Principles

OUR CORE PRINCIPLES

Our core principles inform how we approach our investment decisions and, equally important, how we conduct ourselves in all of our interactions with stakeholders. These define who we are and our adherence to them is a matter of pride for all of us at GHK.

Investment Principles

1

We are investors; we are not asset allocators. We resist the temptation to overpay simply to deploy capital and our investors will be rewarded for our discipline and long-term focus.

2

We are actively engaged, strategic partners; we are not operators. We align with best-in-class executive leadership to implement our collective value creation plan.

3

We invest in good businesses; we are not deep value investors, nor turnaround experts. We believe demonstrable and sustainable organic growth is the primary driver of enterprise value.

4

We do not use excessive leverage to fund our investments, we do not underwrite acquisitions and we will never assume exit multiple expansion to justify investment returns.

5

We recognize that markets are driven by both capital and emotion, and cycles are inevitable. Technology can accelerate change, alter the landscape, and leave the stubborn behind.

6

We have an insatiable desire to learn, and to dissect and solve difficult problems. We embrace complexity, while remembering that simple answers are often the most elegant.

7

We are nimble and adaptable throughout the investment lifecycle. We avoid anchoring to past perspectives by continuously updating our thinking amid a changing landscape.

8

We believe groupthink poisons sound investment judgement. We gather blind feedback from the full team at key decision points to ensure diversity and authenticity of opinions.

9

We cannot afford to lose when it matters most. We negotiate from a position of strength, but maintain a willingness to concede in favor of the bigger picture.

10

We conduct ourselves in a professional manner, while recognizing the importance of camaraderie and personal connectivity to building lasting relationships with our stakeholders.

Operating Principles

1

Our reputation is everything. If ever tarnished, it will be exceedingly difficult to rebuild. We treat all stakeholders in accordance with our values and principles at all times.

2

We are not always right, we can always accomplish more, and we can never be complacent. We work hard and stay humble.

3

We encounter a diverse group of people with different experiences and perspectives. We listen to others and treat them with respect, regardless of their role.

4

We operate with unwavering integrity and continuously strive to be worthy of the trust placed in us by our stakeholders. Our strong moral character is a matter of personal pride for us all.

5

We are accountable to each other and our stakeholders. We take responsibility for our actions, especially our mistakes, and we do the work that is necessary, even if it is not our job.

6

We face challenges on a daily basis; how we respond defines our success as a firm and our resiliency builds the foundation for our future achievements.

7

We encourage and embrace a collegial work environment. Humor and a light-hearted attitude help to mitigate stress and build our team unity and identity.