Our Firm
How We Invest
A repeatable, research-driven process refined over seventeen years and multiple market cycles.
Our Methodology
Five Stages. No Exceptions.
Origination
We source deals through proprietary networks, not competitive auctions. Roughly 70% of our investments come from relationships built over years — management teams, co-investors, and counterparties who know how we operate.
- Proprietary sourcing preferred
- Relationship-driven deal flow
- Off-market or limited-process transactions
Fundamental Research
Before we model returns, we understand the business. Every investment begins with an honest assessment of the underlying economics: what drives value, what destroys it, and whether the current price reflects reality.
- Bottom-up fundamental analysis
- Sector deep-dives before macro overlay
- Stress-test against prior cycle data
Underwriting & Structuring
We underwrite to downside, not to upside. Our base case is the case where things don't go as planned. Structuring decisions — leverage, covenants, preference stacks — are made with exit scenarios in mind before entry.
- Conservative base case assumptions
- Structural protections where available
- Clear path to liquidity modeled upfront
Active Ownership
We don't send quarterly letters. We send people. Aurion professionals sit on boards, work with management on 100-day plans, and maintain operating involvement through the hold period. We own assets the way owners do.
- Board representation standard
- 100-day operational plan on acquisition
- Annual strategic review with management
Exit & Return of Capital
We exit on our timeline, not the market's. When we believe an asset has reached fair or full value, we sell — even if markets want us to hold. Capital returned to investors compounds; unrealized gains don't.
- Value-driven exit timing
- Multiple exit paths evaluated before entry
- Full cycle return attribution to investors
What Distinguishes Our Process
No FOMO Investing
We pass on more deals than we do. A strong pipeline of rejections is a sign of discipline, not missed opportunity.
No Leveraged Beta
We don't buy assets at full value and add leverage to juice returns. That's not investing — it's financing. We buy value, then improve it.
No Benchmark Hugging
We are not measured against an index. We are measured against our investors' cost of capital. We manage money, not tracking error.
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See Our Track Record
The process above isn't theoretical. Seventeen years of data backs it up.