Our approach
Our investment process tests customer demand, cash generation, and operating requirements before deciding how an investment should be structured.
We focus on business services, industrial technology, and enterprise software. The central questions are why customers stay, where revenue is concentrated, and what could weaken the company's position. Contract terms and switching costs matter only when supported by actual customer behavior.
A typical equity commitment is $50 million to $250 million. We assess working capital, maintenance investment, and expansion spending separately, then test whether the business can support them under less favorable trading conditions.
Control and significant minority investments need clear governance. Before an investment, the ownership plan sets management responsibilities, reporting priorities, and the order of operating initiatives. A carve-out also needs a credible plan for separating shared systems and services.
