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At the pre-screening stage, the Management Team scrutinizes operators, companies and transactions that are in the market during the Fund’s investment period. The objective at this point is to identify transactions that meet the Fund’s basic investment criteria. These criteria include:
- Fit within industry/sector focus
- Defendable and leveragability business strategy (e.g., platform business for strong growth and/or potential acquisitions)
- Stable, experienced management
- Demonstrated ability to enhance enterprise value through integration and operational expertise
- Strong actual or potential cash flow generation
- Reasonable financial and deal terms
- Realistic exit strategy
Through the review of underlying financials, contractual agreements, performance data, public information, and input from Management Team members and their network, the Manager’s evaluation and rating system enables it to qualify those transactions that satisfy the Fund’s basic investment criteria for potential investment.
Strategies for Exit and Realization of Value
The Management Team will evaluate alternatives for the exit and realization of value for each investment prior to the initial closing. The team believes that the value of an equity stake is usually maximized by exiting the transaction with the rest of the equity holders, typically as part of a sale of the business or IPO. As such, part of the Fund’s analysis prior to entering into an investment will be focused on whether there is alignment of interests and expectations among the various parties on the timing and form of the eventual exit. With their transaction experience, the Managing Directors expect to be frequently in a position to offer suggestions on how to best prepare a portfolio company for an anticipated sale, as well as the potential pitfalls to avoid during the process
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