Investor Letters

Letters through March 31, 2021

1 letter reporting on the period ending March 31, 2021, in each firm's own reckoning.

Greenhaven Road Capital Q1 2021 Greenhaven Road added to PAR Technology after its Punchh acquisition, retained conviction in Elastic’s customer monetization and KKR’s permanent-capital model, and saw RCI Hospitality become a top holding. The fund sold Twitter after rapid appreciation and is building SPAC capabilities through warrants, a specialist-manager seed investment and a Special Opportunities Fund. first quarter +14.0% APPS $1.3BESTC $8.9BKKR $96BPAR $804M