Our preferred investments are in companies that have, or have the potential of developing: (i) sustainable competitive advantages, (ii) meaningful barriers to entry, (iii) strong market share, (iv) non-cyclical business models and (v) substantial EBITDA margins and free cash flow. While we employ a flexible and generalist approach in evaluating opportunities, the following sets out a few key considerations by which we judge opportunities. *Industries - We like niche companies directly or indirectly involved in industries such as Food & Agriculture, Textiles & Apparel, Entertainment & Gaming, Healthcare, Technology, Outsourcing, International Real Estate and Mining industry sectors. *Market Opportunity - We like companies that are facing a market opportunity that provides room for substantial growth organically or through acquisitions and/or industry consolidation. We are particularly attracted to companies that are poised to capitalize on major structural changes or trends within their target markets. *Sustainable Competitive Advantage - We like companies that can build or sustain a winning position over an extended timeframe based on some combination of unique market position, access to inputs, specialized expertise, or intellectual property or other barriers to entry. *Investment Structure - Although we prefer to invest in established companies, we invest in companies in all stages of development and via the full array of transaction structures including relatively early stage start-ups, buyouts, recapitalizations, consolidations and participation in growth financings. We have a strong preference for investing in equity, but can in exceptional cases consider mezzanine or other financial investments, as long as they carry a meaningful equity component.