Sectors
Each page carries the sector thesis and the services that route into it.
Lending & FintechLending businesses raise against a loan book, not a balance sheet — which makes the loan tape, not the pitch, the thing that gets underwritten.
Infrastructure & EnergyThe capital intensity is conventional project finance. The revenue side isn't — and that's where the process stops.
Life Sciences & MedtechThe science advances on its own schedule. The cash doesn't — and most rounds are sized to the wrong one.
Real Assets & ShippingEither way, the security a lender actually gets is thinner than the asset base implies.
Asset Managers & FundsRelationships without materials that survive an investment committee. Or materials with no way into the room.
Industrials & MaterialsMost sponsors ask how much more equity they need. Frequently the better question is what the existing contribution should have bought them.
E-commerce & DTCMost e-commerce businesses raise equity to fund stock. The cheaper answer is usually a facility secured on the inventory and the receivable.
Consumer & CPGVelocity by door and honest trade spend accounting decide the multiple. Both take longer to build than most processes allow.
Start with the structure, not the pitch.
Tell us the transaction and the timetable. If it is not something we should run, we will say so.