While an investor can make money and lose money, he can ONLY lose time. Because we value time above money, we believe good people are simply more valuable to us in the long run than the opportunities that bring them to us.
We have learned that even a great opportunity can be rendered a loss if the wrong people are attached. This is true EVEN IF the opportunity generates a positive IRR. We are good people, we focus on investing with good people and we look to treat our partners as we expect to be treated. When our investments are structured and executed correctly, we are amongst the first investors called by transaction participants on future opportunities.
Consistent with this ethos, we never seek the last dollar. When we invest, we invest in people. As a result, we expect the relationship to long outlive an exit or liquidity event. The fastest and most sure-footed way to achieve that end is to engineer win/win structures for our investments. We are not cap structure pirates. We are repeat players in a repeating game and our actions are our business card.