We seek investments in technology, telecommunications and internet companies that meet the following investment criteria:

Transaction Values: $15 to $100 million

Revenues: $20 to $150 million

EBITDA: $3 to $12 million for platform companies. No minimum EBITDA for add-on acquisitions.

Industry Segments:
- MANUFACTURING: niche manufacturing companies that make customized products with short order and production lead times and generate gross margins in excess of 25%.
- DISTRIBUTION: companies with value-added branding, merchandising or unique processing with gross margins in excess of 20%.
- BUSINESS SERVICES: Select service providers with a unique and value-added service offering, deep customer relationships, high switching costs and a scalable business platform.


Geographic Preference: All platform companies must be headquartered in India, Africa and middle East.

Transaction Types:
- Private companies undergoing an ownership transition, recapitalization or requiring growth capital
- Corporate divestitures
- Strategic add-on acquisitions for platform companies
- Select financial restructuring or turnarounds

Control: Required (alone or with a compatible co-investor)

We do not directly invest in real estate: natural resource companies; highly regulated businesses such as banks, insurance companies and utilities, retail businesses; restaurant chains and early stage companies.