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Direct Investments

Our firm invests in U.S.-based private companies across stage and sector. We focus on quality of management, unit economics and long-term growth prospects, favoring recurring revenue, capital efficiency, and protective moats. We are drawn to out-of-the-box and/or contrarian thinking. We place a high premium on being able to change course and/or respond to special situations without mandate constraints or fundraising concern.

Our approach mixes conservatism with targeted risk-taking. Conservatism because we maintain a value orientation; because we structure investments with an eye toward the downside; because we favor long-term positive trends driven by systemic changes; and because we invest in people we think we can trust even in the most difficult circumstances. Risk-taking because of our preference to look into neglected corners; because of our affinity for special situations; and because of our willingness to double down on investments during short-term difficulties.

 

Recent direct investments include:

Seventh Generation is recognized as one of the most trusted brands of authentic, safe, and environmentally-responsible household cleaning and personal care products in the world.

Zixi is a software technology company enabling instant broadcast quality HDTV over the Internet, with no jitter, packet loss or frame freeze regardless of network conditions.

Orthocare Innovations is an orthotics and prosthetics company developing advanced adaptive products that monitor, analyze, and react in real-time to changes in patient physiology, alignment, and gait.

Railcomm provides expert rail automation systems focused on improving operational efficiencies for the world's freight and passenger rail industries.

Millstone Medical Outsourcing provides outsourcing solutions to medical device OEMs, including contract packaging services alongside innovative warehousing and distribution services.

Best Doctors is a disruptive medical management company improving quality of care and lowering medical expenses via insurance products and through embedded solutions in employee benefit programs and third-party insurance policies.

SRS Medical addresses significant unmet needs in urology and women's health, including diagnosis of lower urinary tract symptoms and conservative treatment of urinary incontinence.

Colo Railroad Builder is a leader in new track construction, rehabilitation and maintenance for railroads and private industry across the United States.

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