A strategy of buying a platform company and growing it through a series of <em>bolt-on</em> acquisitions — creating value via scale, synergies, and arbitrage.
The share of recurring revenue kept from existing customers over a period, after churn but <em>including</em> expansion — so it can exceed 100%.
Diligence on how a target actually <em>runs</em> — its operations, systems, organization, and ability to deliver the plan — distinct from financial or commercial DD.
Growing profit as a share of revenue — lifting margins through pricing, cost, and mix so earnings rise <em>faster</em> than the top line.
The percentage of recurring revenue retained from existing customers after churn and downgrades, <em>excluding</em> expansion — a measure of how leaky the base is.
The ongoing tracking of portfolio companies' performance against plan after close — collecting KPIs, financials, and value-creation progress through the hold.