Investment Guidelines (Not Rules)

Investment Horizon:
Long-term

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Permanent capital base focused on long-term capital appreciation (MOIC not IRR)

Industry focus:
Industry agnostic

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Flexible with greater focus on basic industries – manufacturing, industrials, business services, consumer products, real estate, retail and agriculture

Investment structure:
Highly flexible

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Will consider control and minority investments as well as creative investment structures, including with other aligned investment partners

Geography:
U.S.

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U.S. focused with select international exposure

Middle market company characteristics

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Target market leading (middle market) companies with $10-50M of EBITDA. Our typical initial equity investment is $25-100M with the ability to invest more over time.

Venture company characteristics

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We look to partner with exceptional founders and management teams that are meaningfully changing their industries and looking for long term capital partners.