Unlike most secondary firms, Cipio Partners' approach can be described as "engaged" and "active" - modeled on the qualities and principles of a top-tier primary investor. Our investment philosophy is rooted in a disciplined, bottom-up approach; real expertise in what we perceive as attractive industry segments, for example in technology, media and communications and other growth industries; an experienced and committed investment team; and a track record of actively working – in partnership with management and co-investors – to enhance the value of the companies with which we are involved.

When reviewing the purchase of a portfolio, we seek to identify opportunities to involve ourselves with strong management teams in businesses that have clear competitive advantages and offer attractive growth and realization prospects. We are experienced in working with companies through periods of growth and transition, e.g., as a business internationalizes or executes M&A strategies. We have found that, while such periods are typically recognized as key events in a company's life-cycle, investors often do not get involved beyond high-level questions at a board meeting. We believe our proposition is different and we can build on considerable experience as a leader and "trusted advisor" to our portfolio, especially in these types of situations.

Because we have high standards when evaluating portfolios and the underlying businesses, we tend to make relatively few investments in any given year. When we find a portfolio that meets our standards, we are assertive in our efforts and flexible in the ways we are willing to invest capital. We are comfortable employing a variety of structures to address vendors' requirements and, as regards the underlying portfolio companies, will explore all possible ways to create value including further expansion funding, buy-and-build and other strategies.

Our objective is to add value through, in particular, a collaborative approach with management, with a focus on synchronizing corporate strategy, budget allocation and financial strategy with a truly global industry perspective. We spend a significant amount of time with many of the companies we get involved with. Working with management and co-investors, we try to define a set of corporate and financial objectives and then, as appropriate, make ourselves available to help achieve them. In every instance, we aim to ensure that the interests of management and investors are closely aligned.

Finally, we believe that our disciplined approach to entering into and exiting from investments creates considerable value for our limited partners and co-investors. We focus on risk-adjusted rates of return and typically have considerably shorter than average capital commitments when compared with other, especially primary investment firms. We align our interests as closely as possible with our limited partners as well as portfolio companies' management by making the Cipio Partners team one of the largest investors in any given transaction.