Small deals can be very interesting, but I would expect to see higher IRR expectations to offset the higher risk level intrinsic in a small deal. There would need to be some fundamental economic opportunity, for example a company with very low headcount and high margins that can be scaled quickly.

We typically provide smaller checks for larger deals but I have done a couple small deals where I provided 100% of the equity for less than 20% of the company, both sub $100k investments and CF was less than $500k at time of acquisition, I believe both have the potential to end up being two of the best deals in our portfolio, especially from MOIC perspective, my only two real criteria are (i) high conviction in the searcher and (ii) return profile needs to be higher due to substantially more risk associated with smaller deals, reach out if you want to chat, redacted