Service · Mid-market private equity
Commercial due diligence, led by one senior principal.
Evidence on the market, the customers and the competitive position — framed around the question your investment committee actually has to answer. No pyramid of juniors, no rotating team, no hedged conclusion.
What commercial due diligence answers
Financial diligence tells you what the business has earned. Commercial diligence tells you whether those earnings are likely to continue. Four questions carry most of the risk in a mid-market deal.
Is the market real, and is it growing?
Sizing built bottom-up from addressable demand rather than borrowed from a broker deck, with the structural drivers that would have to hold for the plan to work.
Do the customers stay?
Cohort behaviour, concentration, contract quality and switching costs — tested against what customers and lapsed customers actually say.
Can the position be defended?
Competitive set, relative pricing power, route to market and the credible threats over a five-year hold, including substitution and consolidation.
Does the growth plan hold?
Management's build translated into assumptions that can be tested one by one, with the handful that genuinely move the valuation identified.
How the work runs
Frame the decision
Agree the question the committee needs answered and what a yes and a no would each have to look like.
Gather the evidence
Market data, customer and channel conversations, competitor economics and management sessions — weighted by what actually decides the case.
Stress-test the plan
Assumptions tested against the evidence, with scenarios and sensitivities that separate what matters from what does not.
Deliver committee-ready
A written conclusion with a clear thesis, honest risk register and the diligence a lender or co-investor can read without translation.
Why mid-market funds use a single principal
Seniority throughout
The person who scopes the work is the person who conducts the interviews and writes the conclusion. Nothing is delegated down and summarised back up.
Proportionate scope
Calibrated to a €10m–€100m enterprise value transaction, not a large-cap template applied to a smaller deal.
Discretion
One accountable point of contact from first question to final paper, in a market where the approach itself is information.
Led by Ashok Parekh — CFA and CAIA charterholder, twenty years across private equity, infrastructure and cross-border transactions, with board directorships in the DACH, Nordic and Benelux regions and €150m+ of transactions led. See the full principal record.