How we invest
Investment criteria
We apply a consistent set of investment criteria to every company we consider across the GCC, Asia and Europe before committing capital.
Approach
Consistent criteria across all markets
We assess every opportunity against the same criteria, regardless of its market or sector. A company need not meet every criterion, but the investment committee in Muscat considers each one before making a decision.
Leadership and governance
Experienced management and effective oversight
We seek credible founders and management teams with a documented record of building the business. We also expect a willingness to adopt board oversight, external audit and reporting practices suited to a listed company.
Business quality
Resilient business models
We seek companies with diversified revenue across customers and products, sustained profitability, healthy margins and operating cash flow. We favour business models able to withstand a downturn in their market.
Financial position
Sound balance sheets
We expect moderate borrowing relative to earnings, and capital needs that our investment meets with a clear use of proceeds. Financial statements should be audited and capable of withstanding a listing review.
Valuation discipline
Entry price and exit route assessed at the outset
We set an entry price by reference to comparable listed companies in the relevant market. We require a credible route to liquidity through a listing, a placement or a sale within our expected holding period.
Technology and data
Systems and controls that support reported results
We require reliable and controlled systems behind reported revenue, with cyber security, data protection and key-person risk addressed. We verify any claims about artificial intelligence or proprietary technology in our technology review.
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