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Advisory

Capital Formation Advisory in practice.

Every engagement is different, but successful capital formation follows recognisable patterns. Our role is to help clients organise, prepare and execute their capital formation effort from initial concept through strategy to transaction completion.

Not every engagement leads immediately to, or even is in the context of, a capital raise. Some begin with a projector business assessment, a review of corporate strategy or structure, formulation and testing of alternative capital formation strategies or transactions, or a general evaluation of institutional readiness and roadmap to improve investibility or attract corporate strategic partners.

Our role is to meet clients where they are, and help determine the most effective path forward.

Situation assessment

Every engagement begins by understanding the client's situation. Rather than assuming it, we work with management and other advisors to establish objectives, and to determine what will ultimately be expacted by instititions, what already exists, what remains uncertain, and what sequence of work is most likely to produce the strongest outcome.

Readiness build-out

We work to define and monitor the information universe related to the transaction, the sponsor, the project, and counterparty expectations, including support for policy-setting and documentation re corporate governance, financial management, procurement, sustainability, commercial terms, engineering, risk management etc. at both sponsor/parent and project company levels, as needed.


We first determine what exists and how complete it is, measured against institutional expectations, we identify what is provisional, we track what is missing, and we watch for what cannot yet exist, monitoring and reporting on completion and steps to be taken towards meeting institutional expectations and requirements for financing readiness.


We work closely and continuously with investor's or lender's counsel to thoroughly prepare client management teams for investor due diligence, and coordinate deliverables and responses and track open items.


Depending on the baseline development state of the opportunity, this phase may take several weeks or months.

Capital formation strategy

Only after completing the situation assessment and progressing well into the readiness build-out do we begin considering potential investors or approaching the market. At that point, we work with clients to determine what capital is actually required to accomplish their business or project objectives, when it will be required, the intended use of proceeds, the drawdown or disbursement schedule, what form it should take, and, finally, which categories of institutional investors or financial institutions are likely to be appropriate because their mandates fit the emerging transaction(s).

Transaction execution

When capital and transaction structures are agreed, we identify and approach the most suitable investors, using tailored proposals carefully based on each counterparty's known investment strategies and mandates.


Financial institutions are large organisations with many operating units with different investment strategies, mandates, funds, end-investor clients, portfolio restrictions, and ways of doing business. We take pains to understand this and target specific teams at specific divisions of specific institutions with specific transactions meeting their specific mandates.


We coordinate investor engagement across all parties to maintain consistent messaging, shared visibility and orderly progression of the capital formation effort.


At all times, we maintain a clean posture: no unproven assertions, no over-selling, no premature exposure.

Note on Specialty programmatic advisory & implementation

We have supported asset and program managers in the design and implementation of bespoke institutional-grade investment and trading operations with daily or intra-day transactions. These operations have included the following features:

  • Build on algorithmic model outputs (e.g. GTAA and StatArb) to establish controlled, executable workflows that support manager-led execution across accounts and intermediaries.
  • Establish overall mandate constraints, pre-trade controls, individual account-level instrument restrictions, and their application across multiple SMAs/vehicles.
  • Assist with calculation of daily or other periodic account-specific rebalancing trades based on model outputs, and preparation of respective trade tickets.
  • Maintain trade and resulting position data to support exposure management at portfolio and account levels.
  • Support trade verification / broker check-out, monthly broker or custodian reconciliation, and client reporting processes.
  • Provide bespoke admin support of CTA operations, futures and overlay trading strategy management, performance attribution reporting, client onboarding and scaling across multiple SMAs and accounts.

This work has been applied across a range of contexts, from algorithmic trading strategies in SMA environments to managed interbank FX and money market trading for bank capital markets and treasury products.

Typical start: Every engagement begins with a diagnostic. We establish where the project stands today, what remains unknown, and the most efficient path to institutional readiness. Then we build. Contact.