TA Associates pursues a different strategy than most other private equity firms. We are not a venture capital firm; our focus is on companies that are profitable at the time of our first investment. Similarly, we are not a traditional leveraged buyout firm because we do not always own majority positions in our portfolio companies and we are more focused on growth than financial engineering. We have developed deep expertise in a select group of industries, and we work actively with management to build value. We have extensive industry and financial contacts, built over 45 years through our investments in more than 450 growing companies.
Our willingness to purchase minority positions in management-owned companies is highly unusual in our industry. We are very comfortable with this approach because we understand that it is the role of management, not the board or the investors, to run the company on a day-to-day basis. We apply this approach to all of our investments, even those where we have purchased a majority position.