Size: Typically $10mm to $50mm of invested equity

Investable Themes:

• Highly fragmented markets with attractive macro tailwinds but in which local or regional market share can out-compete national scale

• Services in which technology creates economic moats rather than poses an existential threat 

Priority Sectors:

• Healthcare services: Care in the home, to the senior population, and in materially lower cost settings

• Industrial and Commercial Distribution

• Less Discretionary B2B and B2C Fleet-based Services 

Transactions: Buyouts and Majority Recapitalizations

Ownership: Majority preferred

Hold Period: Long term