Act 2 · Deal Pipeline
Active Deal Pipeline
6 active opportunities · $2.4B aggregate enterprise value
Investment Thesis
Deploying into Complexity-Driven Sectors
Current pipeline is weighted toward healthcare services and industrial technology — sectors where regulatory complexity and operational fragmentation create barriers to entry and premium exit multiples for scaled platforms.
Implication 1
IC conviction is highest on platform deals with identified bolt-on targets — 3 pipeline deals have pre-identified acquisition roadmaps.
Implication 2
Average target EBITDA margin of 22% with 400-600bps expansion potential through operational playbook and procurement leverage.
Active Deals
6
In pipeline
Total EV
$2.4B
Enterprise value
Equity Required
$1.44B
Total equity checks
Prob-Weighted
$649M+12%
Expected deployment
Pipeline by Stage
LOI / Exclusivity
1 deal
$480M
IC Review
1 deal
$620M
Deep DD
1 deal
$340M
Initial DD
1 deal
$275M
Screening
2 deals
$700M
Deal Detail
6 opportunitiesMedVista Health PartnersLOI / Exclusivity
Healthcare · Physician Practice Management · Proprietary · Lead: Victoria Chen
$480M
12.5x EV/EBITDA
Revenue
$320M
EBITDA
$38.4M
Margin
12.0%
Equity Check
$285M
Probability
75%
Thesis: Platform acquisition for multi-specialty physician practice roll-up. 14 bolt-on targets identified in Southeast corridor.
Physician retention post-closePayor mix concentration (UHC 38%)Integration complexity across 6 states
Apex Industrial SensorsDeep DD
Industrial Tech · IoT / Automation · Bank Process · Lead: Marcus Webb
$340M
14.2x EV/EBITDA
Revenue
$180M
EBITDA
$23.9M
Margin
13.3%
Equity Check
$210M
Probability
45%
Thesis: Corporate carve-out from Fortune 200 conglomerate. Complexity discount (~2x turns below comps). Strong IP moat.
TSA dependency for 18 monthsCustomer concentration (top 3 = 52%)Capex cycle timing
Pinnacle Insurance GroupIC Review
Financial Services · Insurance Brokerage · Relationship · Lead: James Hartwell
$620M
16.8x EV/EBITDA
Revenue
$245M
EBITDA
$36.9M
Margin
15.1%
Equity Check
$350M
Probability
60%
Thesis: P&C and employee benefits brokerage with 94% revenue retention. 8 tuck-in targets in Midwest.
High leverage at entryRegulatory changes in insurance distributionKey producer concentration
TerraData AnalyticsInitial DD
Technology · Data & Analytics · Auction · Lead: Sarah Kim
$275M
18.3x EV/EBITDA
Revenue
$95M
EBITDA
$15.0M
Margin
15.8%
Equity Check
$175M
Probability
30%
Thesis: Vertical SaaS for energy sector analytics. 140% NDR, 87% gross margins. Cross-sell opportunity with existing portfolio.
Customer size (avg ACV $180K)Competitive intensity from hyperscalersFounder transition risk
Horizon LogisticsScreening
Industrials · Supply Chain / Logistics · Proprietary · Lead: Marcus Webb
$190M
9.5x EV/EBITDA
Revenue
$420M
EBITDA
$20.0M
Margin
4.8%
Equity Check
$120M
Probability
15%
Thesis: Asset-light 3PL with cold chain specialization. Margin expansion through tech-enabled routing and warehouse automation.
Low margins require significant operating improvementDriver market tightnessCustomer churn in spot market
ClearView Wealth ManagementScreening
Financial Services · Wealth Management · Bank Process · Lead: James Hartwell
$510M
15.0x EV/EBITDA
Revenue
$198M
EBITDA
$34.0M
Margin
17.2%
Equity Check
$300M
Probability
20%
Thesis: RIA aggregator with $18B AUM. Fee-based recurring revenue. Advisor succession pipeline creates organic growth.
AUM sensitivity to market drawdownsAdvisor retention post-acquisitionRegulatory scrutiny on RIA consolidation