Corsair

Select, L.P.

Fund Investment Objectives

Corsair Select invests with a long bias focused primarily on mid-cap and small-cap companies. We pursue those with proven management and strong performance incentives, positive and growing cash flow, and solid balance sheets with limited leverage. Critical to our strategy is identifying a catalyst or inflection point in revenue or earnings that will unlock value. We have had success finding these opportunities among companies going through change (e.g. spin-offs, post re-org equities, management restructuring, etc.). They often have little or no analyst coverage and a complicated financial story. There is potentially great reward for investing the time to understand the details of the financial picture, the business model, the reputations and intentions of management, and the prospects for the business going forward. We do this work using fundamental analysis and original research. The fund typically maintains gross market exposures of 80%-105% long and 5%-15% short. The top 10 positions generally represent between 50% and 75% of capital. One quarter of Corsair's assets under management belong to the principals and their families.