Approach
Building specialist services firms for strategic exits
What drives our strategy
We back specialists: firms with deep expertise in a core technology platform, an industry, or both.
Every technology wave creates new specialists
ERP, cloud and data each produced a generation of specialist firms. AI is doing the same, and the firms that help businesses adopt it will capture lasting value, attracting strong interest from strategic buyers and investors.
AI runs on data, and data must be secured
Data, AI and cybersecurity aren't separate markets. Every AI project depends on clean data and creates more data to protect.
Depth beats breadth
Clients and platforms reward expertise. Focused firms are now winning work that once went to large generalists.
Scaled specialists become strategic assets
Depth plus scale creates options, from continued independent growth to partnership with the industry’s largest firms. We help teams build toward that outcome.
Target Service Provider Ecosystems
We invest in technology services firms that are trusted names within leading data, AI and cybersecurity ecosystems. We help our portfolio companies accelerate growth through capital, operational excellence and strong relationships. We have previously invested in partners servicing ecosystems including Databricks, Snowflake, Anthropic, Salesforce and AWS.
- CYBERSECURITY
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Qualities we invest in
Every investment is underwritten to the same standard. We look for a clear fit on six qualities, and we structure for upside while protecting the downside.
Leadership quality
Founders and teams with the depth to scale a services business.
Ecosystem alignment
Strong partner relationships, with proven co-selling and referral flow from the platforms they serve.
Growth profile
Firms targeting 50%+ year-over-year growth, backed by strong client demand.
Vertical specialization
We prefer complex, regulated industries with high barriers to entry.
Operational discipline
A solid foundation for scale and profitability, with gross margins of 45%+.
Delivery model
A strong onshore presence, with the credibility to act as a strategic advisor to clients.