We now have a team of 14 people, including my son, and we’ve established a reputation. The deal flow comes to us, and we do one or two deals a year. It was definitely the right decision, and family offices are the future. We’re not interested in buying a business to spin it off or have a timeline to return money to shareholders. We know how to buy and build great businesses, and to identify the sectors of the future.
Why so much focus on technology?
I was at a conference about 15 years ago, when I heard a guy say the world will change: one day, you won’t need to go and see a doctor in person. Instead, you’ll just need a screen and the doctor will look and just give you a prescription. After hearing that, I said technology is where the future is, and we invested early in Facebook, Twitter, Uber, Spotify and more recently in Snowflake and Adyen.
We invest through funds and investment banks that knew us. For Facebook, I got a call in 2009 from a man I’ve worked with at Goldman Sachs who asked what I knew about the company. I didn’t know much, but as an entrepreneur sometimes it takes guts. So I put in quite a sum of money, and I’ve invested in many other tech companies like that. My private wealth is very centered on the big technology stocks. We’ve stayed with them as we think they’ll grow even with Covid-19.
What’s your view of the U.K.?
I love the U.K. because of the rule of law, and I love London, the city I’ve chosen to live in. If they can do something about the weather, that’d be great. With Brexit and Covid-19, these are challenging times. The U.K. has to decide what sectors it wants to excel in. It has to encourage wealthy people to come and invest. How they decide to do that is up to the politicians, but it’s needed.
How did you spend lockdown?
I locked up totally in London from March to mid-June. That was a tough experience. At that time, nobody knew where this virus was going, but then in the summer I took off and went to the South of France on my yacht, so that was a good relief. Now we’re back to where we were and no one knows what’s going to happen. Fingers crossed there won’t be a strong second wave.
What keeps you busy outside work?
I work out every day. I used to go to a gym in London, but now I use the one in my house. Some days I do just cardio; some days I do weights and cardio.
I love to watch football. I’m a Manchester United fan, but my son is a Chelsea fan. In the summer, I love to go on my yacht. This is my place of solace, where I regain my energy.
I like the theater and opera as well, but right now we have to live with the new world.
Are you going to sell in Airbnb’s IPO?
We’ll wait and see how the IPO pans out. I sell stocks, but I don’t like to sell in general. The assets that my father left us — such as buildings and land — will stay with the family.
—With assistance from Devon Pendleton and Tom Maloney.
This article was provided by Bloomberg News.