Investment criteria

Stage: ideally traditional private equity (growth, expansion capital or SPV project equity finance) / exceptionally, venture capital may be considered provided there is a proven technology track record
Expansion Strategy (regional, geographical)	Launch of New Lines/Services	Turnaround Challenge	Exceptionally partial buyout (succession plan)

Leverage: We invest taking into account consevative leveraging rules
No debt at fund level	Portfolio company debt level defined by own leverage potential (analyze selectively subsidized government funding / grants)	No comfort letters from fund to portfolio companies

Return / Exit Strategy: Each investment at any given portfolio company needs to be "saleable" after a given period of time. Some realizations will be made, others will seek return from dividends
RETURNS FROM DIVIDENDS	IPO / SALE TO A LARGE PLAYER	INVESTMENT BASKETS

Developed by The Stocker Group 2007