Strategy

Anthos' investment objective is to achieve superior risk-adjusted rates of return by pursuing multiple investment strategies on an opportunistic basis and having flexible investment parameters including Private Direct Investments and Public Investments. Anthos is highly committed to the businesses we invest in as we expect to make a small number of significant investments in public or private companies each year.

Private Direct Investments

Company Stage

Anthos invests in companies that are growing and profitable at the time of investment. We believe that disciplined entrepreneurs who have achieved profitability have demonstrated an ability to manage growth under the constraint of limited resources and to react to forces that influence a young company's success.

Transaction Types

Management objectives determine the structure of our investment. Anthos invests in the following situations:

• Growth initiatives such as geographic expansion, launching new products or services
• Strategic acquisitions that enhance the core business
• Capital to provide existing owners with funds for net worth diversification and liquidity purposes

Management

Anthos believes that an important determinant of the success of an investment is the management team. Specifically, we look for teams that collectively possess the following three qualities: entrepreneurial talent characterized by creativity and feverish optimism, management ability to guide growth and execute on opportunities, and domain expertise of the product offering and the sector in which the company competes.

Target Industries

Anthos invests in consumer-related product and services businesses, including financial services, healthcare, internet and information services, new media and other growth industries.

Ownership

Anthos is flexible with regards to ownership structure. In contrast to many other investment firms that insist on control, we take minority positions in companies. We find that minority investments lead to better goal congruence as they allow entrepreneurs to retain substantial upside in their companies. We also invest in situations where owners are seeking a timely and efficient transition out of their businesses.

Public Market Investments

Anthos invests in public market securities where we can leverage our private market knowledge. We take a private equity approach to public market investing, which includes extensive research, including discussions with management, competitors, suppliers and customers, and consultation with industry, legal and regulatory advisors. We seek to build strong relationships with the management of the companies in which we invest and are open to holding investments as long as the investment thesis remains strong and valuations support continued high expected returns.