strong returns for their investors through all stages of the economic cycle. Their ability to work closely with talented managers to develop and grow their portfolio companies is central to this success.

They have consistently remained committed to the mid-market, focusing on companies valued at between £30 million and £150 million. They believe companies of this size offer the highest potential returns, as they are small enough to grow fast but have sufficient scale to employ high-quality management teams and generate diversified revenues. They also believe they can add the most value to these businesses through their experience, skills, contacts and their understanding of what they need to develop. They regularly adapt and refine their assessment of what makes a successful investment, reflecting the impact of changes in technology, consumer preferences, government policy and ecomomic cycles.