Investment criteria
Questions before capital.
A clear thesis should explain the fundamentals, the uncertainties, and what must happen next. Explore the questions behind our review.
01Demand & market positionWhy do customers choose this business or property?+
We look for evidence of demand, a clear customer or tenant proposition, and a grounded view of the competitive landscape. Growth assumptions should connect to observable market conditions.
02Financial qualityHow does activity become profit and cash?+
Revenue quality, margins, cash conversion, working capital, debt, and capital expenditure all inform the analysis. We distinguish reported results from assumptions about future performance.
03People & alignmentWho will deliver the plan?+
We assess leadership capacity, key-person dependence, responsibilities, and the working relationship between owners, management, and prospective partners. Alignment matters before capital is committed.
04Value creationWhat specific work can improve the enterprise?+
The thesis should identify concrete initiatives, the resources required, and the dependencies behind them. Product decisions, management depth, pricing, delivery systems, and asset improvements may all be relevant.
05Downside & capital needsWhat if the plan takes longer or delivers less?+
We test sensitivity to changes in demand, costs, timing, and financing assumptions. Additional capital requirements and the ability to respond to setbacks remain visible in the analysis.
06Ownership & future optionsHow does the structure support the strategy?+
Ownership terms, decision rights, reinvestment needs, and potential paths to liquidity are considered together. Any future sale, refinancing, or distribution depends on the circumstances and is not assumed to be assured.
