We invested in 12 acquisitions personally before the fund; 2 have already been standouts (105% and 71% IRR). Things they have in common include: 1) The people who bought them are extremely good at operations, at making the trains run on time, and at ensuring great work is delivered for customers. The Jim Collins line about how a "plow horse" beats a "show horse" every day of the week comes to mind. 2) The deals both had hair, but the new CEO was well-suited to overcome it. This led to a lower purchase multiple, but post-close, the problem was fixed. Both businesses lacked an effective sales/marketing approach, which the buyer was able to meaningfully improve. 3) Both businesses had excellent cash conversion, quickly converting profits into cash and not requiring meaningful capital to grow. 4) Both were in industries that rewarded excellent quality of delivery and allowed you to charge a premium for that. Curious what others are seeing in top-performing transactions they've been part of or observed?