The firm’s structured vehicle for direct private investment. Investors participate transaction by transaction, on the same economic terms as the firm. No blind pools, no discretionary mandates, no fund-cycle constraints.
Each transaction is syndicated through a single-purpose vehicle that holds the position in the underlying asset alongside the firm’s own capital. Investors subscribe to the SPV directly on a per-transaction basis. Capital is called as the transaction requires; distributions flow back to investors as the position realises liquidity events through its hold period.
This is structurally different from a private equity fund. There is no blind commitment to future transactions; investors see each opportunity and decide on it independently. There is no fund-cycle constraint on hold period or exit timing; each SPV runs to the natural liquidity event of its underlying asset. There is no double layer of management fees; the firm’s economics are structured into each transaction’s terms rather than charged across a portfolio.
The structure is also different from direct cap-table investment. Investors gain exposure to transactions that would not be accessible at smaller commitment sizes, with the firm running the diligence, structuring, governance, and ongoing administration that direct positions otherwise require.
The firm reviews a high volume of opportunities monthly across its origination channels coverage relationships, professional referrals, and direct approach by principals. Of these, only a small portion advance through the firm’s underwriting process; fewer still are committed to as principal positions. The transactions that are syndicated to investors are those that have passed every stage of the firm’s bar.
Investors see only what the firm itself has decided to own. The diligence work is done in full before any transaction is shown.
Illustrative funnel metrics shown above should be replaced with live operating figures before public launch.
The full processCapital is not deployed all at once. Investors make a commitment to the SPV at the close of syndication; the commitment is then called over time as the transaction requires capital. For most growth and structured transactions, the initial call is between 20% and 50% of the commitment; subsequent calls follow as follow-on activity, bolt-on acquisitions, or other capital needs of the underlying position require deployment.
Distributions flow back to investors as the position realises liquidity through dividend or distribution events at the asset level, partial liquidity through structured transactions, or full exit when the position is sold. The distribution profile is transaction-specific; some positions distribute through the hold period, others crystallise at exit.
The economic structure between the firm and investors is set in the SPV documentation. Investors receive their pro-rata share of distributions on the same terms as the firm. The firm’s carry, where structured, is paid only above an agreed hurdle on investor returns.
The minimum commitment to any SPV is $100,000. The typical floor is $250,000; the firm structures most transactions around this size to accommodate the per-investor diligence and administration overhead.
For larger commitments, direct cap-table positions are available outside the SPV structure. Family offices committing $1M+ to a single transaction may take direct positions alongside the firm; institutional and sovereign allocators committing $10M+ are typically structured as direct co-investors with bespoke arrangements appropriate to their guidelines.
Eligibility is per jurisdiction and investor type. Accredited investor, qualified investor, professional investor, or equivalent regulatory thresholds apply depending on the investor’s domicile and the structure used. Eligibility is established during platform onboarding.
Direct allocation alongside the firm, with cap-table access at scale.
Deal-by-deal access through the platform, from $100K.
Direct co-investment with bespoke structuring.
Discreet deal flow alongside personal allocations.
Each SPV is administered by the firm through the holding period. Investors receive periodic performance reporting (typically quarterly), capital call and distribution notices, audited annual financials where the structure requires audit, and access to the firm’s portfolio reporting through the platform.
Governance involvement at the underlying asset level is structured into each transaction board observation, board directorship, voting rights, information rights and the firm represents the SPV’s interests through to the position’s liquidity event. Investors do not engage directly with the underlying asset’s management; the firm runs the relationship.
The administration cost is structured into the SPV economics, not charged separately. Investors see net returns from the asset, less the SPV’s structured costs, less the firm’s economic position where applicable.
The firm participates in every transaction it syndicates, through one of three forms. The first is cash co-investment alongside investors on pari passu terms the firm’s capital is at risk on the same basis as the investor’s. The second is equity participation at the cap table, directly in the underlying asset, on terms structured for the transaction. The third is carried economics a share of investor returns above an agreed hurdle, paid only when investors receive returns beyond the threshold.
The form of participation is set per transaction. Where the firm holds pari passu, the firm’s outcome and the investor’s outcome are the same. Where the firm holds carry, the firm earns only above the hurdle; below the hurdle, the firm’s economic outcome is zero. The firm does not earn placement fees, ongoing management fees, or other event-based fees that are structurally common in fund and placement-agent models.
The principle is operational. The firm’s economic alignment with investors is structural, not contractual; it is built into the transaction’s terms.
The structural shape of the firm’s per-deal syndication model is different from common alternatives in the market. The differences are summarised below.
Commitment model
Ladd Capital: Per transaction
PE Fund: Blind pool to fund
Direct cap-table: Per transaction
Placement-agent SPV: Per transaction
Discretion
Ladd Capital: Per transaction
PE Fund: None after subscription
Direct cap-table: Full
Placement-agent SPV: Per transaction
Fee structure
Ladd Capital: Built into deal terms; firm participates pari passu or via carry above hurdle
PE Fund: Management fee + carry
Direct cap-table: Self-administered; investor bears all costs
Placement-agent SPV: Placement fee + ongoing admin
Hold period
Ladd Capital: Asset-specific
PE Fund: Fund-cycle bound
Direct cap-table: Investor’s call
Placement-agent SPV: Asset-specific
Sponsor alignment
Ladd Capital: Firm holds principal position on every transaction
PE Fund: Carry above preferred return
Direct cap-table: N/A
Placement-agent SPV: Closing fee only; no continuing alignment
Diligence access
Ladd Capital: Full firm file shared
PE Fund: Fund summary
Direct cap-table: Investor’s own diligence
Placement-agent SPV: Placement memo
Liquidity profile
Ladd Capital: Through hold cycle to natural exit
PE Fund: At fund end
Direct cap-table: Investor’s exit
Placement-agent SPV: Through hold cycle
Administration
Ladd Capital: Firm-administered
PE Fund: Fund-administered
Direct cap-table: Self-administered
Placement-agent SPV: Agent-administered
For individual investors, family offices establishing per-deal exposure, and other direct allocators. Eligibility verification, access to current transactions, and platform onboarding through the investor portal.
Start investingFor commitments at scale family offices considering direct cap-table positions, or institutional and sovereign allocators with bespoke structuring requirements the engagement begins with a conversation.
