M & A Fund Mandate

• Target industries that are experiencing positive long-term consolidation dynamics.
  
• Through adopting a likely acquirer’s perspective, identify potential acquisition targets within each industry.
  
• Invest in growth-oriented franchises that are trading at significant discounts to their strategic values where either an acquisition catalyst has surfaced or one is likely to surface over a 1-2 year time horizon (a “second payday” approach).