The business case
Understand the market, business model, operating performance and the assumptions behind the growth plan. Distinguish established performance from forecasts.
INVESTMENT STRATEGIES
Different structures.
One disciplined perspective.
Private Equity, Private Credit and Digital Assets involve different ownership, repayment and market considerations. Our starting point is the underlying case: how value may be created, what can go wrong and which structure fits the objective.
01 / PRIVATE EQUITY
Ownership with a clear purpose.
An equity perspective begins with the business itself: its customers, cash generation, management and competitive position. A proposed investment should explain both the use of capital and the responsibilities that come with ownership.
Ownership and governance
Discuss the proposed ownership interest, decision rights, reporting and alignment between shareholders and management before agreeing a structure.
Time and realization
Consider the intended investment period, future funding needs and possible routes to realization. Private company interests may be illiquid and an exit is not assured.
02 / PRIVATE CREDIT
Repayment comes first.
Credit analysis focuses on the borrower’s capacity to service and repay an obligation. The commercial purpose, cash-flow profile and legal position should be understood together.
Borrower and purpose
Establish who is borrowing, what the funds will be used for and how the proposed financing fits the business and its existing obligations.
Structure and protection
Evaluate maturity, repayment profile, ranking, collateral where relevant, covenants and information rights. Security does not remove the risk of loss.
Downside and recovery
Assess sensitivity to weaker trading, delays or refinancing constraints. Recovery depends on the transaction, enforceability and the value available at the relevant time.
03 / DIGITAL ASSETS
A considered view of digital markets.
A digital asset proposition needs more than a market narrative. The nature of the asset, the trading venue and the arrangements for holding it are central to understanding the exposure.
Asset and market
Examine the asset’s purpose, market depth, pricing and liquidity. High volatility and rapid changes in market conditions can materially affect value.
Custody and execution
Clarify how assets are held, who controls access and how transactions are executed. Custody, platform and operational risks require specific attention.
Suitability and boundaries
Consider the proposed exposure in context, including concentration, liquidity needs and applicable requirements. Digital assets can involve substantial loss.
DIRECT BUSINESS
Start with a clear conversation.
Tell us about the business, the transaction and the capital requirement. We will discuss whether there is a basis to take the conversation further.