Below are some of the general investment criteria:
Key Criteria: Stock liquidity (permits larger investments)
Market Cap: €30mm - €1 B usually best
Size: Generally €5 to €100 million per transaction
Stock price usually depends on many factors unrelated to the company, such as energy prices, sovereign default, etc., so predicting prices is inherently difficult. We look for a good growth opportunity good management, then take a chance.
Private Companies (minority)
Key criteria: Same as Public Company, USD $5mm+ EBIT preferred
Or Exceptional Growth Opportunity
Private Companies (buy out)
Sector: Manufacturing and service preferred, occasional technology, media, and telecommunication
Country: Emerging markets, generally not frontier markets
Key Criteria: EBITDA Multiple (4 or less), growth prospects
Market Cap: €50 - €500 million usually best
Size: €10 million equity investment minimum per transaction, no maximum
We look for existing operating income, strong management teams, favorable sector and country macro economics, and a valuation that justifies the equity risk.