How we invest
Investment process and approach
Each investment moves from origination through full due diligence to a decision by our investment committee in Muscat.
Overview
Origination and assessment
We identify opportunities through our founders' and advisers' networks, as well as intermediaries in each market, including merchant banks and the Sunrise Capital Partners team in India.
Each opportunity is evaluated against our criteria, focusing on financials, capital structure, valuation and projections. Those that progress undergo full legal, financial, commercial, tax and technology due diligence before our investment committee in Muscat makes a decision. Following investment, we monitor each company and take board representation where our stake allows. We realise investments through listings, block transactions, buybacks and takeover offers.
Process
Stages of the investment process
Every investment follows the same sequence, whichever market it is in. Technology due diligence is conducted together with legal, financial and commercial due diligence, and no investment proceeds without a decision by our investment committee in Muscat.
- 01
Origination
Our founders' and advisers' networks, merchant banks and intermediaries in each market.
- 02
Screening
Each company is assessed against our criteria and its listed peers using our screening tools.
- 03
Evaluation
Business model, financial record, capital needs, valuation and projections.
- 04
Term sheet
A non-binding term sheet sets out the main terms.
- 05
Due diligence
Legal, financial, commercial, tax and technology due diligence.
- 06
Decision
Our investment committee in Muscat approves or declines each proposal.
- 07
Completion
Execution of binding agreements and satisfaction of conditions precedent before funds are released.
- 08
Monitoring and realisation
Portfolio monitoring and board representation, followed by realisation through a listing, block sale, buyback or takeover.
Structure
Flow of capital
Sunrise Global Investments invests from Muscat across the GCC, Asia and Europe. In India it invests as a foreign investor through a SEBI-registered fund managed in Mumbai, and Sunrise Capital Partners provides advice and due diligence under a written agreement.
- The long-term capital of the company and its shareholders
- is invested by Sunrise Global Investments LLC in Muscat, where the investment committee decides,
- in GCC companies, in international companies in Asia and Europe, and in Indian pre-IPO and listed companies as a foreign investor in a SEBI-registered fund managed in Mumbai.
- Sunrise Capital Partners, Mumbai, provides advice and due diligence for India.
Portfolio oversight
Portfolio monitoring and realisation
After investment we monitor each company against its plan through regular financial and operating reporting, and take board representation where our holding allows. We support management on governance, controls and listing preparations, and review each holding with our investment committee at least quarterly.
We plan the exit at the time of investment and review it as circumstances change. Routes include a public listing, a block sale to institutional buyers, a buyback by the company or its promoters, and a sale to a strategic or financial buyer.
Valuation
Entry valuation discipline
We expect the price we pay and the earnings growth of each company to drive the value of our investments, more than any gain on listing. We maintain discipline at entry by comparing each company with its listed peers and structuring each investment with legal and tax advisers in the relevant jurisdictions.
Research and data
Investment theses based on our own research
Our investment theses are based on our own research into markets, sectors and companies, which we publish. Each view we hold is dated and sourced, and we review our positions as markets evolve.
We have developed software tools to support this process. These tools screen listed and private companies across the GCC, Asia and Europe against our criteria, trace every figure in our research to a dated source, and test each portfolio under different market and currency scenarios before committee review. We use artificial intelligence to read and compare filings, listings and market data at a scale our team could not otherwise achieve. Every investment decision is made by people, with our investment committee in Muscat responsible for each one.