Two structures. Four principles.
Mezzanine debt & subordinated equity
We invest using a blend of mezzanine debt and subordinated equity.
This structure layers protection while fitting within standard intercreditor frameworks alongside senior lenders.
Subordinate equity with return protections
We invest through equity with distribution lock-ups until the fund's minimum return thresholds are met, combined with a contracted exit path.
Control stays with the operator. Returns and exits are protected by our structure.
Deal principles
Stable cash flows
We invest in assets with contracted cash flows, regulated frameworks, or predictable revenue profiles that behave like contracted infrastructure.
Bank-compatible structuring
We coordinate with senior lenders from day one to ensure that our structures fit alongside senior lenders' requirements, and standard intercreditor frameworks.
Contracted exits
Every investment is structured with contractual and enforceable exits from the start of the investment. We do not rely on goodwill or open-market sales.
Downside protection
We protect our position through: sponsor distributions being blocked until our minimum return hurdle is met, receiving a current cash yield (where feasible), and ensuring that our consent is required on any actions that could harm our security
Governance that protects investors
Governance is designed to protect investors in real decision moments: clear rules for key-person events, removal rights for cause, and a defined process for handling conflicts. Independent oversight is built in through a limited partner advisory committee, alongside regular reporting and investor information packs.
Approach in one glance
Infra-like cash flows
Downside protection
Defined exit path
Structured for predictability, protection and clean decision-making.