Cheques land between €7 million and €15 million, in companies that already trade and still have room to grow.
The book is services: software sold as a subscription and the pipes under online shops, and also healthcare, waste, logistics, and specialist retail.
The companies already have a model that fits the local market, so the bet is not a new technology. We look for a record of profit and room to grow, on their own or by buying.
How a company treats people and the ground around it is part of the investment case, and we ask the holding to keep improving that while we are on the register.