We target equity investments in privately-held businesses while maintaining the flexibility to invest across the capital structure in both private and public markets. Our approach is to make a small number of concentrated investments in businesses that we understand alongside people whom we admire. While our primary geographic focus is within North America, we evaluate opportunities on a global basis.

Investment Profile: We search for industries in which fundamental trends drive organic growth or where fragmentation creates opportunities for consolidation. In general, we are interested in profitable businesses that provide recurring, non-discretionary services to a stable and diversified base of customers. We also pursue investments in early stage companies when attractive unit economics and a large market opportunity create a path for the business to earn high margins and returns on capital. In all cases, our analysis emphasizes the defensibility of a company's competitive position and its ability to grow in a capital efficient manner, ultimately expressed by free cash flow generation over a five to ten year horizon.

Transaction Type: Our strategy is opportunistic and we will evaluate a range of transaction types and structures. This includes majority investments and full acquisitions; minority and growth equity investments; and structured equity and recapitalizations. We prefer to invest alongside owner-operators who will maintain an active role in the business, or who have established a layer of capable managers on their team. While we dedicate a significant amount of time and focus to each investment, we do not seek involvement in daily operations. 

Team Values: We hold ourselves to high standards of integrity and transparency. We anchor on intellectual humility and a "beginner's mind," seeking to constantly learn from our successes, our failures and our partners. Beyond financial returns, our aim is to have a positive impact on the people, communities and environment with which we interact, and we hope to have fun along the way.