Sydney roadshow, page-33

That is why I said very few....

I would also hazard a guess they would be investing in businesses with a market cap closer to the $300m ceiling to enable them to take a meaningful position. From what I understand they are hoping to seed with $154 million, so with 30 portfolio holdings (which is about average) that's $5.13m per investment assuming equal weight, or ~10% of a business the size of IAM.

Simple risk management at that percentage ownership combined with liquidity issues if they wanted to exit means they are going to have to aim for much higher market cap's.