In the Aerospace & Defense vertical, we invest in companies with growing and differentiated business models which can be further enhanced organically and through strategic add- on acquisitions. In Commercial Aerospace, we focus on companies with differentiated product and service offerings and companies with next generation manufacturing technologies that lower cost of production and improve performance. We have successfully invested in a variety of precision manufacturing methodologies including castings, brazings, composites, machining and fabrications. We apply over two decades of investment experience in identifying points of entry in all market cycles and by investing behind leading managers, companies and business models. In Defense, we focus on products, technologies and services that reduce costs for the military, improve operational performance and save lives. We have been early and successful investors in transformative technologies including Unmanned Aerial Vehicles and cutting edge cyber and intelligence companies. We identify companies which are in priority funding streams regardless of budgetary and economic environments. Our unique industry focus and unmatched expertise in Defense investing enables us to leverage our network of relationships and our Washington, DC location to grow companies and to be a value-added partner in the sector.