
Investment approach
Six stages.
One standard
of involvement.
Our process runs from origination to realization, with practitioners involved at every step rather than only at the moment capital is committed.

From diligence to delivery
Practitioners remain close to the work.
- 01
Originate
Opportunities surfaced through sector networks, founders, management teams, co-investors and intermediaries.
- Sector networks
- Founders and management teams
- Co-investors
- Intermediaries
- 02
Underwrite
Financial, commercial, technical, operational and regulatory diligence, performed by people who have run the work.
- Financial and commercial
- Technical and product
- Operational
- Regulatory and risk
- 03
Structure
Structure aligned to the requirements of the transaction and to applicable regulation.
- Transaction-specific structure
- Co-investor alignment
- Governance rights
- Regulatory fit
- 04
Operate
Governance, an operating plan, a KPI baseline, management support and remediation where needed.
- Governance
- Operating plan
- KPI baseline
- Management support and remediation
- 05
Scale
Organic growth, technology, pricing, partnerships, expansion and add-on M&A.
- Organic growth and pricing
- Technology
- Partnerships and expansion
- Add-on M&A
- 06
Realize
Strategic sale, recapitalization, secondary transaction or another appropriate liquidity event.
- Strategic sale
- Recapitalization
- Secondary transaction
- Other liquidity events
Our involvement continues after the investment is made.

Underwriting
Five lenses of operator-led diligence.
We assess an asset the way someone who has to run it would.
- Technical
- Architecture, infrastructure, product, cybersecurity, scalability and technical debt.
- Commercial
- Revenue quality, customer concentration, pricing, channel economics and unit economics.
- Operational
- Management systems, staffing, controls, vendor dependencies and execution capacity.
- Regulatory and risk
- Industry compliance, governance and jurisdictional risk.
- Post-investment
- Management augmentation, modernization, cost optimization, partnerships, M&A integration and exit preparation.
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