Views from the mandates we run.
Occasional notes on capital formation, cross-border transactions and the three sectors we cover. Written by the partners doing the work, published only when we have something to say.
Recent notes.
The retainer question: why the best mandates are not success-only
Success-only structures select for volume, not judgement. A note on why serious capital formation is bought the way legal advice is bought — and what changes in the room when it is.
European growth capital in a barbell market
Capital is abundant at seed and at scale, and thin in between. How growth-stage technology businesses in Europe should structure the round that bridges it.
Operator and asset: solving healthcare real estate as one problem
Why separating the care platform from the property too early destroys value, and how OpCo/PropCo structures should actually be sequenced.
Gulf capital into European real assets: what sponsors get wrong
Regional capital is not a single counterparty. A practical map of mandates, timetables and decision structures for sponsors approaching the Gulf.
Preparing a business for a process it will only run once
The twelve months before a sale determine most of the outcome. What owners should institutionalise before a buyer ever sees the file.
Discuss any of the above.
If a note is relevant to a situation you are working through, a partner is happy to talk it through in confidence.