Direct Investments


Growth Companies

We take direct stakes in growth companies. Our direct equity investments include portfolio and strategic investments.

In our portfolio investments, generally in privately-owned companies, we provide more than just money. We seek to make the companies we invest in stronger through strategy transformation, operational improvement and support for their growth. Therefore, we demand significant representation at Board level.

In our strategic investments, however, we maintain long-term passive minority positions in privately or publicly-owned companies, without taking part in active management.

In either case, the experience of sourcing, approving and executing an investment in our firm is a result of the following considerations:

  1. Potential or consolidated market dominance and strong competitive advantages.
  2. Long-term strategy.
  3. Clear pricing power (recognised brands, loyal customers and outstanding value proposals).
  4. Large and growing target markets.
  5. Reasonable financial leverage and healthy cash flow generation.
  6. A strong and trustworthy management team.
  7. Alignment of interests between management and shareholders.
  8. Attractive valuation.

Analysis of opportunities

We have a solid financial position that allows us to invest rapidly in short-term operations when market opportunities arise. These are usually a result of processes of consolidation or mergers, corporate operations already underway or solid companies that are undergoing an exceptional situation.

Value Investing

We try to value our direct investments through the cash flows that are derived from the balance sheet and P&L in the long term. We consider seasoned teams, recurrence of revenue streams and market positioning as fundamental. On the other hand, we give less importance to oscillations derived from market fluctuations, speculative operations or cycle changes. We do not make investments based on technical analysis of the share value.