A capital engagement runs through five sequential stages, with the firm's underwriting bar applied before any external capital is invited

Origination establishes the mandate. Underwriting tests it against the firm's bar. Firm position is secured before any external capital is invited. Syndication brings investors in on the same terms as the firm. Close completes the investment and begins the holding period. The full arc typically runs eight to sixteen weeks, depending on complexity, jurisdiction, and structure.

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 through to underwriting initiation typically runs one to two weeks.

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, partner, 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 investment. 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.

The form of ownership, cash co-investment, equity position, or carried economics, is determined by the investment's structure and finalised in the engagement documentation.

This is the principle in operation. No investment 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. To understand why this sequence matters, explore why we own.

The structure is investment-specific, typically a single-purpose vehicle that aggregates investor commitments and holds the position alongside the firm's. Investors invest 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 investment based on mandate fit, sector exposure, capital range, and jurisdictional considerations.

The minimum syndicated commitment is $100,000 per investment; $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 investment size, structure complexity, and the time required for investor diligence on the specific opportunity. The broader framework is explained in Co-Investment & Syndication.

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 involvement, follow-on activity,
and eventual exit, through to the investment'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.