BVCP : Baring Vostok's Ten Criteria

Experienced and committed operating management team with economic incentives and a vision for the future aligned with those of investors.
Straightforward and realistic business plan.
Formidable barriers of entry for other new competitors due to exclusive long-term licenses, brand positioning, or high replacement cost of assets.
Top market position: number one or two in the industry or market niche.
Shareholder structure and control situation ensuring that investors will profit from the company’s activities.
Potential to add value through low-capital intensive actions and support (such as change/upgrade of management, divestment of value-subtracting activities, introduction of new customers or business partners).
Constructive relations with the local government authorities.
Clean balance sheet with limited debt and balanced foreign currency exposure.
Positive operating cash flow (at least within 12 months of investment).
Gross internal rate of return of investment above 40% per annum and a projected cash-return multiple of at least 3.0x.