The relative attractiveness of different sectors will ebb and flow with economic cycles and changes in technology, consumer preferences, distribution methods and government policy. Equally, the key requirements for a successful investment will evolve. We have consistently adapted and refined our approach to reflect this changing environment. Since the early 1990s, we have developed a detailed understanding of a broad range of sectors and built up an extensive range of contacts who source and advise us on new opportunities. Many of our portfolio companies operate across multiple sectors, which makes our breadth of knowledge and experience invaluable. For example, we have backed business services companies which operate in the financial services, industrial, energy, automotive, health and care, education and leisure sectors. Similarly, many companies in our core sectors now have significant digital and e-commerce operations.
Investments in many industry sectors