From the team
Insights.
Long-form notes from the team on how we underwrite, operate, and report. We publish when we have something specific to say, not on a calendar.
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Founders who stay: why we keep management teams in place after a buyout
Across nine platform investments in our buyout funds, the founder stayed for at least three years after close. We look at why that matters and how we structure for it.
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What we look for in a Series A: four questions before the first meeting
Before we take a first meeting on a Series A, we try to answer four questions from public information. If we cannot answer all four, we usually pass.
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Battery storage revenue stacks: what we underwrite and what we do not
We underwrite battery storage on tolling agreements and capacity payments. We do not underwrite merchant energy arbitrage. Here is why.
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Pricing discipline in specialty distribution: the first hundred days
Across five specialty distribution platforms, we have moved average gross margin by 280 basis points in the first hundred days. The playbook is not complicated. It is just rarely executed.
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Scope 3 emissions in portfolio companies: what we measure and what we report
We report scope 1 and scope 2 emissions for every operating portfolio company. We report scope 3 for the eleven companies where the data is reliable. Here is how we draw the line.
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The first VP of Sales: how we hire and onboard the role
The first VP of Sales is the most consequential hire in a Series A company and the most common hire we get wrong. Here is the hiring rubric we use.
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