A disciplined, conviction-driven process from thesis to close — eleven phases across four stages, each with a named owner and a clear standard to advance. Four independent Investment Committee reviews, and unanimous approval before we commit a dollar.
We run a structured, repeatable process built on conviction — not momentum. We don't chase deals, and we don't fall in love with any one business. Every phase has an owner and an explicit standard it must clear before we advance, so capital is committed only after a thesis has survived genuine scrutiny.
Phases from thesis to close
Independent IC gates
Typical first contact to close
Value-creation plan on close
We build conviction in a market before we build a pipeline. Theses originate from primary research, industry intelligence, and direct conversations with founders and bankers — then are stress-tested by the team before any outreach begins.
Establish the investment thesis through market research, industry intelligence, conference insight, and founder and banker conversations — including a defined exit path and valuation comparables.
Gate to advance: a complete thesis package, ready for group review.
Group review and iterative refinement on a regular cadence, with a dedicated team member assigned to challenge and stress-test the thesis from the opposite side.
Gate to advance: group alignment on the thesis; target criteria finalized.
Assemble a qualified pipeline of companies that fit the thesis, along with a prioritized outreach plan and an outreach and NDA tracker established from the outset.
Gate to advance: an approved outreach plan and prioritized target list.
We engage targets, test them against the thesis, and frame the economics before asking the Investment Committee for time. Management quality is a first-order criterion, assessed on every company we pursue.
Initiate outreach, execute NDAs, and gather preliminary materials — assessing each target's fitness against the thesis, with management quality weighed in every fitness memo.
Gate to advance: at least one target clears the fitness assessment.
Select the highest-conviction targets to feature in the thesis and prioritize for deeper work, maintaining a clear view of outreach status across the shortlist.
Gate to advance: team consensus on the shortlist.
Build a screening model on high-level assumptions to frame Base, Upside, and Downside guardrails — investment size and exit underwriting — with assumptions and limitations documented, and any co-investor need flagged here.
Gate to advance: IC alignment on the model's assumptions.
Conviction now meets formal scrutiny. The Investment Committee decides — twice — whether the work earns the next stage, with deep diligence in between to establish a defensible baseline.
A formal go / no-go on whether to pursue deeper diligence, and confirmation of any partnership needs identified at the screening stage.
Gate to advance: a majority IC vote to proceed.
Deep-dive commercial, financial, operational, and management-team diligence to establish the baseline for an Indication of Interest.
Gate to advance: findings that support the investment thesis.
A review of diligence findings and a decision on whether to submit an Indication of Interest and continue diligence.
Gate to advance: a majority IC vote to submit the IOI; exclusivity confirmed or timeline risk flagged.
The final two gates convert conviction into a commitment. Terms are negotiated, reviewed in full, and approved unanimously before any capital moves — and the operating clock starts the moment we close.
A review of full diligence findings and a decision on whether to submit a Letter of Intent, with exclusivity confirmed before the LOI is issued and the lead authorized to negotiate terms.
Gate to advance: a majority IC vote to submit the LOI.
A final review of the negotiated terms, then execution of closing documents and funding. Closing triggers the 100-Day Value Creation Plan — and the operating work begins.
Gate to advance: unanimous IC approval of final terms — every member.
A process is only as good as the partnership that runs it. A few principles shape how we debate, decide, and support one another — and the founders we back.
One aligned team, one shared goal. We reach decisions through productive, data-driven debate — never by default consensus, and never by unilateral call.
Every thesis is assigned a dedicated challenger to stress-test it. We back the person in the arena and add value through candid, productive feedback.
We engage founders, partners, and investors the way we would want to be treated if we were on the other side of the table.
Consistent behaviors, consistent process, consistent messaging. Discipline compounds; surprises don't.
Respect in every interaction, without exception — and we hold one another accountable to these principles.
We don't chase deals or fall in love with any single business. AI accelerates the work; the judgment stays human.
Request the firm overview and investment process materials, or arrange a conversation with the partners.