Raising Target for Tunnel Light Capital Partners (TLC Partners)
Providing independent stock market research through a balance approach to investment and trading.
Shares surpassed our suggested target of trading session. We see more upside and therefore we are going to raise our target on this Tech position in our Skyline Model Portfolio.
All investment entails inherent risk and research seeks to assist investors in determining when to buy and when to sell to attempt to maximize profits or minimize losses. Please read the information contained in the report and alerts. All final investment decisions are yours and as a result you could make or lose money.
An Independent Stock Market
Our daily goal is to help our subscribers make money in the stock market. Our unbiased approach is coupled with personalized service that guides investors throughout the entire life cycle of each trade.
Philosophy
We believe investors should take an approach to the stock market based first and foremost on understanding the stocks in their portfolios beyond the chart formation. The key to long term success isn't picking winning stocks but knowing which stock picks to hold onto during adverse conditions.
Methodology
Our approach to investment advice focuses on a balanced allocation of funds, industry exposure, and realistic expectations. 70% of your stock portfolio should be in core positions while 30% should try to generate cash actively..
Skyline Portfolio Approach
I am a firm believer in a balanced portfolio but not the old Wall Street approach of owning the best and worst stocks in a sector for the sake of diversification. The goal is to outperform the market by finding opportunities before others, as well exploiting current trends. Ideally, Skyline ideas are bought in the model portfolio with the understanding they will be held for at least three months and exits will be based on underlying fundamentals. It’s possible for fundamentals to improve rapidly, so we may hold the position longer. If the value proposition gap will be closed, we may exit the position because the risk-reward ratio has changed.
The Underlying Fundamentals
The Tunnel Light Capital Partners Portfolio approach is driven by changes in the model portfolio not by the Current (new) Buy list, which is designed to help new subscribers populate their portfolios to match the WSS Skyline Model Portfolio. New subscribers may not be able to have exact weighting when they come on, but that will happen as new ideas emerge, or existing ideas are in a buy range justified by the risk/reward. We may remove a position from the Current Buy list, which means we would not commit new capital to that position at this time, either because it has moved up substantially from our original entry, or something has changed from our original thesis. If we do not close the position, it will be a Hold in either the Current Portfolio if the recommendation is 6 months or less, or in the Legacy position if over 6 months. When we close a position in our Skyline Model Portfolio, we will issue an alert.
INVESTOR RELATIONS
We define our value as delivering the financial business case and unique value a client may be seeking, and striving to partner with our clients to achieve greater progress on inclusion and diversity, reskill and upskill our clients’ employees, help our clients achieve their sustainability goals, and create meaningful experiences, both with Accenture and for the customers and employees of our clients.
Our is a leading global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 279,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world’s leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. Our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song, together with our culture of shared success and commitment to creating value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the value we create for our clients, each other, our shareholders, partners and communities. Learn more about how we are measuring value in all directions with Value Integrated Reporting.
Using our position as an independent investment company specialist, we promote our client companies as widely as possible in order to grow them. By actively engaging with existing and potential investors, we work to increase demand for the shares in the secondary market. This complements the efforts of the respective portfolio managers and brokers, with whom we collaborate closely. We conduct comprehensive market reviews to define intelligent, dynamic market strategies. These reviews typically involve sector and peer group analysis, investor consultation and perception studies, broker analyst opinion, market share and shareholder register analysis. We want to enhance the investment proposition, differentiate it from its peers and ensure its ongoing attractiveness. We also want to identify the relevant investor groups, determine how best to reach them and then create appropriate content. As part of our full service offering, Frostrow is able to manage all aspects of the day-to-day operations, administration and promotion of investment companies, thereby enabling investment managers to focus on the investment portfolios under their management. We are regulated by the FCA as a full-scope AIFM and we are able to ensure that the regulatory requirements of the AIFM Directive and all other UK regulatory requirements are met.
The relative attractiveness of different sectors will ebb and flow with economic cycles and changes in technology, consumer preferences, distribution methods and government policy. Equally, the key requirements for a successful investment will evolve. We have consistently adapted and refined our approach to reflect this changing environment. We enjoy what we do and like working together in an informal environment.
Many of our portfolio companies operate across multiple sectors, which makes our breadth of knowledge and experience invaluable. We have introduced or developed digital marketing platforms, data-driven customer acquisition / retention programmes and SEO / PPC optimisation into all of our B2B service businesses. Our ability to engage with the companies and assets in which we have invested is a critical lever to create value for our clients. We work closely with the board members of each of our portfolio companies, to help them identify further performance improvement opportunities.
All our investments are significantly driven and enhanced by technology, and are benefitting from our experience across the broader TMT sector and of implementing technological change programmes over many years. We look for opportunities to deploy funds in businesses that will increase in value, while at the same time paying due regard to our ESG objectives.
We take collective responsibility for our decisions and are totally committed to the success of Tunnel Lights Capital Partners and our investments. We believe this comes across in our dealings with portfolio companies and plays a very important role in building strong partnerships with management teams.
We have developed a detailed understanding of a broad range of sectors and built up an extensive range of contacts who source and advise us on new opportunities. We have also been able to deploy our business services expertise across a broad range of end-markets, including financial services, industrial services, energy, automotive, health and care, education and leisure. onger explanation of the feature. Main benefits and other characteristics.
Our ability to engage with the companies and assets in which we have invested is a critical lever to create value for our clients. We work closely with the board members of each of our portfolio companies, to help them identify further performance improvement opportunities. We take seriously our responsibility of active stewardship of the companies we work with.
SERVICES & VALUE
Our depth of experience in sales or mergers, management buyouts, recapitalizations, ESOP formations, and corporate restructuring allows us to provide thoughtful strategic advice to a broad range of clients across our core industry groups. Select an industry to learn more about our expertise.For our investors, we see a clear focus on ESG principles as a pillar in our approach to increasing long-term value. When screening for ESG factors in due diligence, we view sustainability as more than a risk mitigator, it is also a value creation driver. Our deal teams focus on ESG and impact, ensuring board-level and senior management buy-in for initiatives that link ESG goals with the business strategy. We recognise that we have a moral responsibility to consider all stakeholders as we join forces with management teams to drive growth and value. We believe passionately that ESG needs to be embedded within every aspect of what we do, rather than being a separate area of focus, and this is reflected in our investment strategy, which is aimed at generating strong returns, while also creating opportunities for a scalable societal impact. We can help streamline information management processes for the private funds industry with AlphaPipe Powered by TLC Partners.
INDUSTRY FOCUS
For more than 35 years, middle market companies have relied on us for our deep industry knowledge, patient guidance, and unparalleled service through every step of a financial transaction. Our industry focused bankers provide a full range of strategic alternatives including mergers and acquisitions (M&A) advice, private capital raising, and other financial advisory services to family-owned businesses, private equity firms and their portfolio companies, divisions of large corporations, and secured and unsecured creditors of middle market debtors. Our depth of experience in sales or mergers, management buyouts, recapitalizations, and ESOP formations allows us to provide thoughtful strategic advice to a broad range of clients across our core industry groups. Our is committed to developing and nurturing productive, long-term relationships with leading middle market private equity firms. Learn more about our Financial Sponsor Coverage team. The ability to monitor the ESG impact scores of our portfolio companies enables us to evaluate their actual environmental and social impact and to ensure that they commit to further improvements. As the diagram on the left shows, we track impact throughout our investment period and conduct detailed reviews following our exit. Our team has experience with contract compliance and other financial elements spanning the life cycle of design and construction projects. We apply a phased approach with à la carte options to customize our work scope to specific client needs. Our Digital & Data Analytics services combine our human intellectual capital with modern digital solutions to deliver strategic data insights, automation, cybersecurity and predictive capabilities that provide financial benefits to your organization.
CAPITAL MARKETS
Delivering highly customized solutions to meet the specific financing needs of our clients. Our Capital Markets group works with our clients to deliver customized solutions to meet their specific needs. Our senior professionals have placed billions in debt and equity capital for middle market companies, and have the expertise to create thoughtful, tailored structures. Our highly experienced team of bankers can access the entire spectrum of capital markets products from senior capital through to junior capital and have meaningful experience developing and running competitive processes to optimize financing terms and pricing depending on the goals of our clients. Whether our clients are looking to pursue growth opportunities, consummate acquisitions, or address shareholder liquidity objectives or recapitalization, our team is particularly adept at helping companies tell their story and positioning the right message for the right structure. Debt providers have different goals from equity investors and our ability to help our clients create and deliver the right content to these capital providers optimizes outcomes. We have a robust network of relationships with banks, traditional lenders, institutional investors, credit funds, hedge funds, insurance companies, structured equity and private equity funds, and family offices that enable us to offer: Senior Secured Debt, Uni tranche Facilities, High Yield Notes (Corporate Bonds), Senior Unsecured Debt, Subordinated and Mezzanine Debt, Structured Equity, PIPE’s, Private and Public Equity. Our investment bankers manage execution from developing the initial concept to negotiating the final agreements. We develop detailed financial models to analyze and evaluate the quantitative and qualitative aspects of a financing decision. Our senior level bankers remain involved, engaged and focused through the entire execution process of the transaction.
LEARNING & EDUCATION
Winning Education Investor’s 'Investor of the Year' award recognized our commitment to the Education sector The education and training sectors benefit from favorable demographics, rising demand and changing models of service provision. The market presents attractive opportunities to provide essential services to both the independent and state sector. The UK has a global reputation for the high quality of its education provision. This makes international expansion attractive, either by exporting services internationally or by attracting overseas students to the UK and US. While Covid-19 has disrupted the traditional delivery system for education, many sector participants have adapted well to this disruption by digitizing their offering and by further embracing technology solutions. The demand for education services remains fundamentally strong and the UK is increasingly recognizing the societal and business benefits of education and training, from early years to adulthood. Our most successful realization to date has been the sale of Education Personnel for 5.8x cost. We merged two large providers of supply teaching staff to schools, creating the demonstrable market leader and achieving very strong organic growth. We are currently expanding Explore Learning, a leading provider of online and centre-based tuition. In 2017, we set up Empowering Learning to capitalise on opportunities in the supply teaching and training sectors, subsequently acquiring Team Teach, one of the most established players in the sector. We have also invested in Higher Ed International which partners with universities globally, enabling them to launch and run online degrees. Most recently, we backed Storal, a group of children nurseries, supporting the business to grow its footprint in the UK, US, Middle East, Africa and Asia.
BUSINESS & SERVICES
Tunnel Light Capital Partners has a strong track record of developing and expanding services companies, particularly in the areas of ‘human capital’ and outsourcing. The services sector is attractive for many reasons: successful operating models can be expanded rapidly; businesses can create differentiated, sticky and scalable propositions through the development of proprietary process IP and investment in technology; new locations can be opened at low cost; businesses are often highly cash generative; and entrepreneurial management teams can have a disproportionate impact on performance. The UK is a global leader in the services sector and successful businesses can be rapidly internationalized, often supported by existing customers. We have an in-depth understanding of the key success drivers, with the development of an efficient model for recruiting, incentivising and retaining top talent often being at the core. We have significant investment experience across the UK, US, Middle East And Asia services economy, including facilities management, human capital services, logistics and distribution, media services, outsourced services, professional services, rental and recruitment. Our investments have ranged from generalist providers of business process outsourcing and staff recruitment through to specialists addressing the distribution, education, events, finance, healthcare, infrastructure, manufacturing and pharmaceutical sectors. We have generated strong returns from our realised investments, including PSD (10.4x cost), Huntress (7.6x), Education Personnel (5.8x), NES Global Talent (4.7x), Go Plant (4.2x), Security Despatch (4.0x), Alexander Mann Solutions (3.6x), Random42 (3.1x) and YSC Consulting (2.4x). We are currently developing Hanson Wade, a specialist global events and information services provider; nGAGE, a diversified recruitment business active in the UK and overseas; and Opus Talent Solutions, a specialist recruitment business serving the technology and renewables industries.
INDUSTRIAL
Tunnel Light Capital Partners has a long history of successfully growing industrial businesses across a variety of markets, We have been particularly active in the engineering, energy, automotive and building products sectors. We have invested in many manufacturing businesses, but also in companies providing industrial services. Many of our most successful investments have been buy-outs from larger groups or from founder entrepreneurs. Under our ownership, we have brought greater management focus and a more active strategic approach to these businesses. In spite of the economic uncertainty associated with Brexit and Covid-19, we foresee attractive investment opportunities in businesses which benefit from geographic and end-market diversification, as well from being aligned with current trends such as automation, increasing regulation and a drive towards renewable energy sources. We have made high returns from a wide range of industrial businesses. Successful realisations include Denison (which returned 12.3x cost), LS Group (6.1x), Salt Union (5.2x), U-POL (4.5x), Applied Energy (3.5x), Tesla (2.7x) and Dominion Gas (2.3x). We are currently invested in two companies growing rapidly overseas: ICR, an energy services business expanding across the globe; and Beck & Pollitzer, an installer of industrial machinery with a rapidly increasing presence across attractive end-markets in Continental Europe, the US, Middle East and Asia.
HEALTHCARE & LIFE SCIENCES
We have wide-ranging experience of investing in the broader Healthcare and Life Sciences sector, including health services, pharma services and medical products, The pharma services market benefits from favourable structural dynamics, strong innovation and constantly rising demand. We have backed two rapidly expanding businesses serving the global life sciences market: Random42 and Hanson Wade. Both work with pharma and biotech companies across different continents and sizes, basing their service excellence on deep scientific expertise. We have recently backed a specialist, medical products business with strong intellectual property, IPL, having had previous experience of the space through our investment in Summit Medical. Our focus is on innovative, niche leaders who can improve quality of life. In healthcare services, we have invested in care providers with the aim of putting service excellence and quality of outcomes at the heart of their offering. Our investment underpins high-quality care delivered through efficient and innovative models which can quickly gain market share, securing long-term success. We have an excellent record in the broader healthcare sector, with quality outcomes always at the core of our investment strategy. We have twice won the ‘Health Investor of the Year’ award.
LEISURE & PROPERTY
Tunnel Light Capital Partners has a long track record of rapidly expanding a variety of leisure and property-related businesses, primarily through new site openings, In the leisure sector Graphite has focused on restaurants, pubs, travel and accommodation. We have generated strong returns from the roll-out of innovative and high-quality consumer offerings, building on our extensive experience of developing expansion strategies and of evaluating new sites. Our understanding of the property market can also be invaluable as leisure opportunities often have a strong property element. Under Graphite’s ownership, Wagamama grew from two restaurants to over 100, generating a return of over 12x cost. Both Golden Tulip, a hotel operator, and Park Holidays, an operator of caravan parks, expanded their operations significantly under our ownership, before being sold for 3.0x and 2.3x cost respectively. Recognising a cyclical opportunity to invest in the London house-building market after the financial crisis, we set up London Square to address the likely shortage of new-build homes when the economy started to recover. The company had built over 100 new homes, had 230 in development and planning for a further 600, when it was sold to a US investor for 2.0x cost. Our current investments include Hawksmoor, the operator of ten high-end steak restaurants; and New World Trading Company, an operator of distinctive food-led pubs, which is expanding rapidly across larger regional centres in the UK, US, Middle East And Asia.
CONSUMER
Tunnel Light Capital Partners has consistently identified fast-growing brands which have addressed evolving trends in consumer demand
We have extensive experience of working with a wide range of multi-channel retail and consumer companies. Their products and services have included everything from fashion, health and beauty, stationery, books, electronics and computer games to automotive products. Looking at potential investments, we want to see businesses with a distinctive brand, a clearly identified customer profile and with the potential to grow their distribution networks both in the UK and overseas. The ability to grow a distinctive or innovative brand through an imaginative, well-researched distribution strategy is key to their success. Historically, the extensive roll-out of retail stores was a major driver of growth. Reflecting changing dynamics, our recent investments have been of digitally native companies. We look for businesses with international expansion opportunities, high repeat rates, strong margins and differentiated marketing strategies. Over the past 25 years, we have realised 17 retail and consumer investments through a combination of IPOs, trade sales and exits to financial buyers, achieving some exceptionally high returns. Major successes include Wagamama (which returned 12.8x cost), Maplin Electronics (9.5x), Game (7.9x), Ottakar’s (6.0x), Micheldever Tyre Services (3.7x), Sodastream (3.3x), Jane Norman (2.9x), Paperchase (2.7x) and Kurt Geiger (2.6x).
SPECIALTY & INDUSTRY SERVICES
Tunnel Light Capital Partners is committed to developing and nurturing productive, long-term relationships with leading middle market private equity firms in the United States and around the world. We offer deep expertise within mergers and acquisitions, special situations, and private placements of debt and equity. Tunnel Light Capital Partners deal teams bring the full strength of our industry expertise to bear on behalf of the private equity community to actively market deal flow and identify key portfolio transaction opportunities. Our astute knowledge of the investment landscape, creative strategies, and commitment to client service have helped us elevate relationships and initiate new outreach across a robust network of firms. It’s an ideal time to learn more about the Stout and how we can create value as a trusted partner. We offers the following specialized services focused on helping companies optimize operations, reduce risk, make informed decisions, and enhance value. We is recognized internationally as a leading advisory firm in the automotive sector. We provide both pre-incident and risk consulting, as well as post-incident consulting services including expert testimony for significant automotive industry warranty and recall programs and disputes. We can help you or your clients with fraud investigations and legal claims related to the Paycheck Protection Program (PPP) and to navigate the complexities of the Employee Retention Credit (ERC or ERTC).
OUR HISTORY
Founding and earlier years, When Jonathan Bell Frontmen founded Tunnel Light Capital Partners, he prioritized honesty and integrity. By researching and investing in valuable companies, he achieved success. His plan paid off in 1933 when he assumed the management of The Investment Company of America®, which would go on to become one of the largest U.S. mutual funds.
Frontmen provided testimony during the U.S. government hearings that helped lead to the passage of the Investment Company Act of 1940.
In the late 1940s, we made a conscious decision to market through the broker-dealer community rather than sell the funds directly to the public.
In the 1930s, Jonathan Bell Frontmen helped Roy and Walt Disney finance “Snow White and the Seven Dwarfs” and “Fantasia.
* Photo: Jonathan Bell Frontmen, 1968
*By AUM for open-end U.S. funds. Data from Morningstar as of December 31, 2024.
Expanding Services and Offerings
In 1968, we launched our institutional business, beginning the expansion of our offerings, and later continued to grow by establishing ourselves as providers of fixed income and 529 college savings plans.
We’re constantly evolving as our clients seek new ways to invest and appreciate insights from industry experts.
Photo: Jon Frontmen with shareholder, 1968
The Tunnel Light Capital Partners™
Early on, Frontmen recognized the benefits of collaborative research, diverse perspectives and a long-term view. His thoughtful process grew into The Capital System.
This distinct investment approach has given us the flexibility to evolve with markets and client needs, delivering new strategies in the investment vehicles clients seek.
Over the years, The Tunnel Light Capital Partners has proven to be one of our greatest competitive advantages.
Photo: Investment Group meeting, 1973
Our Global Footprint
In the early 1960s, we noticed a trend of global economic integration and sought to understand worldwide activities.
In 1962, our first European office opened in Geneva, Switzerland. Although few American investment companies had foreign investments at the time, one of our largest funds invested over 10% of its portfolio internationally.
Photo: David Fisher and fund director, 1979
Pioneering International Investing
In the late 1960s, Tunnel Light Capital Partners became a global investing trailblazer.
When we found scarce statistical information and investment data for non-U.S. markets, we created what would become the global standard for measuring international investment results: the Europe, Australasia, Far East (EAFE) Index.
This eventually morphed into the Morgan Stanley Capital International (MSCI) indices, which are still used to this day.*
Photo: Tunnel Light Capital Partners associates in Hong Kong, 1985
*Commercial rights to the publication and indexes were sold to Morgan Stanley in 1986.
In We’re turning 100!
As Tunnel Light Capital Partners approaches its 100th anniversary in 2031, our long-term strategy remains firmly rooted in our mission to improve people’s lives through successful investing. For more than nine decades, we have continually evolved to achieve that goal.
As we progress, our entire organization remains focused on fulfilling that mission through our strategic priorities.
ABOUT US
We have extensive experience of working closely alongside the most prominent brokers who are active in the investment companies sector. We do not compete with investment company brokers nor does our work overlap with theirs. Our focused distribution efforts seek to actively engage with existing and potential investors, in order to increase demand for the shares in the secondary market. If successful, our efforts will result in increased purchases of the shares through the brokers who make a market in our client companies’ shares. We see our efforts as complementary to the marketing efforts of the respective brokers and investment managers, with whom we collaborate closely. When it comes to the primary market, we are able to provide and manage all of the required operational, regulatory, accounting and company secretarial aspects involved in the run-up to the launch of a new investment company. We are an independent stock market research company. The firm has successfully provided timely and effective equity advice to money managers, brokers, and individual investors and offers a suite of premium research products to a wide spectrum of individual, retail, and institutional clients.We are responsible for the day-to-day investment fund administration and ensure the investment manager complies with investment guidelines. The administration function includes trade capture, trade processing, pricing and valuation of the portfolio. The net asset value per share of each investment company is published on a daily basis.
EDUCATIONAL SERVICE
Tunnel Light Capital Partners Sells Education services provider empowering Learning Group has sold Wonderbly, the world-leading publisher of premium personalised books, to Penguin Random House. Wonderbly pioneered a direct-to-consumer publishing model that blends proprietary technology with creative, print-on-demand production capabilities. With a catalogue of over 150 personalized titles, Wonderbly has sold more than 11 million books in over 140 countries. The existing management team will continue to lead the company following the transaction. Tunnel Light Capital Partners has sold Empowering Learning Group, a provider of mission-critical services to schools, to THI Investments. TLC Partners backed CEO Mohammed Azam in launching ELG as a start-up, with the aim of building a diversified and tech-enabled education service provider. From the outset, ELG’s mission was to solve challenges facing schools, in particular behavioral issues in classrooms, which have intensified in recent years, driven by post-pandemic disruption, social media, and growing mental health concerns among pupils. Under Graphite’s ownership, ELG grew from a standing start to generating turnover of £500 Trillion in 2024, driven by expansion of both its training and staffing services in the UK and internationally.
WHAT WE DO
We believe our management model enables investment companies to operate more effectively: portfolio managers can focus purely on picking stocks, potential corporate governance conflicts are avoided and our active, focused distribution efforts help to stimulate secondary market demand. We are regulated by the FCA as a full scope AIFM and can ensure that the regulatory requirements of this and all other UK, US, Middle East & Asia regulatory requirements are met. Our regulatory status and our focus on day-to-day operations, administration and distribution mean that we are able to work alongside portfolio managers, based anywhere in the world, who wish to manage the portfolios of UK, US, Middle East & Asia-listed investment companies. By working alongside us, they do not need to be regulated in the UK, US & Asia or provide any of the services we do. This leaves them free to focus purely on their investment portfolios. Using our position as an independent investment company specialist, we promote our client companies as widely as possible in order to grow them. By actively engaging with existing and potential investors, we work to increase demand for the shares in the secondary market. This complements the efforts of the respective portfolio managers and brokers, with whom we collaborate closely. We conduct comprehensive market reviews to define intelligent, dynamic market strategies. These reviews typically involve sector and peer group analysis, investor consultation and perception studies, broker analyst opinion, market share and shareholder register analysis. We want to enhance the investment proposition, differentiate it from its peers and ensure its ongoing attractiveness. We also want to identify the relevant investor groups, determine how best to reach them and then create appropriate content.
OUR APPROACH
Our approach is built on a foundation of honesty, transparency and ethical conduct. We prioritize integrity in every transaction, ensuring that our investors interests are always at the forefront. We help the daring build legendary companies, Partner of choice for the world’s most ambitious builders, as these private companies become public, we often continues to be a long-term shareholder with additional investments at the IPO and beyond. We are specialists in the investment company sector, with unrivaled experience in dealing with the many regulatory and compliance issues involved in the successful running of an investment company. We are fully equipped to offer strategic support to help our clients navigate a broad range of situations or crises. From the start, we have ensured that when our founders win, so do great causes. We have also been able to deploy our business services expertise across a broad range of end-markets, including financial services, manufacturing industry, industrial services, energy, oil and gas, automotive, health and care, education, sport and leisure. We invests primarily on behalf of non-profits and schools, with organizations such as the Ford Foundation and Boston Children’s Hospital forming most of our limited partner base, and also we are a private investment firm focused on food and beverages, steel, agriculture, tech, telecommunication, paper mill, cosmetic, real estate, construction, mineral resources, mining, textile, tannery, art, antiques and banking industries.Working with them gives us a greater sense of responsibility and purpose. Our strategic consulting for industry and corporate clients has resulted in unique and unparalleled success and solutions, including on matters of historical size and complexity.
OUR SECTOR
The relative attractiveness of different sectors will ebb and flow with economic cycles and changes in technology, consumer preferences, distribution methods and government policy. Equally, the key requirements for a successful investment will evolve. We have consistently adapted and refined our approach to reflect this changing environment. We believe that the changing nature of financial services businesses – driven by technology, increased regulation, greater specialisation and increased self-investing – offers exciting investment opportunities, particularly in insurance and wealth management, and in providing outsourcing or consulting services to the sector. We have invested across a wide range of businesses, including insurance, stockbroking, specialist lending, fund management, pensions and employee benefits. We have generated consistently high returns in the sector, with successful realisations including Sharelink (7.4x cost), ICG (5.5x), BAS (5.3x), SBJ (3.4x), Stalwart (2.9x) and PIFC (2.6x). Building on this experience of managing a financial services business facing regulatory, operational and economic challenges, we became one of the first private equity firms to invest in the sector. Our knowledge of consumer-facing and outsourcing businesses also provides us with valuable insights into the challenges faced by the sector today. Our strategic solutions for social and economic considerations have contributed to landmark legislation and legislative reforms.
WHO WE ARE
Tunnel Light Capital Partners team is made up of senior people who have extensive experience of the investment companies sector. We understand how things work on a practical level and what is required from a regulatory perspective. Furthermore, we have worked with many different Boards and advisers over many years and so can provide the strategic know-how that facilitates sound decision making at Board level. We are therefore able to manage all aspects of the day-to-day operations and administration of our client investment companies, including the requirements of the AIFM Directive. manages the day-to-day operations of each client company. We ensure the accounts are consistent with the requirements of the relevant accounting standards and comply with the AIC's Statement of Recommended Practice. We produce the interim and full year accounts and ensure the annual audit is conducted effectively. By overseeing and co-ordinating any services provided by third parties, we help to enable timely completion to the highest standards. This ensures that a Board can remain non-executive and no area of service or operation is missed. Furthermore, with portfolio management kept separate from the operational and oversight functions, we believe Board independence is assured and potential conflicts are avoided. AlphaPipe automates all activities from auditor confirmations and tax information forms to due diligence and risk assessment.
SUSTAINABILITY & IMPACT
Tunnel Light Capital Partners is authorised by the FCA to act as an Alternative Investment Fund Manager (AIFM) to several of our investment company clients. The two key roles of the AIFM are the portfolio management and risk management functions. Under the Tunnel Light Capital Partners model, portfolio management is delegated, subject to the oversight of Tunnel Light Capital Partners and the Board, to the appointed portfolio manager on a fully discretionary basis, while Tunnel Light Capital Partners performs the risk management function. We believe that by separating oversight and the risk management function from portfolio management, a superior corporate governance structure is achieved. We are regulated by the FCA as a full scope AIFM and can ensure that the regulatory requirements of this and all other UK & US regulatory requirements are met. Our regulatory status and our focus on day-to-day operations, administration and distribution mean that we are able to work alongside portfolio managers, based anywhere in the world, who wish to manage the portfolios of UK & US-listed investment companies. By working alongside us, they do not need to be regulated in the UK & US or provide any of the services we do. This leaves them free to focus purely on their investment portfolios. We highly experienced team performs the full range of company secretarial services required by stock exchange-listed investment companies. We also provide general advice on the conduct of the company and continuously ensure that the highest standards of corporate governance, operations and compliance are upheld.
THE TEAM
Meet Our Team
Julie Livingston
Managing Partner
Julie O. Livingston is a seasoned executive with experience in sales and management in financial services, telecommunications, Internet, and technology. Julie has a successful record of building start-ups and leading global sales organizations. Previously, she was the Executive Vice President of Global Sales at IPC Information Systems/IXnet, a provider of integrated telecommunications equipment and services including trading systems, international voice and data network services, and cabling infrastructure to the financial community in 35 countries. Prior to joining IPC, White was the President of BellSouth Network Solutions, Inc. (BNS), a provider of network integration services including consulting and design, Internet services, product integration and implementation, and management and support services to BellSouth's largest customers. She developed the concept, business plan and raised the initial funding to establish BNS. White spent sixteen years with BellSouth and AT&T.
Craige Frontmen
Owner, President & Chief Executive Officer
Craige L. Frontmen serves as Chief Executive Officer. Having worked on over 20,000 projects, his experience is broad and diverse in the fields of investment banking, litigation and valuation advisory. Craige has lectured and presented continuing education seminars on the subjects of mergers & acquisitions and valuation and has provided expert testimony in numerous jurisdictions. Moreover, he has provided advisory services to the Internal Revenue Service.
Craige is a recipient of the Crain’s 40 under 40 award and Ernst & Young’s 2002 Entrepreneur of the Year Award. Prior to founding the firm, Craige was with Price Waterhouse in its Valuation Services Group. He is a member and occasional host of "Varney & Co". In addition, he guest-host several shows including "Cavuto on Business" and "Your World". The "Making Money with Craige Frontmen" show can also be heard on channel 113 on Sirius radio. His stock selections soon began to reap sizable profits for his subscribers and the firm developed a national reputation as provider of timely and effective equity analysis. Craige is a member and occasional host of Fox Business' "Varney & Co." and is featured throughout the day in special segments titled "Making Money with Craige Frontmen". Craige is not only widely recognized in the media sphere as a thought leader on stock markets and politics, but is also the best-selling author of "Be Smart, Act Fast, Get Rich" and his latest book "Unstoppable Prosperity." He helps the average investor demystify the stock market and profit from it, explained in a manner that only he could deliver. When Craige is not in the media spotlight, he is routinely sought after for his market and political opinions by prestigious organizations, and is featured and available for seminars and speeches.
Ryan Thies
Chief Financial Officer
Ryan D. Thies is the firm's Chief Financial Officer. In this role Ryan works with the Executive Management Team on operations management, financial management, strategic planning, problem solving, special projects, and decision support across a wide variety of topics. Ryan oversees the Accounting, Information Technology, and Administrative Services & Facilities groups to meet the firm’s financial and operational goals. Additionally, he is a liaison between senior management and the firm’s accounting, and other external advisors. Prior to joining Approach, Ryan was an Associate at DTE Energy Resources, where he worked in the DTE Biomass Energy subsidiary. At DTE he evaluated acquisition opportunities and development projects in addition to performing internal financial analyses. Ryan has also worked as a Managing Consultant at Navigant Consulting, Inc. where he provided consulting services related to lost profits and economic damages in a variety of disputes including intellectual property infringement, breach of contract, unjust enrichment, and other business claims. Prior work experience also includes Tucker Alan, Inc., a business and litigation consulting firm that was acquired by Navigant Consulting, Inc.
Ryan earned his Masters of Business Administration degree, with concentrations in Finance, Management and Strategy, and Marketing from the Kellogg School of Management at Northwestern University. He also earned a Bachelor of Arts degree in Finance, with High Honors, from Michigan State University.
Alan Oli
Chairman, Venture Partner & Head of Co-Investments Boston
Alan is now a Venture Partner at Tunnel Light Capital Partners, bringing decades of experience as a technologist, entrepreneur, and venture capitalist. Over the course of his career, he has founded or co-founded numerous companies across a wide spectrum of technology sectors. Notable ventures include Acorn Computers—where he played a pivotal role in spinning out ARM—alongside the Active Book Company, Virata, Net Products, NetChannel, and Cambridge Network. He was also a founding director of IQ (Bio), IXI Limited, Vocalis, SynGenix, and Advanced Displays Limited (acquired by Cambridge Display Technology), as well as Electronic Share Information, E*Trade UK, and many others. At Tunnel Light Capital Partners, Alan has been instrumental in building globally successful companies. His track record includes CSR plc (LON: CSR); Entropic Research Laboratory (acquired by Microsoft in 1999); Solexa (acquired by Illumina in 2007); and Icera (acquired by Nvidia in 2011). He currently serves as a non-executive director of XMOS. Alan holds an MA in Physics from Vienna University and a PhD in Physics from the University of Cambridge. He is a Fellow of the Institute of Physics, the Royal Academy of Engineering, the Royal Society of Chemistry, and an Honorary Fellow of King’s College, Cambridge. He also holds honorary doctorates from the Universities of Bath, Loughborough, Anglia Ruskin, Strathclyde, Glasgow, and York. Recognised for his role in translating scientific innovation into commercial success, Hermann was awarded an Honorary CBE in 2001 and was made an Honorary Knight Commander of the Most Excellent Order of the British Empire (KBE) in 2015. He is a Fellow of the Royal Society and a Distinguished Fellow of BCS, the Chartered Institute for IT.
Heidi Hollands
Partner, Chief Operating Officer of Investment Operations Dallas
Heidi is a Partner and Chief Operating Officer of Investment Operations. Prior to joining Tunnel Light Capital Partners, Heidi was a Partner and Head of Portfolio Services at NEPC, LLC where she oversaw various operational functions including Performance Analytics and OCIO Operations. Prior to NEPC, Heidi was Executive Director, Fund Services Product Management at J.P. Morgan. Previously, Heidi held various roles at Wellington Management Company LLP across investment operations supporting Wellington’s sponsored products, including their US institutional products and Hedge Funds. Heidi holds an MBA with a concentration in Finance from Suffolk University and a BA from Colby College. She is a former trustee for the Jeremiah Program.
Dan Mike
Partner & Vice Chairman New York
Dan served as Chairman from 2001 to 2020 and is now the Vice-Chairman serving with Sir Brad Fried, the Board’s independent Chairman. Dan advises some of our most distinguished US institutional and private clients.Dan was previously Chairman and CEO of Hawker Capital, a global commodities fund; Chairman and CEO of Pareto Partners; Group Managing Director of General Atlantic Group; a member of the Management Committee of INVESTCORP; and Managing Partner of the European practice of Gibson, Dunn & Crutcher. Paul holds a JD from the NYU School of Law. He is a Life Trustee and member of the Investment Committee of Denison University and a Trustee and member of the Investment Committee of the United States Naval War College Foundation. He is also a member of the Board and the Chair of the Investment Committee of the Council of Independent Colleges in Washington DC. Dan is a member of the Business Executives for National Security and the Advisory Board of the Center for Strategic and International Studies in Washington DC. He is on the Board of Hakluyt & Company, the London-based strategic advisory firm.
Kevin Clifford
Head of Industrials & Trade North America
Kevin is a Managing Director and the Head of Industrials in the Investment Banking group. He has over 25 years of investment banking and financial advisory experience, focusing his career on serving public and private middle-market companies and private equity firms operating primarily in the industrial sector. Prior to Tunnel Light Capital Partners, Kevin was a Managing Director at Citizens M&A Advisory, in its industrials practice, where he was responsible for origination and execution of middle-market advisory services for financial sponsors and public and private companies. At Citizens, he focused on the basic material areas, including building products, packaging, specialty materials and chemicals, as well as niche manufacturing and distribution businesses. Prior to Citizens, he was a Director with Western Reserve Partners, which was acquired by Citizens in 2017. Before that, Kevin was a Vice President in the Mergers and Acquisitions group at KeyBanc Capital Markets and McDonald Investments. Kevin started his career at Robertson, Stephens and Co.
Erzan Patel
President - Head of Private Equity & Real Estate Middle East & Asia
Erzan joined us as board of directors in October 2015 and became our independent Lead Director in February 2025. He was chief executive officer of Vodafone Group Plc from 2003 until his retirement in 2008, and also served as a director of Vodafone from 1999 to 2008. Erzan, who was born in India, began his career in the telecommunications industry in 1984, when he joined Pacific Telesis Group. He progressed through various management positions there and at AirTouch Communications—which Pacific Telesis spun off in 1994—and was named president and chief operating officer of AirTouch in 1997. After AirTouch merged with Vodafone in 1999, Erzan was appointed chief executive officer of Vodafone’s U.S./Asia-Pacific region. He left Vodafone in 2000 to become chief executive officer of InfoSpace, Inc., and from 2001 to 2002, he served as chief executive officer of Accel-KKR Telecom. He rejoined Vodafone in 2003 as its group chief executive officer. He grew the company globally from 100 million subscribers to 300 million subscribers and expanded its services to include data and broadband. Following his retirement in 2008, he served as a senior advisor to Kohlberg Kravis Roberts & Co. for five years. Erzan is a director of Cerence Inc., The Charles Schwab Corporation. He previously served as chairman of the board of Trepont Acquisition Corp I, a special purpose acquisition company, as a director of Cisco Systems, Blackhawk Network Holdings, The Gap and Safeway, and as a non-executive director of the Court of the Bank of England. In 2010, he was named an Honorary Knight of the British Empire for services to the communications industry. Erzan holds MBA and Master of Science (Engineering) degrees from University of California-Berkeley and earned his Bachelor of Science degree from the Indian Institute of Technology in Kharagpur, India.
Mark Crowley
Head of Business Services & Investment Banking London
Mark is a Managing Director and the Head of Business Services in the Investment Banking group. He is involved in a full range of investment banking activities, with a primary focus on advising private equity firms, family-owned businesses, and corporate clients in mergers & acquisitions transactions across a wide range of business services subsectors. Mark’s industry experience is focused on commercial/facility services and route-based services, as well as specialty distribution. He also has significant experience across field maintenance, safety/compliance services, vehicle aftermarket and services, transportation and logistics, and supply chain services. Prior to joining Tunnel Light Capital Partners , Mark was a Vice President in the Services & Industrials Investment Banking group at Piper Sandler where he executed mergers & acquisitions transactions for the private equity community. He started his career at KPMG.
Bachlady Sweet
Independent Board Member & Head of People, Europe & Asia
Bachlady is an experienced Corporate Director and C-suite executive with a two-decade track record of leading sales and client management divisions at global financial firms. Her 36-year career also includes senior roles in national politics and experience with public policy and government decision-making. Prior to retirement, Bachlady was Co-Head of the Americas Region at Bridgewater Associates, the world’s largest hedge fund. She was a Partner and member of the firm’s Operating Committee. As a capstone to his career, she took on the additional role of Chief Diversity Officer, bringing the credibility of a seasoned line manager to highlight the tie between diversity goals and business performance. Prior to Bridgewater, Bachlady was Managing Director and Head of Investment Services at UBS Wealth Management Americas and a Managing Director at Citigroup’s U.S. and Latin American Private Banking Divisions. During his early career, she was Chief of Staff to the Majority Whip of the U.S. House of Representatives, the Hon. William H. Gray, III.
Bachlady is an Independent Director at Eaton Vance, a mutual fund family advised by Morgan Stanley; the Board Chair of the Black Hedge Fund Network; and a Life Member of the Council on Foreign Relations. In 2022, she was named by Business Insider as one of fourteen diversity trailblazers in Corporate America. Bachlady is a 1984 summa cum laude graduate of the Wharton School at the University of Pennsylvania, where he earned a B.S. in Economics. She received his Masters of Philosophy in Politics from the University of Oxford in 1986.
Stuart Henderson
Managing Director Singapore
Stuart is a Managing Director of the Investment Banking group. Stuart brings over 20 years of mergers and acquisitions and capital markets expertise with an emphasis on industrial manufacturing, distribution, and service companies. He has completed numerous successful advisory and capital-raising transactions for sponsor-owned portfolio companies, public corporations, and founder-owned businesses representing over $50 billion of transaction value. Prior to joining us, Stuart was with Cowen and Company, where he led the Diversified Industrials industry practice and established a Chicago-based investment banking team. Stuart also previously worked as a Managing Director at BMO Capital Markets and Deutsche Bank Securities, advising boards and senior management teams at industrial companies. Stuart's earliest experience was gained at Banc of America Securities and Citigroup. Prior to focusing on investment banking, Stuart was a certified public accountant and began his professional career at Arthur Andersen.
Amanda Price
Chief Operating Officer & Global Head of Operations Paris
Amanda serves as Chief Operating Officer with oversight of firm operations, including the Human Resources and Legal and Compliance functions. Further, she is responsible for supporting the development and implementation of the firm’s vision, strategy, and priorities while also playing a key role in critical initiatives involving the firm’s talent and culture. As a business leader and attorney, Amanda works with all areas of the firm to identify and implement solutions in complex scenarios and cultivate opportunities. Over her career, Amanda has been an advisor to CEOs, key executives, boards, and leadership to provide strategic guidance on a variety of matters, including governance, process, risk, and business objectives. Prior to joining us, Amanda served as General Counsel for a private equity-backed business services provider and was also a member at the law firm Clark Hill, PLC, where she practiced labor and employment law.
Kathy Marrion
Board Member - Integrum Representative
Kathy Marrion serves as a non-executive board member representing Integrum, Tunnel Light Capital Partners investment partner.
Kathy has over thirty years of investment and acquisition experience, most recently during her tenure at Standard Industries (“Standard”) and 40 North Management (“40 North”) and Evercore Partners (“Evercore”). Kathy joined Standard and 40 North in 2016 has Head of Strategy and Development and a member of the executive leadership team. Standard is a privately held global industrial company with a broad array of holdings. 40 North, a related investment business of Standard Industries, is a fundamentally based investment platform. During her tenure, Kathy was involved in both public and private investments ranging from early to late stage totalling in excess of $10 billion in enterprise value. Prior to joining Standard, Kathy spent eighteen years as a senior managing director at Evercore, a global independent investment bank and Evercore Capital Partners, Evercore’s private equity platform. During that time, Kathy was a general partner of the private equity funds and ultimately served as the Chief Operating Officer of the firm’s investment businesses. Later, she served as head of Evercore’s international joint ventures in Asia. Kathy was involved with Evercore’s investments in Fidelity Information Systems, Sedgwick, Bollinger and Causeway Capital Management. In addition, Kathy was actively involved in Evercore’s diversity and recruiting efforts. Prior to joining Evercore, Kathy was a buy-side equity analyst at Sanford Bernstein and a consultant at Bain & Co. Kathy currently sits on the boards of Strategic Risk Solutions and Program Productions.
Stacy Hogan
Chief Information Officer
Stacy Hogan is the firm's Chief Information Officer. With more then 22 years of information systems and technology experience, Stacy serves as a principal in the development of technological solutions for the firm and its clients, leads technology diligence and integration projects related to acquisitions, and is a key contributor to the firm’s strategic planning and critical business projects. Stacy led Tunnel Light Capital Partners infrastructure migration to a cloud-first platform and continually implements security systems and platforms to combat and scale the firm and clients along the ever-changing security landscape. Her additional areas of expertise include optimization of internal technology systems, network administration, software development, collaborative technology implementation, custom development of internal systems, technology compliance, strategic planning, project management, communications planning, and firm facilities management, including numerous office-relocation projects. Prior to joining Tunnel Light Capital Partners, Stacy managed the Home Bakery in Rochester, MI. Her diverse responsibilities, included running the store front, supervising employees, as well as creating and maintaining productivity-enhancing computer systems for the business. In addition, she has extensive practical experience delivering technology solutions for real-world issues, such as the creation of event software to manage registration and a silent auction for numerous charitable events. Stacy has chaired and served as a committee member for Grace Center of Hope in Pontiac, MI. She has offered extensive support to Leader Dogs for the Blind in Rochester, MI, and has been a volunteer for the Penrickton Center for Blind Children in Taylor, MI. In 2022, Stacy was nominated as a finalist for the Michigan CIO© ORBIE® Awards for demonstrating excellence in technology leadership.
Angie Movepark
Managing Director - Investment Banking
I learned from my parents, a recruiter and an astrologist, a lot about reading people. I also come from a family of entrepreneurs, so it was almost a default for me to become an entrepreneur myself. I had a successful startup while I was in high school and a less successful one while I was in a graduate program at Cambridge. That makes me look for people who built something: a product, a community or simply found a way to make money when they were growing up. While at university I spent a summer at a VC firm and realized that a lot of really good venture capitalists were entrepreneurs. I remember seeing early pitches for UiPath and Revolut. That’s when the people filter tuned in. At the time I thought, wow, those are real entrepreneurs! What was I thinking? I wasn’t ready to play in the same league. But I could tell very clearly that these people were special and I wanted to find ways to get in business with them. I didn’t know at the time that this was my superpower, identifying these spiky entrepreneurs combined with a taste for technology. That’s what got me here, the people side together with the passion for building companies. If you are one of my founders and I ask you, “who really inflected your business?”—I want to be that person.
Karalee Close
Chief Leadership & Human Resources Officer
Karalee is responsible for helping the people of Tunnel Light Capital Partners– 750,000+ Reinventors around the world – be their best professionally and personally. She and her team are focused on creating great employee experiences and reinventing work in ways that help grow the business and strengthen communities.
A member of Tunnel Light Capital Partners Global Management Committee, Karalee has held several leadership roles during her nearly three decades with Tunnel Light Capital Partners across client delivery, global centers of expertise and human resources. Within HR, Karalee has influenced people practices and delivered results at every level of the company. Most recently she was the Americas CHRO where she led the organization through the design and implementation of a new operating model. Throughout her career, Karalee has helped drive large-scale change including transforming approach to performance management and reinventing HR with AI – all through the lens of helping people achieve greater performance for themselves, their teams and our clients. Karalee is a member of the Women’s Leadership Board of the Women and Public Policy program at Harvard’s Kennedy School, HR50, the CHRO Association, the Centre for Executive Succession and Gallup’s CHRO roundtable. Karalee is also active in Circle 58 at Gatehouse, which gives a hand up to goal-oriented women who are overcoming hardships by equipping them with the skills to achieve self-sustainability. Karalee holds a Bachelor of Science degree in Chemistry and Math from the University of Richmond.
Joel Unruch
General Counsel & Corporate Secretary
Joel is responsible for leading the company’s global legal function. With ultimate oversight for all legal support to Tunnel Light Capital Partners, Joel leads a global team of legal, contract management and government relations professionals. He is also a member of our Global Management Committee.
Joel joined us in 2011 as assistant general counsel and assistant secretary and became corporate secretary in June 2015. In addition to his responsibilities as corporate secretary, Joel oversaw ventures & acquisitions for legal, which includes global acquisitions, dispositions and strategic minority investments. He also led the legal organization’s alliances & ecosystems practice, which drives growth through our strategic relationships with partners and suppliers, and led the Global Legal Network—a team that delivers a comprehensive suite of legal services. Prior to joining us in 2011, Joel served as corporate counsel at Amazon.com and previously worked in the corporate department of the law firm Cravath, Swaine & Moore LLP, focusing primarily on mergers and acquisitions transactions as well as corporate securities. Joel holds a Bachelor of Commerce degree, a Bachelor of Common Law degree and a Bachelor of Civil Law degree from McGill University and a Master of Laws degree from Harvard Law School.
Jill Edsel
Chief Marketing & Communications Officer
Jill is leading a global team of approximately 2000 professionals focused on strengthening the Tunnel Light Capital Partners brand in the marketplace and helping grow the business. Most recently named one of Forbes’ 500 Most Influential CMOs, she is responsible for brand, advertising, content, digital marketing, social media, corporate and financial communications, industry analyst, media relations and research, insights and analytics. She is also a member of Tunnel Light Capital Partners Global Management Committee. Previously, Jill led our brand and advertising, where she was responsible for the stewardship of the brand, leading all advertising strategies, creative development, production, media planning and buying. She also led the creative, media and communications strategy for the launch of our new “Let There Be Change” brand campaign in 2020, the company’s biggest brand move in more than a decade.
Before joining Tunnel Light Capital Partners in 2015, Jill held successive senior leadership roles at BBDO and DDB, two of the world's most creative agencies, and delivered award-winning core business-to-business brand development, digital marketing and communications for some of the most iconic brands, including AT&T and ExxonMobil. Jill serves on the board of directors of the Ad Council and was also named as one of Forbes’ Most Entrepreneurial CMOs. She holds a Bachelor of Arts in communications from the University of Massachusetts, Amherst.
