Fairlight Asset Management is an employee-owned boutique investment firm based in Sydney, Australia, specializing in global small and mid-cap equities. Founded in 2018, the firm employs a concentrated strategy focused on 30–40 businesses with market capitalizations between US$500 million and $40 billion. Fairlight emphasizes business quality, targeting companies with strong returns on capital, low debt, and effective management teams. The firm's investment approach combines high-quality growth, stable compounders, and special situations, utilizing bottom-up fundamental analysis. Fairlight aims for 3% annual outperformance over the MSCI World SMID Index, targeting 8–12% annual returns. The firm integrates ethical considerations into its investment process, avoiding industries such as tobacco, gambling, and mining. With a team of eight, including co-founder Will Dowd, Fairlight aligns its interests with clients by investing personal capital alongside them. The firm focuses on long-term capital preservation and growth, measuring success over seven-year market cycles.