(1) Growth and expansion capital, mid-market buyouts in Central Asia, with a focus on Kazakhstan

(2) Target and develop investments in oil and gas, metals and mining, telecoms, financial services, consumer goods, retail, media

(3) Utilise management team networks to source and close high return investments (target 5x money multiple)

(4) Target controlling interests in operating companies

(5) Continue to retain seller friendly profile – no hostile approaches and no `oligarch` or financial/industrial group links. Management team has strong opco experience and has a history of working smoothly alongside investee companies to improve valuations

(6) Utitilise legal and tax structuring expertise in the region to protect/enhance returns

(7) Value creation focus at opco level

• development of the business strategy with the management team;
• establish and enforce or incentivise in respect of clear operational targets which focus on improving cash flow generation;
• optimise the composition of each Investee Company management with key personnel sourced through advisors, joint venture partners, professional networks established through Principals` experience in the Investment Area, and previous investments;
• improve the marketing and distribution functions;
• improve the finance function and financial disclosure;
• establish and enforce corporate governance guidelines;
• rationalise the use of leverage and optimise operating company capital for economic sector and stage of economic growth;
• introduce sector partners through management services agreements, board positions or through the sale of minority stakes to potential trade buyers;
• implement stock ownership plans for key employees.