Fund Principles
  1. We target $10–50 million EBITDA companies, because there will always be a niche for agile companies that move quickly into attractive opportunities. You can obtain missing elements through acquisitions. Giving a $10–50 million company the ability to do transformative M&A unlocks a step change in that company’s ability to grow.
  2. We build management teams based on talent, not location. Technology provides the ability for managers to manage from anywhere. If our companies are successful, they will be truly global eventually. So we recruit based on talent and hunger as opposed to location.
  3. AI is not just a software purchase, it’s a mindset. We train people to think and build AI first. We always ask, can I solve this problem in a more efficient and effective way with the latest tools available to me?
  4. We use AI on our Investment Committee. Just as we ask our management teams to use AI to make them better, we use it to make our research and decision process better.
  5. Grow the winners. Too often funds sell great companies early to return funds to shareholders. We rely heavily on new market technology, such as continuation funds, to provide our investors with the option to receive liquidity or to continue on with a differentiated, market-leading platform. Market leaders are a precious thing. When you have one, you should grow and cultivate it for as long as possible.
  6. Give the best people more responsibility, not more bureaucracy. If you have strong talent, give them more responsibility, more compensation, and limit non-performing hires before they happen.
  7. We rely on a large LP co-invest program to give us the size and scale to grow through transformative acquisition if needed.
  8. Work with other private equity and family office firms in a collaborative manner, similar to the venture capital model. Collaborate on ideas, opportunities, and network.