Origination through to close.

The mandate originates either from the firm's existing coverage relationships or from direct approach by principals. The firm covers a defined coverage universe globally; mandates also arrive via the firm's professional referral network of legal, tax, accounting, banking, and family office advisors.

Origination is qualified through an initial assessment of fit against the firm's capital criteria and the situation type. Where a clear mismatch exists, the engagement is declined at this stage. The firm does not pursue mandates that fall outside its bar.

Origination through to underwriting initiation typically runs one to two weeks.

Underwriting is the firm's own diligence and structuring work, conducted before any external capital is approached. The work spans four parallel streams: commercial diligence (market, competitive position, unit economics), financial diligence (historical performance, projections, capital structure), legal and tax structuring (entity architecture, jurisdiction, securities treatment), and reference diligence (operator, counterparty, prior outcomes).

The firm's full advisory bench engages at this stage: M&A, international structuring, tax, governance, banking, and treasury, applied to the specific transaction. This is the operational expression of the firm's broader capabilities; the Capital division is the investment surface, the firm is the underwriting substrate.

Underwriting concludes with the firm's investment committee decision. Mandates that do not pass underwriting are returned to the principal with a written rationale. Underwriting typically runs four to eight weeks; complex cross-border situations can extend to twelve weeks.

Once underwriting concludes affirmatively, the firm secures its own position in the transaction before any external capital is approached. The form of participation, cash co-investment, equity participation, or carried economics, is determined by the transaction's structure and finalised in the engagement documentation.

This is the principle in operation. No transaction is shown to investors until the firm has committed its own position on the same terms. The firm's underwriting decision and the firm's capital decision are the same decision.

Firm position is typically secured within one to two weeks of the underwriting decision, in parallel with the start of syndication preparation.

Syndication is the process of arranging the remaining capital alongside the firm's position. The structure is transaction-specific, typically a single-purpose vehicle that aggregates investor commitments and holds the position alongside the firm's. Investors participate on the same economic terms as the firm, with the firm holding either pari passu or a structured carry above an agreed hurdle.

The firm's investor network covers family offices, sovereign and institutional allocators, private principals, and other direct capital sources across the firm's nine office locations. Investors are matched to the transaction based on mandate fit, sector exposure, capital range, and jurisdictional considerations.

The minimum syndicated commitment is $100,000 per transaction; $250,000 is the typical floor. Direct cap-table positions are available at scale for family offices ($1M+) and institutional and sovereign allocators ($10M+).

Syndication typically runs two to six weeks, depending on transaction size, structure complexity, and the time required for investor diligence on the specific opportunity.

Close completes the documentation, funds flow, and securities transfer. Engagement letters, subscription documents, shareholder agreements, side letters, and any regulatory filings are executed. Funds flow through the firm's structured vehicle (or directly to the cap table for direct positions) and the firm's position is recorded alongside the investor base.

Close marks the beginning of the holding period, not the end of the engagement. The firm continues to administer the position: reporting, governance participation, follow-on activity, and eventual exit, through to the transaction's liquidity event.

Close typically completes within one to two weeks of syndication completion. Cross-border structures may extend this period for regulatory or banking reasons.

The firm administers each position through the holding period, with reporting cadence and governance involvement determined by the transaction structure. Investors receive periodic performance updates, capital call notices where applicable, distribution notices, and access to the firm's portfolio reporting.

The firm's role through the holding period typically includes board observation or directorship where structured, support for follow-on financing rounds, strategic introductions through the firm's network, and engagement on exit options as the position matures.

The firm's economic alignment with the transaction is maintained until the position is fully exited. Close is not the end of the engagement; it is the start of the holding period.