Insights

Thinking from the operating table.

Notes on investing, operating and enterprise value — written from an operator's perspective, not a content calendar.

01 — Featured insight
ENTERPRISE VALUE

Growth is not enterprise value.

Revenue matters. But buyer dependency, operating leverage, management depth, distribution and transferability determine what that revenue is worth.

Iryna Stasiuk · Founder & Managing Partner · 9 min · September 2026

Two businesses with the same revenue can be worth very different amounts. The difference is rarely the market. It is what sits underneath the revenue — and whether it belongs to the business or to the founder.

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02 — Latest insights
Iryna Stasiuk · Founder & Managing Partner
03 — Topics

What we write about.

Five territories. Enterprise value is the centre of gravity.

01Investment thesisWhere and why Irivon invests — and where it doesn't.
02Enterprise valueWhat makes a business worth more — before anyone thinks about selling it.
03Operator notesDiagnosis, systems and execution, from inside the business.
04Real assetsOperating models for hospitality and residential development.
05Investor lettersPeriodic notes for accredited investors with access.
04 — Irivon Investor Letter

Periodic notes on portfolio activity, investment thinking and opportunities.

Investor letter

Available to accredited investors with access.

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The thesis

The principle behind every note.

Investment Thesis