In conversation with Tasso Politis, Director, Asset Management

Describe your role at Ancala?

Fundamentally, our asset management team is laser-focused on value creation. I am on the boards of five portfolio companies. My role is to help create value within those businesses to deliver enhanced returns for our investor base.

We do that by working very closely with management teams, supporting and challenging them, acting as a constant sounding board and strategic partner. Our support focuses on overcoming challenges and providing support where management are struggling to find a solution. We help to unlock new customer segments, improve operational performance, shape value-accretive investment decisions and ensure that high standards, particularly on risk management and ESG, are fully embedded.

Many mid-market businesses have typically not had institutional ownership, so a key part of our role is putting in place the foundations to drive value creation. We do this through applying Ancala’s Asset Management Playbook which is borne out of our more than 15 years’ experience of investing in and actively managing mid-market infrastructure companies.

The companies often require additional capabilities to scale, so we help fill those gaps through hiring, improving governance, bringing in specialist expertise and enhancing commercial acumen. We are always thinking about what we need to develop to drive outperformance.

For each business, there are typically three or four key priorities at any point in time where we focus our attention, areas that offer the greatest potential for value creation. A key part of our role is ensuring management teams remain focused and accountable on these priorities, particularly where they drive value creation.

What does that look like day-to-day?

It’s a very hands-on role where we are focused on increasing the value of a company every single day. We’re in regular contact with management teams through the formal board meetings, regular update calls every week, but also informally whenever it is needed. We work in close partnership, so I’m often speaking to management teams daily to help them navigate challenges and capitalise on opportunities.

A large portion of my time is spent on problem solving to create and protect value. For example, at last mile network utility operator Leep Utilities, we’re developing new offerings to connect renewable energy and battery customers to residential developments. This involves navigating technical, regulatory and commercial challenges to build a scalable solution. At modular infrastructure specialist MUCH Gruppe, we’re focused on onboarding and professionalising a previously family-owned business, putting in place stronger governance structures, strengthening risk management and improving health and safety standards. That’s important both for current performance and future exit readiness.

Alongside working with the management teams of the portfolio companies I am on the board of, I’m also involved in recruiting for our asset management team and supporting our investor relations efforts.

What are some key examples of value creation that you have supported?

Seeing the development and progress of the portfolio companies, from investment to growth and ultimately exit, is a really rewarding part of the role.

To name a few examples, at Leep Utilities, we have transformed the last mile network utility operator from 2,000 contracted connections in 2017 to almost 200,000 in 2026, including securing agreements with leading UK housebuilders and expanding its range of utility solutions. At Fjord Base, Norway’s largest supply base, we’ve transitioned the business from a family-run operation into a more professional organisation with stronger governance and clearer strategic direction. And at Hector Rail, we’ve worked closely with management to pivot into new segments, including supporting government logistics in Sweden.

We introduce risk management frameworks at our portfolio companies at the time of investment and review these frequently to protect capital against any potential downside risks. For example, for one of our utility businesses, we implemented flexible pricing structures for our customers to better manage our exposure to volatile power prices.

Ultimately, these are all examples of Ancala’s proactive approach to asset management, identifying opportunities and risks early, and working with management to address them.

What part of your role do you enjoy most?

I really enjoy problem solving, working in collaboration with others to navigate complex situations. It makes a real difference to a business. You can see the impact of what you do, which is very motivating.

The collaboration point in particular is key as management bring sector and operational expertise which we complement with our own experience. We help them to focus on executing a strategy which delivers for our investors, and I enjoy the combination of these elements to drive shared success.

Internally, we have a very close-knit culture. We work closely with the investment team and our Industry Partners to challenge each other and find the best outcomes.

What have you observed in the market during your time at Ancala?

I joined Ancala around the time of the Covid-19 pandemic, when many businesses were focused on immediate challenges and day-to-day firefighting.

A big part of our role has been helping management teams recalibrate, shifting focus back to longer-term planning and sustainable growth. That discipline around forward planning is critical to creating value over the long term and I’ve observed a real shift in how management are behaving and thinking longer term.

What’s next for you?

The key priority is continuing to work with our portfolio companies to create value, drive exits and also help build Ancala’s asset management team. We have grown the team recently and are delivering a comprehensive onboarding programme to show the new Ancala team members how we implement best practice the Ancala way.