How we think about the market we invest in — and recent coverage from across our portfolio.
Venture capital has moved upstream and private equity up-market, leaving a deep cohort of founder-led businesses between asset classes. Capital alone does not close that gap. Operating capability does — and it is the scarcest resource in the segment.
Why returns in the lower middle market are increasingly driven by operator capability — repositioning, margin discipline, and institutional readiness — rather than financial engineering or multiple expansion.
A decade of deploying AI inside operating businesses taught us a discipline: install the AI layer before the growth initiative, augment teams rather than replace them, and let margin expand first.
Financial controls, leadership, go-to-market rigor, and governance installed in the first quarter of ownership — why the early operating reset is where durable value is won or lost.
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Third-party reporting on Bambu's acquisition of Lemonaid Health through a proprietary, court-supervised carve-out.