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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.

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From diligence to delivery

Practitioners remain close to the work.

  1. 01

    Originate

    Opportunities surfaced through sector networks, founders, management teams, co-investors and intermediaries.

    • Sector networks
    • Founders and management teams
    • Co-investors
    • Intermediaries
  2. 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
  3. 03

    Structure

    Structure aligned to the requirements of the transaction and to applicable regulation.

    • Transaction-specific structure
    • Co-investor alignment
    • Governance rights
    • Regulatory fit
  4. 04

    Operate

    Governance, an operating plan, a KPI baseline, management support and remediation where needed.

    • Governance
    • Operating plan
    • KPI baseline
    • Management support and remediation
  5. 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
  6. 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.

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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.

Next

See where we apply it.

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