Acquires controlling equity interests, combined with debt positions, in durable, cash-generative U.S. middle-market businesses (revenues primarily $15-$250 million), plus minority co-investments alongside LLCP funds. Debt is typically secured notes paying 14-16% fixed, so current income comes from coupons while equity value accrues to NAV. Target sectors include business services, consumer products, education, franchising, light manufacturing, non-FDA healthcare and safety.