Investment Criteria

Public Companies:

Sector: All
Exchange: All
Key Criteria: Stock liquidity (permits larger investments)
Market Cap: $50 million - $10 billion (estimated)
Size: Generally $5 million to $200 million per transaction (estimated)

Note: Stock prices typically depend on various factors unrelated to the company, such as energy prices and sovereign defaults, making prediction inherently difficult. We seek good growth opportunities and strong management, then take calculated risks.

Private Companies (Minority):

Key Criteria: Same as Public Companies; prefer companies with $5 million+ EBIT or those with exceptional growth opportunities.

Private Companies (Buyout):

Sector: Manufacturing and service preferred; occasional investments in technology, media, and telecommunications.
Country: Emerging markets, generally excluding frontier markets.
Key Criteria: EBITDA multiple of 4 or less, strong growth prospects.
Market Cap: $50 million - $600 million (estimated)
Size: Minimum $10 million equity investment per transaction, with no maximum limit.

We seek companies with existing operating income, strong management teams, favorable sectoral and macroeconomic conditions, and valuations that justify the equity risk.