Our best references come from the CEOs of portfolio companies.  If we don’t think we can add value to a company beyond advising that an investment is made in it, we should not support making that investment. The place for passive investments is the stock market. If we are going to sacrifice liquidity and see funds locked up for years, we want to have a significant influence on the business. We don’t expect to have that unless we are confident we can make a real positive non-financial contribution exploiting our experience, knowledge and networks. We will pass on a strong start-up if we recognize that we have little to add. Writing a cheque is only the start.