Ledgewyn Exchange

Jonathan Ledger serves as Founder and Managing Partner, while Sarah Wynn acts as Chief Investment Officer. The firm's investment committee includes both, plus rotating external advisors drawn from the family office network that co-invests alongside the firm.

Ledgewyn Exchange relies primarily on a curated network of European family offices and sector-specific operators in infrastructure and energy. The firm is not a net purchaser of third-party research and does not operate a formal sourcing platform; deals are typically introduced via existing co-investor relationships or direct outreach from operating partners.

Ledgewyn Exchange is a multi-family office with a tight governance structure. It manages assets for a small group of non-competing families, each with a pro-rata share in investments. The firm does not accept institutional capital and does not charge management fees in the traditional sense; its principals earn through carried interest on direct deals.

The firm historically favored direct co-investments but lately has utilized a dedicated credit fund structure for energy transition, sharing carry with co-investors. It typically avoids blind-pool fund commitments, as the governance model emphasizes per-deal transparency.

The firm primarily acts in mature-stage infrastructure and real estate, including construction and operational assets. It rarely participates in venture or growth-stage equity. Typical ticket sizes range from €10M to €40M per allocation.

Ledgewyn Exchange avoids technology start-ups, early-stage venture, public equities, and hedge funds. The firm also declines involvement in any fossil-fuel expansion projects, aligning with its stated focus on energy transition.

The founding family's wealth origin is not publicly disclosed, nor are the origins of the capital from the three co-investing families. The firm has not attributed the source to any known public fortune.