Artificial intelligence
Software margins under model cost pressure
Inference costs sit in cost of revenue, not research and development. A framework for reading gross margin in AI-enabled software.
ELP Ventures · 19 March 2026
Insights
Perspectives written, not manufactured
We publish selectively. Articles appear here once written and approved for release — no announcements, transactions, or commentary are generated automatically.
20 articles
- All
- Artificial intelligence
- Cross-border investment
- Family office insights
- Investment perspectives
- Operating company growth
- Premium consumer brands
- Responsible ownership
- Wine and agricultural assets
Artificial intelligence
Data ownership as a defensible asset
Where operating history is captured, structured, and legally owned, it compounds. Where it is licensed, it rents.
ELP Ventures · 5 March 2026
Cross-border investment
Cross-border ownership without cross-border friction
Currency, regulation, and reporting standards are manageable. Cultural distance between owner and management is the risk that is consistently underpriced.
ELP Ventures · 19 February 2026
Cross-border investment
Iberia, quietly
Portugal and Spain offer a depth of family-owned mid-market companies that rarely reach a formal process. Notes on originating in that market.
ELP Ventures · 5 February 2026
Investment perspectives
Reading a hospitality asset through a full cycle
Occupancy and rate tell you about the last twelve months. Capital expenditure discipline tells you about the next ten years.
ELP Ventures · 22 January 2026
Investment perspectives
Real assets and the discipline of the balance sheet
Leverage flatters returns in stable conditions and removes optionality in every other condition. Why we underwrite real assets conservatively.
ELP Ventures · 8 January 2026