So it’s a hedge firm looking to short struggling/weak businesses?
Looks more like a cross between a second stage venture and an LBO fund. They say they are looking for growth opportunities, but with only $1 billion in capital and no track record, they will take what they can get.
That's probably not a bad niche market. Mitt's has all those Mormon contacts around the country and usually growth-oriented family businesses hit a spot where they have to decide to go big or go home.
Sounds like this fund will get involved at that point (either a buy-in or a buy-out) and work toward an eventual IPO.