Permira

Great post, Warner C. I came away from the Citreno offsite genuinely impressed by the energy of the team, the depth of the customer focus, and the strength of the culture Svetla Yankova is building. It was also great to see the partnership with Google Cloud up close. The relationship feels real, not transactional, which says a lot about the team and the trust they are earning. It reminded me of the early days at Chronicle, when a small, committed team had a big mission, strong technical depth, and a real belief that the work mattered. It's fun to see some of the same DNA showing up again. Mike Wiacek Shapor Naghibzadeh Magali Bohn Nicolas Meligrana Jack L.

There are investments that go beyond balance sheets and capacity targets. This is one of them. Kedrion Biopharma is tripling its production capacity at Bolognana, deep in the Garfagnana valley in Tuscany, a region I love, a place where the commitment to patients with rare and ultra-rare diseases was born decades ago, and where it continues to grow. The Marcucci family planted these roots in Garfagnana in 1988, believing in the people and the place. Ugo Di Francesco and his team have grown them into a global healthcare company, bringing world-class science and commercial execution to a mission that has never changed: ensuring that patients with rare and debilitating diseases have access to the therapies they need. As an investor, moments like this remind me why healthcare is such a privilege to work in. We back companies. But what we are really backing is people with vision, purpose and the courage to build for the long term. Proud to be part of this journey. Congratulations to Paolo, Ugo and the entire Kedrion team.

Great conversation, thank you ghSMART for having me!

Thanks Ross Butler — really enjoyed the discussion. There’s no shortage of strong views (and misconceptions) on private credit right now, so it was great to unpack some of the fundamentals and challenge a few assumptions. Appreciate you having me on.