Choi & Park Investment.

Approach

Diligence first. Price discipline always.

Most capital is underwritten to a story. We underwrite to a distribution — and we treat the terms of a deal as inseparable from the quality of the business behind it.

How we underwrite

Four principles

  1. 01

    Model distributions, not point estimates

    We model outcome distributions rather than single-point projections. A position is underwritten to the shape of what can happen, not to the midpoint of a pitch deck.

  2. 02

    Underwrite to the conservative case

    We underwrite to conservative cases rather than sponsor forecasts. If the numbers only work in the bull case, we treat that as an answer, not a starting point.

  3. 03

    Weight the terms as heavily as the business

    Liquidation preference, dilution, fee structure, and liquidity determine realized returns as much as the underlying company. We weight terms accordingly.

  4. 04

    Size to the distribution, not the narrative

    Conviction sets direction; the distribution sets size. We would rather miss a good company than overpay for one.

“We would rather miss a good company than overpay for one.”

The process

From first look to stewardship

01

Sourcing

We see opportunities through operating relationships across the United States — not intermediated deal flow. Proprietary access lets us take time on the questions that matter.

02

Diligence

We build the model ourselves. Regulatory status, clinical or contractual data, competitive replication cost, and the specific mechanics of each market are tested independently of the sponsor's materials.

03

Structuring

We participate directly or through special purpose vehicles alongside institutional leads, and we negotiate terms — preference, fees, information rights, liquidity — with the same rigor we apply to the business.

04

Stewardship

After the investment, we stay close to the metrics that move the distribution and support portfolio companies as they scale into regulated US enterprise, healthcare, and government markets.

If your company sits behind a real barrier, we would like to understand it.

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