Every investment begins with a decision framework.
Our approach separates mandate, evidence, risk, transaction structure and oversight so that each capital decision can be examined, documented and reviewed.
Mandate formation
The opportunity must fit the capital mandate before it can progress.
We begin by defining the investment boundary. This includes the type of opportunity, time horizon, capital requirement, risk tolerance and information needed for further review.
Strategic fit
The opportunity should correspond with the relevant investment scope rather than rely only on a persuasive growth narrative.
Capital purpose
The requested capital should have a specific use connected to an identifiable operating or strategic objective.
Time horizon
The expected development period, capital duration and relevant review points should be understandable.
Risk boundary
Material dependencies, legal exposure, operating uncertainty and downside scenarios are considered at the entry stage.
Preliminary screening
The first review determines whether deeper analysis is justified.
A project may stop at this stage when the mandate fit is weak, information is insufficient or material issues cannot be resolved.
Eligibility
Confirm that the opportunity falls within the relevant investment route and basic participation requirements.
Entry reviewInformation quality
Assess whether the initial financial, operating and ownership information is sufficiently complete for further work.
Evidence reviewMaterial conflicts
Identify obvious legal, structural, ownership or reputational issues that may prevent progression.
Conflict reviewReview decision
Determine whether to decline, request additional information or advance the opportunity to detailed diligence.
Progression controlDue diligence
Reviewable evidence replaces unsupported confidence.
The depth of diligence depends on the opportunity, transaction structure, jurisdiction and risks identified during screening.
Financial evidence
Review historical financial information, revenue quality, cash generation, liabilities, forecasts and capital requirements.
Operating model
Examine how the business creates value, delivers products or services, uses resources and depends on key counterparties.
Ownership and governance
Understand beneficial ownership, authority, decision rights, management responsibilities and existing obligations.
Legal and structural exposure
Identify material agreements, disputes, regulatory dependencies, security interests and transaction restrictions.
Business and financial analysis
A business case is tested from more than one direction.
We consider commercial logic, operating capability, financial resilience and capital efficiency together. Strength in one area does not automatically compensate for weakness in another.
Commercial logic
Customer demand, pricing, competition, distribution and the durability of the value proposition.
Operating capability
Management capacity, delivery systems, suppliers, technology and organisational readiness.
Financial resilience
Margins, liquidity, liabilities, working capital, cash requirements and sensitivity to change.
Capital efficiency
How the proposed funding connects to milestones, operating improvement or identifiable growth capacity.
Downside analysis
Risk is analysed before return assumptions are accepted.
The objective is not to eliminate uncertainty. It is to identify material exposures, understand how losses may occur and determine whether the proposed structure addresses those risks.
Execution risk
Assess whether management, systems, suppliers and operating capacity can support the proposed plan.
Financial risk
Examine liquidity pressure, debt exposure, cost sensitivity, funding gaps and dependence on future capital.
Market risk
Consider customer concentration, pricing pressure, competitive change and external demand conditions.
Governance risk
Review ownership conflicts, authority, reporting weakness, related-party exposure and information reliability.
Structural risk
Determine whether the proposed rights, conditions, milestones and protections are appropriate to the exposure.
Structure and decision
The final decision includes terms, conditions and responsibilities.
Where applicable, an opportunity proceeds to internal decision review only after material findings and unresolved risks have been documented.
Investment thesis
Summarise the commercial logic, evidence base, capital purpose and reasons the opportunity may fit the mandate.
Transaction structure
Define the proposed capital amount, use of funds, rights, milestones, conditions and information requirements.
Decision review
Consider the investment thesis, diligence findings, downside scenarios and unresolved matters.
Documented outcome
Record approval, rejection or conditional progression together with the material basis for the decision.
Post-investment monitoring
The investment process continues after capital is deployed.
Financial reporting
Review periodic financial information, liquidity, capital use and comparison with relevant plans.
Operating performance
Track material changes in customers, suppliers, delivery capacity, costs and operating conditions.
Milestone review
Assess progress against agreed objectives, conditions or capital deployment stages.
Risk escalation
Require timely communication of material liabilities, deviations, disputes or emerging risks.