How are you sourcing your deals?

We have adopted a prescriptive investment mandate rather than an opportunistic one. We know the types of businesses we’d like to invest in. We know that we are interested in early stage businesses that address a very limited number of healthcare themes: life sciences including nutraceuticals; longevity; specialized care including eldercare, mental illness and end-of-life care; and emerging market healthcare solutions. For each theme, we have already determined our investment thesis and only then attempt to find a company that falls within that set of parameters. If we can’t find the company through a proactive search, that actually might be an indicator of a good opportunity to build the company ourselves. So, in summary, we are proactively looking around a very tight set of descriptors. We have networks across all of the markets that we are willing to invest in that facilitate the search process. In addition, we receive some reverse enquiries from entrepreneurs seeking a venture backer.