We look for investment opportunities that offer the potential for
significant capital appreciation. Investments are typically made in later-stage
companies as development capital. These companies are near alpha test of their
launch product and need to scale up their engineering, marketing and sales
infrastructure. Companies at this stage will typically be in a position to
achieve an IPO or sale to another company within a reasonably short period of
time. With this strategy, we have been able to identify many promising young
technology companies that have grown to prominence in their fields and gone on
to successful public offerings or acquisition transactions. We have placed over
$2.1 billion in both equity and debt for U.S. companies. This makes us one
of the major sources of later-stage private capital. Once committed to an
investment, we are able to complete the transaction quickly, and have achieved
a formidable performance record in this respect.