: what we learn from control ownership in private equity sharpens our assessment of management quality in public markets. Insights from venture on product adoption and distribution dynamics refine our underwriting of growth durability. This flywheel elevates our signal-to-noise ratio.
- Evidence before conviction; conviction before size
- Downside mapped first; upside priced last
- Communication that clarifies actions and intent