Institutional sponsor currently in fund, targeting cash generative businesses with strong governance. Preference for residential & nursing care homes in healthcare & social care where governance is strong and reporting stands up to diligence. Investor is currently in fund with committed capital for near term execution. Previous acquisitions include buy and build programmes in established sectors, supported by operating partners. Structure can be pragmatic provided financial reporting, contracts and working capital dynamics are transparent. Transition would be planned to protect customers and retain key staff. North American buyer targeting.