We strive to find hidden gems, typically in the $1-5mm EBITDA range, by using the search fund model to discover and invest in highly motivated entrepreneurs, usually graduates of top tier MBA programs. This lower end of the private equity market generally provides outsize return opportunity, because other financial and strategic players find it too small to enter. We fund acquisitions of healthy businesses operating in fragmented markets under stable regulatory and political regimes. These companies tend to have been operating profitably for at least 3 years with B2B, recurring revenue business models and low capital intensity. Minimal customer and supplier concentration provides us with a margin of safety.