We know what it takes to transform an industry: strategic insight, patient capital and great execution. We support owner-managers on all three of these dimensions.
We recognize that every company is unique and that extraordinary business performance cannot be achieved by following a formulaic approach. Due to our unique structure, we have
a great deal of flexibility in the types of companies and situations where we can get involved.
Perhaps most importantly, we know that real transformation takes time and that it’s never
a straight line. We fully align our incentives with our partners and have the wherewithal and long-term commitment to see through any bumps along the way.
We’ve been successfully empowering owner-managers since 1985. Since our founding, our source of capital has been a European family group (mainly through their Artal investment vehicle). The exceptional returns from our evergreen investment strategy have allowed our modest initial pool of capital to grow to over $4 billion even after having distributed billions to our shareholders. Not having raised any outside funds has allowed us to focus all our energy on value creation through our investment activities.
We invite you to explore our website to get a sense of our passion for business and for uncovering levers that drive extraordinary business performance. If you share this passion, we would welcome the opportunity to meet you and see how we can work together.
Why are we better aligned with the owner-managers we partner with?
- We have an evergreen structure, which means we're not forced to quickly realize investments in order to raise the next fund to collect additional management fees
- We prefer to hold the same types of shares as the owner-managers and we do not charge transaction or monitoring fees
- We are not compensated by management fees that are a function of the size of our fund and instead, like our owner-managers, we get the majority of our compensation when we realize the value created in the businesses
Everybody talks about partnership. But we are unique in that we have the structure that really fosters it.
What are our investment activities?
We strive to apply the same business strategy driven approach across disciplines. We make equity investments in both private and public companies.
- On the private side, we mostly make investments in companies where we take majority control positions. But we also make minority investments in high-growth companies where we can add real strategic value through our partnership with the owner-managers.
- We have partnered with TMG Capital (based in São Paulo) for our investments in Brazil since TMG's formation in 1997.
- Since 1998, we have been the largest investor in QuestMark Partners, a late-stage venture capital firm based in Baltimore, Maryland. We work closely with the QuestMark team in their due diligence work for new investments.
- We started our public equity investing activities in 2004. On the public side, we take significant, long-term positions in companies whose fundamentals and management we believe in. We focus on stocks that are trading below our assessment of their intrinsic business value. The average holding period in our public equity portfolio is not measured in weeks or months but years.
- In 2006 two former Invus partners, Sacha Lainovic and Leslie Lake, spun off a new firm: Invus Financial Advisors (IFA) to focus on two adjacent strategies on private equity and fund of hedge funds. Applying the same fundamentals-, strategy-led approach, IFA's PE team invests directly in smaller companies as well as in specialized private equity funds, opportunistic co-investments and other unconventional illiquid opportunities. Since 1994, Sacha and Leslie have been successfully investing the liquid assets from our evergreen structure into a portfolio of alternative asset managers with a focus on long / short equity strategies. While we continue to be the largest investor in IFA funds, the spin-off has allowed IFA to attract additional long-term capital from other well-aligned investors and expand their teams.
See the What We Look For section of the website for more details on the types of companies that get us excited.