Established private equity house investing from an active vehicle, focused on predictable cashflows. Preference for water treatment & utilities services in environmental, waste & sustainability where governance is strong and reporting stands up to diligence. Investor is currently in fund with committed capital for near term execution. Prior investments include regulated and operational businesses, with governance strengthened post acquisition. Structure can be pragmatic provided financial reporting, contracts and working capital dynamics are transparent. Integration would be staged, strengthening governance without disrupting delivery. North American.