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The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

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The information available is not intended for any other person or investor, whether inside or outside the UK, including retail investors.

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This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than US persons. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

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The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

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This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than US persons. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

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It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

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It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

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The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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Sarasin Bread Street

Sarasin Bread Street

Sarasin Bread Street is the specialist private markets arm of Sarasin & Partners. Formed by Alex Barr and James Witter, the team focuses on delivering and managing innovative, differentiated private market investment products with leading specialist partners.

Our origins

Sarasin Bread Street. Our name reflects a combined heritage allied to our single purpose — to deliver thoughtful, responsible private markets investment portfolios to our clients.

We are part of Sarasin & Partners LLP, the global investment manager that invests thematically and responsibly on behalf of institutions, charities and private clients, with Switzerland’s J. Safra Sarasin as a majority shareholder.

From 2013, Alex Barr and James Witter worked as co-heads of a private equity portfolio management team at a large global asset manager. Their office was on Bread Street in the City of London.

In 2021, the pair founded their own private markets business, which they named Bread Street Capital Partners after this historic location. Sarasin Bread Street was formed a year later.

Today, Sarasin Bread Street combines a focus on investment outcomes with client-led solutions, ongoing innovation and a commitment to high professional standards.

Key people

Alex Barr

Alex Barr

Partner, Head of Sarasin Bread Street
Find out more

Alex is Head of Sarasin Bread Street, Sarasin & Partners’ private markets business, where he is a Partner. He previously co-founded Bread Street Capital Partners and held senior investing roles at Janus Henderson, Aberdeen Standard Investments (now abrdn) and Deutsche Asset Management.

He became Head of Private Equity at Aberdeen in 2009, and subsequently Global Head of Private Markets Investment Oversight. He has managed several investment companies (Aberdeen Private Equity Fund Ltd; Henderson Alternative Strategies Trust plc) and has run portfolios for corporates, local authorities and endowments.

Alex is an Alderman of the City of London, has held various non-executive directorships and chaired multiple governance structures including the City’s Audit & Risk committee.

Holding an MA in Economics and Accountancy from Aberdeen University, Alex has passed Säid Business School’s Oxford Artificial Intelligence Programme and is an associate member of the UK CISI.

Jack Brodie

Jack Brodie

Investment Analyst, Sarasin Bread Street
Find out more

Jack joined Sarasin in 2023 as an investment analyst on the Bread Street team. He is responsible for the due diligence on private market opportunities.

Prior to Sarasin, he worked as an investment analyst at Cabot Credit Management, and as an analyst at Boston Consulting Group.

Jack graduated from the University of Warwick with a BSc in Economics and has passed CFA Level 3.

Guy Eastman

Guy Eastman

Senior Adviser, Sarasin Bread Street
Find out more

Guy is a Senior Adviser at Sarasin Bread Street, the specialist private markets business of Sarasin & Partners LLP formed in 2022. Immediately prior to this Guy was at Bread Street Capital Partners, which he joined having previously held lead investing roles at Aberdeen Standard Investments (now abrdn), SVG Advisers, Hermes UOB and Greenoak Capital Management (the private equity arm of Granville plc, now Robert W Baird & Co).

Guy has over 30 years private equity investing experience and has an extensive and long-established network of manager and investor relationships. At SVG Advisers he was Chief Investment Officer and lead manager of the Schroder Private Equity Fund of Funds and SVG Diamond programmes, portfolios he continued to manage at Aberdeen. Guy has served on the Advisory Boards of leading private equity managers across buyout, growth and venture strategies. He is a Non-Executive Director of Schroder Private Equity Fund of Funds III and IV plc.

Guy has a BA in Business Administration from the Bristol Business School (now part of University of the West of England) and is a Chartered Accountant qualifying with Arthur Andersen in London.

James Witter

James Witter

Partner, Head of Sarasin Bread Street
Find out more

James is a Partner in Sarasin & Partners LLP and co-heads Sarasin Bread Street, a specialist private markets business formed in 2022. Prior to this he co-founded Bread Street Capital Partners, held senior investment, product and capital markets roles at Aberdeen Standard Investments (now abrdn), SVG Advisors, Nomura and Merrill Lynch, and started his career at Dresdner Kleinwort in 1985.

James has a long track record of private market investing and has launched and managed investment funds for all types of institutional and professional investors. These include innovative private equity collateralised fund obligations and Aberdeen Private Equity Global FOF plc, an Irish Stock Exchange listed fund. At Aberdeen he was responsible for all European clients’ private markets portfolios, with then over £8bn of assets. He is a Non-Executive Director of Oxford Capital, an award-winning venture capital firm investing into early stage UK companies in the Digital and Artificial Intelligence sectors.

James attended St Catharine’s College, Cambridge University, and graduated with an MA in Natural Sciences. He has an MBA from London Business School.

Our purpose

Tree Style 1

By investing in private markets, we aim to deliver strong long-term investment returns for our clients and to broaden investor access to the asset class.

We listen. We create. We innovate.

We’ll work closely with clients to understand the opportunities across private equity, infrastructure, private debt and real assets that will help them meet their investment objectives.

Our experience in responsible investing, owner engagement and investment oversight helps us create risk-appropriate portfolios and innovative products. For clients with mature portfolios, we can offer tried-and-tested expertise in providing clear, unconflicted end of fund life advice, options and execution.

We have invested on behalf of clients ranging from listed investment companies, financial institutions, government agencies and UK local authorities to life funds, endowments, private banks and family offices.

A Sarasin Bread Street portfolio reflects everything we ourselves would demand from an investment manager.

"Listening to our clients, and understanding their needs …. must always come first"

Alex Barr and James Witter, Partners, Sarasin Bread Street

Download whitepaper

Our latest whitepaper outlines Sarasin Bread Street’s GP VerticalTM strategy and how it taps into the potential of the strong general partner (GP)-led dynamic in the secondaries market.

Alex and James also met with specialist news website SecondaryLink to talk through the strategy and share their new take on this end of the market.

This document is for investment professionals only and is not suitable for retail investors.

How we think

The Sarasin Bread Street philosophy stems from decades of shared investment experience.

Due diligence, judgement and common sense define that thinking.

Our due diligence is the process of systematically isolating and assessing risk factors and understanding the chances of different outcomes to those expected.

Our judgement shapes our guiding principles of investing:

  • choose the people behind the proposition first, looking for quality, expertise, values and integrity

  • invest only in what we understand and can explain simply

  • focus on what we’re not being told — it’s often more important

  • analyse whether it might have been luck, not skill, that created value

  • always align ‘our risk’ with ‘their reward’.

"Due diligence, judgement and common sense lie at the core of good, responsible investment decision making"

Alex Barr - Partner, Sarasin Bread Street

Why private markets

Tree Style 4

Our team has a deep understanding of private markets and the additional sources of return and risk they can offer.

For investors who can accept illiquidity on a proportion of their investment portfolios and are prepared to take a longer-term view of typically five to 10 years, private markets could offer important benefits.

"We believe the potential for good relative returns stems from active ownership and implementing operational and strategic change"

James Witter - Partner, Sarasin Bread Street

We believe the potential for good relative returns stems from active ownership. This means implementing operational and strategic change, timing when to buy and sell in less transparent markets and aligning management incentives.

Portfolio diversification may increase through exposure to a broader range of industry sectors, underlying return drivers and investment outcomes than are typically available in public markets. In addition, the persistent trend for rapidly growing companies to remain private for longer has enabled private market investors to capture more of that growth.

Lower volatility than public markets can result from less frequent valuations, lower leverage in smaller high-growth companies, and the contractual nature of infrastructure revenues.

Please note that the value of private markets investments and the income from them can fall as well as rise and you may not get back the amount originally invested.

Our expertise

For GPs and Sponsors meeting our investment criteria, we offer proven expertise in private markets.

This includes launching and managing permanent capital vehicles as well as a variety of private structured feeder and continuation vehicles.

Our team’s extensive experience as Limited Partner Advisory Committee members and as directors of specialist feeder vehicles provides valuable insight into managing potential conflicts and governance issues.

Our team has a long track record in constructing private markets investment portfolios.

This includes mandates focused on single managers, specific financing stages, sectors and geographies, as well as the development of globally diversified private markets portfolios.

We are developing a range of innovative private market funds for investors that seek to deliver multi-vintage exposures to individual high-quality private markets managers. These partnerships will, in turn, diversify certain risk exposures. For single institutional investors we can provide tailored advisory services including investment due diligence and selection, portfolio construction, risk budget setting and monitoring and portfolio management.

We aim to provide firms and their clients with a simpler way to access private markets, combining risk management in a responsible, convenient and cost-efficient way.

Sarasin insights

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