Three ways we put capital to work.

We take minority or co-control positions in special-purpose vehicles alongside proven sponsors. Our cheque sits between senior construction debt and the developer’s own equity — closing the gap that banks won’t cover and accelerating ground-break by 3–9 months.

• Permits granted, construction pricing fixed.
• Senior debt at 55–65% LTC, developer equity at 10–20%, equity gap of 15–25%.
• Residential, mixed-use, PBSA, or logistics in tier-1 European metros.

A focused programme for developers whose project is fully entitled and financeable but needs a last-mile equity partner to start on site. We underwrite on a 4–8 week diligence clock and draw against a defined construction schedule. No broker chain. No weeks of silence.

• Notarised land control or binding PPA.
• Clean title, utility connections, no material planning risk.
• GMP or cost-plus contract with a tier-1 or qualified regional contractor.

Long-dated partnerships where we underwrite a pipeline rather than a single scheme. We bring a Luxembourg-domiciled vehicle, institutional governance, and a team that handles LP reporting, carry waterfalls, and co-invest mechanics so sponsors can focus on execution.

• Sponsor with 3+ delivered schemes and a visible 24-month pipeline.
• Desire for a single, recycling equity partner instead of deal-by-deal raises.
• Appetite for institutional governance — quarterly reporting, audited accounts, SFDR Article 8 disclosure.