Forbes describes NJF Holdings as less a portfolio than a discipline. According to the piece, Junkermann backs founders solving real problems, holds the position long enough for the thesis to prove out, and skips whatever is trending that quarter. Within the platform, NJF Capital handles most of her technology and healthcare positions.
The profile locates that discipline most clearly in healthcare. It points to her stake in Owkin, which applies AI to drug discovery and diagnostics, as evidence of a view she returns to often. As Forbes puts it, the largest risk in AI isn’t capability. It’s the judgment of the people deploying it.
Much of the article turns on Junkermann’s public writing on AI ethics. Forbes cites her argument, made in TIME, that regulation can’t keep pace with technology and that the industry needs a working code of conduct rather than another compliance exercise. In her account, as the piece reports it, ethical due diligence deserves the same rigour as financial due diligence, and trust, not compute, may prove the scarcest resource of the decade. Forbes reads this as an unusual position for an investor to state in public, and one that shapes how NJF Capital assesses the founders it backs.
On sport, the profile sets out a position that cuts against the AI-everything narrative. Through Gameday, NJF Holdings’ sports platform, Junkermann argues that live sport rests on human performance nobody can script, which makes it one of the few asset classes automation can’t reach. Forbes notes her recent commentary on women’s sport, the international growth of properties like LaLiga and the NBA, and league-level opportunity, including Gameday’s investment in Italy’s Lega Volley Femminile. The logic she gives is scarcity. As more of daily life gets mediated by algorithms and synthetic content, the moments that can’t be repeated are worth more, not less.
Read together, the article suggests, her AI writing and her sports thesis carry a single conviction: durable value comes from human judgment applied consistently over time. Forbes notes it isn’t the flashiest philosophy in a market built for spectacle, and that she doesn’t appear troubled by that. If she’s right, the scarce resource of this decade won’t be compute. It will be the judgment to know when not to reach for it.
Read the full profile in Forbes Georgia: The Long Game: Nicole Junkermann’s Bet on Human Judgment in an Automated Age.