Investment Criteria
Whether co-investing in direct opportunities or allocating to funds, we seek to partner with exceptional managers with established track records and demonstrable value creation beyond financial engineering. We focus on middle market buyout and growth capital opportunities in North America, but can invest in other strategies or geographies with sufficiently attractive risk-reward propositions. We typically start new investment relationships with a commitment of $2 million to $4 million, with the potential to grow those relationships over time. General criteria for each of our core focus areas are below.
Buyouts
- Lower middle market and middle market
- Established or verifiable track record
- Deep domain expertise in target investment sectors
- Demonstrated value creation beyond financial engineering
- $100mm+ in AUM or fund size
- Representative investments:
- Fund: Lower middle market buyouts of asset-light businesses in consumer, industrial, and business services sectors
- Co-Investment: Independent sponsor acquiring highly-technical, waste-remediation business
Buyouts
- Lower middle market and middle market
- Established or verifiable track record
- Deep domain expertise in target investment sectors
- Demonstrated value creation beyond financial engineering
- $100mm+ in AUM or fund size
- Representative investments:
- Fund: Lower middle market buyouts of asset-light businesses in consumer, industrial, and business services sectors
- Co-Investment: Independent sponsor acquiring highly-technical, waste-remediation business
Growth Capital
- Established or verifiable investment and growth track records
- Mid-stage to late-stage rounds in high growth companies
- Demonstrated product fit and material revenue generation
- Downside protection via structuring
- Reasonable dispersion of returns and loss ratios
- Representative investments include:
- Fund: Lower middle market growth capital in branded consumer and retail businesses
- Co-Investment: E-commerce marketplace for alcohol with on-demand or scheduled delivery
Growth Capital
- Established or verifiable investment and growth track records
- Mid-stage to late-stage rounds in high growth companies
- Demonstrated product fit and material revenue generation
- Downside protection via structuring
- Reasonable dispersion of returns and loss ratios
- Representative investments include:
- Fund: Lower middle market growth capital in branded consumer and retail businesses
- Co-Investment: E-commerce marketplace for alcohol with on-demand or scheduled delivery
Opportunistic
- Asymmetric risk-reward propositions
- Compelling return premium to warrant traveling outside core focus areas
- Structural market inefficiencies
- Complexity that creates an opportunity to develop a differentiated edge
- Representative investments:
- Fund: Development of utility-scale solar projects in a U.S. territory
- Co-Investment: Structured credit investment in non-performing loans of a Euro-zone country
Oppotunistic
- Asymmetric risk-reward propositions
- Compelling return premium to warrant traveling outside core focus areas
- Structural market inefficiencies
- Complexity that creates an opportunity to develop a differentiated edge
- Representative investments:
- Fund: Development of utility-scale solar projects in a U.S. territory
- Co-Investment: Structured credit investment in non-performing loans of a Euro-zone country
If you have an opportunity that meets our investment criteria, please contact us.