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Investment Thesis

Every Tech Wealth Cycle
Reprices Real Estate.
This is the AI cycle.

Every major tech cycle creates a new wave of millionaires who convert liquidity into scarce real assets: where they live, work, and escape. We saw it in San Francisco post-internet, and in Dubai post-crypto. The AI cycle will dwarf both, creating a larger, younger, more global buyer base with a stronger bias toward quality, identity, and exclusivity.
The Pattern
First the wealth is made. Then it looks for somewhere to land.
1997–2005
2020–2025
2024–2032
1997–2005
2020–2025
2024–2032
1997 – 2005

The Dotcom Boom

Local tech wealth repriced San Francisco
2.2×
SF median home price increase
1994–1995
Commercial internet takes off: venture capital funding into Silicon Valley startups accelerates sharply. ~30–40% of U.S. VC investments directed towards the Bay Area.
1996–1999
Surge in tech IPOs (Yahoo, eBay, others), NASDAQ increased ~400%: widespread stock-option wealth creation among employees.
1997–2000
Limited new construction (zoning + geography): housing supply fails to keep up with demand. Lake Tahoe second home prices rising ~50%.
1998–2000
San Francisco home prices increased ~90% since 1995. Bidding wars and speculative buying increase: double-digit annual home price growth in SF.
2000
The crash caused the NASDAQ to decline 78%, with SF real estate only declining 15%–20%, still above pre-boom levels.
Details
2020 – 2025

The Crypto Boom

Borderless crypto wealth repriced Dubai
3.3×
Dubai price/sqft increase from trough
2017–2021
Crypto adoption accelerates globally to market cap peaks at ~$3T (2021), creating rapid, liquid wealth.
2021
Buyer profile globalises — ~425M crypto users worldwide, highly mobile and cross-border.
2021–2022
Capital seeks incentives — UAE introduces 0% income tax / 0% capital gains tax, attracting +90% YoY increase in high-net-worth migrants.
2022
Dubai prime real estate prices rise sharply — +44% price growth (Knight Frank) driven by crypto-linked buyers.
2022
Wealth migration surges — UAE records +90% YoY increase in HNW inflows (Henley & Partners).
2023–2025
Market cools, but pricing holds — prime values remain above pre-2020 levels. New floor established.
Details
2024 – 2032

The AI Boom

Global AI wealth will reprice multiple markets
$10.7T
Projected AI-generated wealth across major hubs
2022–2023
AI investment scales rapidly — $150B+ annual global funding, creating multi-hub liquidity.
2023
Wealth becomes mobile — ~120,000 HNW individuals relocate globally, increasing cross-border capital flows.
2024–2025
Capital concentrated but distributed — US, UK, China account for ~80%+ of AI funding, with expansion into Asia.
2024–2025
Real estate demand globalises — 30–50%+ of buyers in prime markets are international.
2025–Future
Talent monetisation accelerates — top AI engineers earn $500K–$1M+, driving new wealth creation.
2026–Future
AI capital is born global, so repricing occurs simultaneously across multiple geographies.
Details
Luxury investment environment
The Opportunity
Three Separate Originations, sourced by EquiTie.

Jackson Hole

Billionaire Town

The only place where Bill Gates and Kanye West are neighbours.

Morabito Art Villa

Turnaround / Growth

The place where Jack Dorsey and Damien Hirst unwind.

Mayfair

Real Estate Yield & AI Converge

The best location in Monopoly for a reason.

The Tailwinds
Six forces converging now
Each of these forces is material on its own. Together, they create a compounding demand environment for scarce, high-quality real assets.

684,000 new millionaires in just 2025 alone

The AI boom created more liquid wealth between 2023–2025 than any two year period in modern history, with global HNWI wealth already exceeding $86 trillion and continuing to expand at multi-trillion dollar annual growth rates.

£1.44bn / +55% MoM surge in GCC equity outflows driven by Middle East conflict

As global conflict accelerates capital outflows, investors are rotating into resilient markets that are less volatile to political uncertainty. The 9,800 millionaires that have relocated to the UAE are increasingly positioning for redeployment into stable markets or other tax-efficient jurisdictions.

Only 2–3% of global real estate qualifies as "prime" institutional-grade product

In Canggu, less than 5% of prime beachfront land remains undeveloped. In Mayfair, Grade A vacancy sits at just 3–4% with new supply below 1% annually. 97% of land in Jackson Hole is protected, leaving only 3% available for development.

Real estate tied to global wellness expected to grow from $548B to $1.1T by 2029

Demand for privacy, nature immersion, and world-class wellness amenities is accelerating as experience overtakes urban convenience, with the wellness economy doubling since 2013 and growing ~2x faster than global GDP (6.5% vs 3.2%). Wellness real estate is emerging as the fastest growing segment at 19.5% annual growth.
These forces are already visible. The strategy is simply positioned where they overlap.
The Flows
Capital usually follows a visible path.
The Flows
Where AI wealth is created — and where it flows
AI wealth is created in global hubs. It moves toward places people want to live, stay, and spend time.
×
AI Wealth Hubs
Jackson Hole
Bali
Central London
Capital Flows
The Three Assets
Three locations. One thesis.
Independently compelling. Together, stronger. Three markets. Three reasons to own now.
Northern Rockies landscape
Jackson Hole
Northern Rockies, Wyoming / Montana
Scarcity-Driven Luxury Development
Teton County ranks as the wealthiest county in the US, with an average per capita income of $532,903. Its top 1% of households earn ~$35M annually — 221× the bottom 99%. This is not just a property market. It is an established wealth habitat.
+92% Price increase since 2018
Projected Price Trajectory ($M)
SupplyNear-zero new supply
Tax0% state income tax (WY)
Income$532,903 per capita (2024)
Access$50M private aviation terminal
Return Driver
Development margin plus exit premium on high-quality completed product in a market where premium inventory remains chronically undersupplied.
Return detail
Mora Bito interior design
Morabito
Bali, Indonesia
Design-Led Lifestyle Hospitality
A culturally differentiated premium hospitality asset in one of the world's most resonant lifestyle destinations.
+140% RevPAR recovery since trough
Projected Nightly Rate (USD)
Market$1.4T global wellness tourism
VisaDigital nomad visa active
ZoneCanggu
Return Driver
Operating cash flow, ADR growth, occupancy resilience, and asset-level repricing as premium Bali hospitality continues to professionalise.
Return detail
Central London
Mayfair
Central London, UK
Prime Office Repositioning
A post-correction entry into the part of the office market that still matters.
£95 to £135 Prime rent trajectory per sqft
Projected Rent £/sqft
CyclePost-correction entry
GDP£69,077 per capita (highest UK region)
TenantsDeepMind, AI startups
ZoneCentral London
Return Driver
Rental income plus cap-rate compression as confidence and tenant demand return to the best part of the market.
Return detail
Luxury architectural environment
Three Markets
Each independently compelling. Together, stronger.
Cycle Entry
Three markets. Three reasons to own now.
United States
Established luxury bid
Defined by dramatic landscapes and wilderness, the Jackson Hole valley sits within Teton County, in the Northern Rockies, Wyoming. Its seclusion makes it one of the most private billionaire hubs in America.
Wealth concentration: #1 U.S. county by income ($532K per capita) — $4M median home price.

Extreme scarcity: 97% protected / 3% buildable — supply is structurally capped.

Right timing + partner: Off-market sourcing acquiring for 10% below FMV in a market with ~10% long-term CAGR, with an experienced operator who has previously developed just 30 homes with over 600 offers.

Sits alongside Aman's luxury ski resort.

Design-led value creation: Hollander Design — leading landscape architects specialising in luxury environments.
United Kingdom
Cyclical correction
Mayfair lies at the heart of Central London's West End. Its concentration of hedge funds, private equity and family offices makes it one of the deepest private capital hubs in Europe, where commercial spaces reflect prime location, credibility and prestige.
Dislocation: rents +18.8%, values down 25–30% from peak from 2024 — a rare yield expansion window.

Limited supply: with only 4 listings currently on Rightmove, and 90% of deals brokered off market.

AI catalyst: OpenAI + Anthropic expansion to London, makes Europe's AI capital. Where tech moves, capital follows.

London recaptures Middle East instability.

Neighbours: The Chancery Rosewood, The Dorchester, 5-star restaurants, Blackstone office.
Indonesia
Structural inflection
Canggu stands out as one of Bali's most compelling real estate locations. Shaped by volcanic black-sand beaches and surf breaks, its density of hospitality, wellness and global creative networks makes it one of Asia's most globally-connected lifestyle hubs.
Demand tailwind + positioning gap: Bali sees 5M+ visitors/year with wellness tourism growing 15–20% CAGR. Morabito is currently event/party-led and underexposed to higher-value wellness demand.

Operational turnaround in prime micro-market: Canggu achieves 70–80%+ occupancy for premium assets — Morabito is a known beachfront brand in this cluster, currently operating at below 50% of its peers, there is a clear upside through repositioning to institutional-grade wellness + hospitality model.
22%–28%
Blended IRR
The Return Engine
Four sources of return. One coherent structure.

Distribution Yield

10%

Driven by operator strength in Morabito

›

Equity Multiple

2.0x

All

›

Portfolio Leverage

52.0%

London and CL

›

Capital Yield

10.6%

CL and Bali

Luxury mountain infinity pool
The Outcome
Three geographies. Three use cases. One shared driver.
Outcome
Three places where AI-era money is likely to live, stay, and work.
The AI boom is creating a new class of buyer: younger, more global, more liquid, and more willing to spend on quality, identity, and scarcity. This vehicle is built around the real assets most likely to benefit from that shift.

•  Jackson Hole for residential prestige and scarcity
•  Bali for lifestyle, yield, and cultural pull
•  Mayfair for presence, access, and premium office demand
•  A claim on AI-era wealth migration
•  Exposure to scarce, identity-rich real assets
•  A return profile driven by income, development gain, and repricing

One macro thesis, expressed through three different assets, each with its own reason to win.
This document is for informational purposes only and does not constitute an offer or solicitation.
Projections are based on historical wealth migration patterns and market analysis. Past performance is not indicative of future results.
Sources: PwC Global UHNW Report, Knight Frank Wealth Report 2025, CBRE Prime Markets, Savills World Cities, Chainalysis, NAR