Portfolio of 8 to 10 outstanding investee companies

Middle market focus, 15 companies tracked on a “watch as if we own“ basis

Long-term investment horizon with holding period of 3 to 5 years

Target company value under $100 million and holding of approximately 25%

Privately negotiated investments of equity and equity-linked securities in listed and unlisted companies

Investment criteria: superior management, high returns on capital, attractive sector fundamentals, commitments to ESG improvements, entry valuation at discount to instrinsic value, clear exit options

Intense monitoring including Environmental-Social-Govenance (ESG) matters through Board representation