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Capital Stack

Our value-chain spreads from the sourcing of straight equity to private equity or venture capital

Starting at the top of the capital stack we raise straight equity for renewable energy and real-assets such as property and agricultural assets. Our sources include family offices, pension funds, insurance capital and investment funds in Germany, Switzerland, Austria, Scandinavia, UK, Israel and, through our cooperation partner, in the USA. Higher up the risk-curve we can provide distressed, turnaround and venture capital from specialist investors like private equity and VC-funds.

Sandwiched between traditional bank-debt and equity there is an abundance of instruments that defy the traditional boundaries. Mezzanine, hybrid, distressed, bridge, asset based, structured, project, stretch and other debt-terms provide an impression of the variety of sophisticated lenders. One may want to add sector-specialisation such as real-estate-lending. In our experience, sophisticated investors with the ability to pull-off complex deals in the sectors mentioned are largely to be found in London. We are in touch with these investors and can reflect to clients which conditions in the market "fly" and which don’t. We can consequently structure and price instruments according with prevailing market appetite to maximise chances of placement.

The cautiousness of  traditional lenders make our working relationships with other players ever  more important
Lastly, having been consultants to and analysts of the largest lenders and insurers of this world we have top-echelon contacts into traditional lending entities. As banks are under increased regulatory and margin pressure their importance as senior-provider shrinks and life-insurance and pension funds increasingly fill in the gap they are leaving. From our conversations with these investors we gather they will increasingly seek indirect debt-exposure to real-assets as opposed to direct ownership. Further, dedicated debt-funds should play an ever greater role in funding real-asset and potentially corporate debt. We have established working relationships with all of the players mentioned.

In essence, from the asset we derive the appropriate and marketable instrument, we price it and we place it. Most importantly, we want to be measured by our ability to keep our promise. We don’t charge by the hour, we want to be paid when we have proven our advice to be right i.e. when we have raised our client’s cash.

 

 

 

 

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