In July 2021, Must Holdings completed a strategic investment from Kensington Permanent Value (KPV). The investment was structured such that roughly 5% of newly issued common equity would be acquired over a year. Previously, the founders owned 100% of Must Holdings.

With a strategic partnership, Must Holdings will continue to expand its investment capability in Americas and Europe.

KPV is a Boston-based investment company managing permanent capital on behalf of a single family office, Kensington Capital Holdings (KCH). KCH was founded in 2008 by Robert C. Gay.