Analysis
The Deal Memo
Deals arrive with a deadline attached. That is not an accident.
What we do
Send it to the desk.
Private placements, direct investments, fund offerings, structured notes, co-investments, club deals. They come from friends, bankers, other families, and they come with three days to decide and a document pack nobody has time to read properly.
What comes back
The structure, drawn. The complete fee waterfall, including what the sponsor earns, when they earn it, and what has to happen for you to see a return before they do. Sponsor history, including what happened to the last three vehicles rather than only the ones in the deck. Comparable transactions and pricing. Downside cases with the assumptions stated. Where this sits against your existing exposure and your forward liquidity. And a list of the specific questions to put to the promoter before you commit.
How it ends
In questions, not in a verdict. We are not licensed to tell you to buy something and we would not want to be. The decision stays yours. It stops being uninformed.
Where it goes
If you proceed, the memo attaches to the position and stays there. The reasoning lives next to the asset for as long as you own it.
| Layer | Terms | Effect (bps) |
|---|---|---|
| Arrangement fee | 2.0% on commitment | 200 |
| Management fee | 1.75% on committed | 175 |
| Sponsor promote | 20% over 8% pref | — |
| SPV administration | Fixed, per annum | 34 |
| Placement | 1.0%, paid by you | 100 |
| Total, year one | 509 |
Three questions for the promoter follow, attached to this memo.