The mandate for situations without one.
Succession, recapitalization, partner buyouts, carve-outs, private credit and select allocations to managers and platforms. These are the positions that come to us because the capital is unconstrained.
- Role
- Principal investor
- Instruments
- Equity · Credit · Structured
- Sourcing
- Four decades of relationships
- Constraint
- None imposed by a fund
Structured, credit and special-situation capital for businesses and partners that do not fit a defined mandate.
The three defined platforms describe where our operating knowledge is deepest. They do not describe the limit of what a balance sheet should do. Some of the firm's best outcomes have come from situations that no mandate would have permitted: an owner who needed liquidity in three weeks, a lender that needed to exit a position at a discount, a manager who needed an anchor commitment, a business we understood well enough to back through a difficult year. This platform exists so that a good situation is never declined for structural reasons.
How we underwrite
Businesses we can understand
Cash-generative models with legible unit economics and management we would back again. We do not underwrite narratives that require a new market to exist.
Situations where speed is the value
Succession, recapitalization, partner buyouts, corporate carve-outs and time-sensitive liquidity, where certainty of close is part of what we are being paid for.
Structures that survive a downside
We underwrite the case where growth stalls. If the structure only works in the base case, the structure is wrong.
Relationships that compound
Most of our best outcomes are second and third transactions with people we already know. That shapes how we behave in the first one.
How a position in this platform is actually built.
Structure, position and behavior after close, stated plainly, because that is what a counterparty is really evaluating.
- Transaction types
- Control and minority equity, private credit and mezzanine, structured preferred, co-investment alongside sponsors, and anchor allocations to managers and operating platforms.
- Position
- Sized to conviction rather than to a diversification model. We would rather concentrate behind a small number of well-understood positions.
- Governance
- Board or observer participation where it is useful to the business, and deliberate distance where it is not.
- Follow-on
- Retained. Additional capital is a decision made in the room, not a fundraising exercise.
If the situation is real and the timeline is short, bring it to us before it becomes a process.