> We are not as interested in smaller revenue focused companies that aim to be sold for $25mm to $50mm ... Even so, we will certainly end up with more than a few companies that will sell in that range. That is a successful outcome for us too if we can own 15-20% of the business and have less than $5mm invested, which is the case for many of our companies.

At the high end, $5mm invested at 20% would mean a post-money valuation of $25 million. That's 1-2X. Or am I misunderstanding this?

Though, the multiplier doubles as the amount invested at 20% halves. Since most of their investments seem to be further away from $5 million, that could be what I'm overlooking.