Yep. I'm fine with sucking up the additional overhead today for no revenue until 3 years hence, but there's no excuse for not getting the targeted $120m out the door in FY18. That's less than $4m committed per $1m of overhead, in a world with plenty of opportunities and a platform that's now in 3 geographies. That's what I'm focused on.
Next, presumably, is Europe, once the non-compete expires in a few months.
The FM race that's on here in this space reminds me of the early 2000s in the AREIT sector - the penny dropped for property developers that they can cream it with fees on funds management, and then they all went for it. I do believe that MOICs across the globe will inevitably be pushed down before too long, as it seems there is so much money entering the sector, but the insulation for IMF is to slowly convert into a fund manager and get the fees to leverage returns on direct investing.
IMF Price at posting:
$1.78 Sentiment: Buy Disclosure: Held
