My Partners and I at Meritage have always had an investment mandate with broad stage flexibility. We’ve often described our investment practice as “multi-stage”, ranging from early/venture through later stage opportunities. This is in contrast to our sector preferences which are tightly and highly refined. It should come as no surprise then that we’ve been doing some soul-searching about our stage preferences.
I this Meritage Blog post, we’ve announced a significant refinement to our stage orientation. Going forward, we intend to focus all of our energy on growth equity opportunities. Over the years, we’ve made many investments that meet the growth equity characteristics we outline in the post and we’ve had great success at that stage. We see this as not so much of a change, but as an important refinement to our stage preferences – one that is driven by many factors, but mostly by our read of the state of the private capital markets and where we can best deploy the capital, time, energy and knowledge of our team to generate attractive risk-adjusted returns for our investors.
With this refinement, I’ve also decided to change the name of this blog. Goodbye Non-Linear VC; hello Non-Linear Growth. Maybe this will be a catalyst to get me blogging regularly again; it has been much too long!
Filed under: Growth Equity, Investment Selection
