Situations, not mandates.
We do not wait for work to arrive. We study a sector until we can see the company that ought to exist within it — an underserved customer, a capability sitting in the wrong hands, a market shifting faster than its incumbents.
Then we find the operators. The right opening in the wrong hands is worth nothing; most of our origination work is a search for the two or three people who can carry a business we have only imagined.